Futures prices an unbiased estimator of expected spot prices? Why does CFA Official Afternoon mock say different?

CFA Level II
#1

I’m referring to Q48 on the 2016 CFA Afternoon mock. It says “Jani is correct. The expected spot price equals the futures price + a risk premium”. But I remember in economics, under uncovered interest rate parity, it stated that future prices were an unbiased estimator of expected spot prices (no mention of a risk premium".

What’s the difference?

#2

it’s a part of that model, but that’s just one model, and it doesn’t fit reality. liquidity premium is one explanation for lack of fit.

i can’t recall, is Q48 economics? i think that reappears in across fixed income and in forwards.

#3

Economics has nothing to do with reality. Please do not apply economic theories to other topics.