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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So, if interest rates go down, the value goes up, if interest rates go up, the value of your investment goes down.

因此如果利率上扬,它的价值就下跌,如果利率上扬 这份投资的价值就会走低

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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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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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