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Pure Expectations Question

What is the difference between the broad interpretation and the local interpretation?
The both seem the same to me.

That makes sense. Thanks.

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Timing . Interest rate risk rises with maturity . 6 months is a short time , rates expected to remain steady , but more is riskier. Local interpretatation says pure expectation is that short term rates are likely steady within a 6 month period. Broad interpretation is bolder and does not limit the maturity to 6 months

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