So, you can see the term structure doesn't go up between overnight and three months.

从隔夜拆借利率到三月远期利率这段区间内,利率期限结构没有上扬

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I've got the Federal Funds Rate--it's the shortest interest rate, an overnight rate--it was at 4% at that time and then there was a sharp drop.

这是联邦基金利率,是最短期的利率,当时的隔夜拆借利率是4%,接下来利率急速下跌

耶鲁公开课 - 金融市场课程节选

The shortest term debt instrument in the United States is the Federal Funds Rate, which is an overnight rate--one day maturity-- and the longest issued by the Government is a thirty-year government bond, which will be repaid three decades in the future.

美国最短期的债券,是联邦基金利率,隔夜拆兑,一天到期,而时间最长的国债,是一种三十年期的政府债券,未来三十年才兑现

耶鲁公开课 - 金融市场课程节选