This question is related to the term structure of yield volatility. When central banks reduce short-term interest rates to stimulate economic expansion, the monetary policy usually creates a downward-sloping term structure of yield volatility. This means the short-term yield-to-maturity is much more volatile than the long-term yield-to-maturity.

Question: Do you agree or disagree with the following statement? As a result, short-term bonds will experience greater price fluctuation than long-term bonds. Why?