Then the--so the term structure was downward-sloping until about two and a half years and then it was upward sloping.

期限结构线先向下倾斜,在到期期限过了两年半的时点后,才缓慢回升

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It's always upward sloping, but it may, after awhile, you get close to satiation where you've got enough.

斜率永远是正的,但是也有可能,你拿的钱够多,效用将不再上升

耶鲁公开课 - 金融市场课程节选

It's probably upward sloping, right?

斜率应该是正的,对吧

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So, according to the expectations theory augmented with liquidity preference-- This strongly upward-sloping term structure in 2003 would reflect two things.

所以,根据结合了流动性偏好的,预期理论,2003年期限结构中表现出的,强烈上扬趋势反映了两方面的因素

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The upward-sloping term structure means that the forward rates are at higher levels.

尾部上扬的期限结构表明,远期利率处于高位

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Now, the term structure was pretty much upward-sloping everywhere.

这里期限结构的走势显然一直向上倾斜

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Look how--this is as of earlier this year; the Federal Funds Rate was at around 4% and it has this huge drop in the term structure and then it starts the upward-sloping.

这是今年早些时候的图形,当时联邦利率徘徊在4%,但期限结构,在此处急转直下之后又开始掉头向上

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