ll11

I always thought time was a foolish and confusing way to express duration.
My understanding is that duration is the sensitivity of price to changes in yield, such that the duration times 100 basis points will roughly equal the price change for a 100-basis-point shift in yield.
The reason it's expressed in years is that for a zero-coupon bonds, the duration will be the same as the maturity in years. So a five-year zero-coupon bond will have a duration of 5.