Because the two-year rate is--you've got the one- year rate and the two year rate, so between the two, what's left?

如果你知道一年即期和,两年即期利率,那么两者之间是什么

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Forward rates equal expected future spot rates.

即远期利率等于未来即期利率的期望值

耶鲁公开课 - 金融市场课程节选

The idea of a forward rate is that, implicit in that term structure is also a quote for the one-year rate, one year hence, because if you look at the two-year rate, can't you infer back what interest rates are going to be in one year?

远期利率隐含在期限结构中的,一年期利率报价,起息日是第二年初,因为如果你知道了两年即期利率,就可以很自然地推出一年即期利率

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