where these interest rates come from

利率的决定过程
because no one person sets them.

因为个人无法决定利率
If you're a dealer,

如果你是中间商
you've got to keep your bid-ask at market;

你的出价必须与市场一致
otherwise, you'll get only one side or the other, right?

否则就只能拆东补西
You'll be selling too cheaply or you'll be buying too dearly.

要么贱卖要么贵买
You've got to do it so you're right in the middle,

所以只能以均衡价格交易
so that the market is in the middle.

而市场价就是均衡价格
Nobody really sees the reason for this;

没人对此刨根问底
it's all a question of theory,

这只是个理论问题
so we have to think a little bit about theory.

所以只要了解理论就好
The term structure is one of the most interesting things in economics

经济学中期限结构是个有趣的话题