But, you can see that he was thinking about this structure for all along.

但我们可以想象得到,他对这个结构的思考已经有很长一段时间了。

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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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