Now, I want to talk about the term structure of interest rates and that's my next plot here.

接下来我要讲利率期限结构,下一张图是

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We're talking about discount bonds, and then coupon-carrying bonds, and then talk about the term structure of interest rates and why we have interest rates.

我们先讲贴现债券,然后是附息债券,再讲讲利率的期限结构,以及为什么要有利率

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He said that we shouldn't think that the-- the simplest story of the term structure of interest rates, which he expounded there, is that forward rates equal expected future interest rates.

他提出,我们不应该认为,他在书中写道,对于利率期限结构,最简略的概括,是远期利率等于未来利率的期望值

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Forward rates I wrote a survey article years ago about the term structure of interest rates and I wanted to find out who was the originator of the term "forward rate."

远期利率,很多年前我写过一篇,研究利率期限结构的文章,我想知道谁是"远期利率"这个词的创始人

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The theory of the term structure is the theory of how interest rates differ according to maturity or term.

利率期限结构理论就是,怎样由不同的期限,产生不同的利率

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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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What he says is those forward rates are what people think interest rates will be in the future and that's called the expectations theory of the term structure.

这里所指的远期利率就是人们预期的,未来利率,我们将这种理论称作,利率期限结构的预期理论

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