What words in a CFA fixed-income stem tell me which duration measure to use?

Look for the rate source and the cash-flow assumption.

• "Bond's yield" plus fixed cash flows points toward modified duration.
• "Benchmark curve shifts up and down" points toward effective duration.
• "Callable," "putable," or changing expected cash flows strengthens the case for effective duration.
• "Specific maturity," "node," "twist," or "nonparallel" points toward key rate duration.
• "Spread over benchmark" points toward spread duration.

The measure follows the risk being shocked. Do not choose the measure from memory until the stem tells you what is moving.