This is January of this year, before the Fed cut interest rates, and this is the term structure.

这是今年一月,联储局降息前的期限结构图

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That's because on the date that I got this term structure everybody knew the Fed was cutting rates and they got it exactly right.

在我拿到这幅期限结构图的当天,市场获悉了联储局降息的消息,正如预测的一样

耶鲁公开课 - 金融市场课程节选

Mr. Trichet thinks that the Fed is running dangerous inflation risks ." by cutting rates too soon in the face of Wall Street pressure."

特里谢认为,美联储降息过快,将面临来自华尔街的压力而最终身陷囹圄“

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The Fed was cutting rates to 3%; they knew it was coming but not today.

联储局将利率降至3%,他们知道降息即将发生,但不是今天

耶鲁公开课 - 金融市场课程节选