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This book analyzes the action path and adjustment mechanism of macroeconomic variables on the fluctuation of interest rate marketization risk, explores the impact of macro risks on interest rate marketization risk premiums that are not reflected in the bond market, and explains the impact of actual economic activities and inflation on the forward interest rate risk premium in the market that are not reflected. It uses improved structured model to study the pricing of credit spread risk, the impact of corporate bond information asymmetry on corporate bond credit spreads, and compares various interest rate market-based risks  volatility model's ability to predict out-of-sample data, and provides an effective management tool for market-based interest rate risk management and asset pricing.