As explained in Prof. Robert Jarrow's book cited below, forward rates contain a risk premium above and beyond the market's expectations for the 3-month forward rate. We document the size of that risk ...

The most likely range for 3-month bill yields in 10 years remained in the 0% to 1% range. The probability of being in this range is only 0.02% higher than the probability of the 1% to 2% range.

Julie Young is an experienced financial writer and editor. She specializes in financial analysis in capital planning and investment management. Eric's career includes extensive work in both public and ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...