Straightforward readings of the pricing of fed funds futures could be misleading because of the presence of risk premia and persistent errors in market expectation : these difficulties were particularly pronounced during turns of the interest rate and business cycles 由于存在風(fēng)險(xiǎn)溢價(jià)的因素及市場(chǎng)預(yù)期持續(xù)出現(xiàn)誤差,因此若是用直截了當(dāng)?shù)姆椒▉斫庾x聯(lián)邦基金期貨利率,可能會(huì)造成誤導(dǎo)遇到利率及商業(yè)周期轉(zhuǎn)向的時(shí)候,這方面的困難更為明顯。