You are analyzing the exposure of U.S. banks’ income to interest rate risk using the intuitions discussed in class. In this context, you considered the statements below. Which of these statements is correct?单项选择题

Mortgage refinancing activity, which is associated with noninterest income for banks, tends to reduce when market rates are higher. This makes the exposure of banks’ income to higher interest rates less positive (or more negative).

If a bank holds more short-term business loans and less fixed-rate 30-year mortgages in its balance sheet, the income of the bank will become less positively (more negatively) exposed to higher interest rates.

If a bank has more checking deposits and less short-term debt in its liabilities, the bank’s income will become more negatively (less positively) exposed to increases in market interest rates.

If a bank has more time deposits and less checking deposits in its liabilities, the income of the bank will become more positively (less negatively) exposed to higher interest rates.

The typical exposure of U.S. banks’ income to higher interest rates is negative and significant as banks’ liabilities are repriced faster and to a greater extent than their assets.