and it really would be PV_1 tomorrow,

明天的市场价格就是PV_1
because if the interest rate's do actually turn out to be what everybody expects,

因为如果利率真的是大家所预计的
and everybody's completely confident of their expectation,

大家对他们的期望有完全信心
then as we saw the prices would have to be this today and this tomorrow,

那么看到的今天和明天的价格也是一样
otherwise there'd be an arbitrage.

否则会有套利
You could make money for sure, or think you could make money for sure.

你可以肯定挣钱或认为你可以挣钱
So if you're marking to market

因此如果你采用按市值计价
what are you going to mark as the profits?

你将什么作为利润呢
Are you going to say the profit at time 1 is--

你会说在时间1的利润是
so what is profit?

什么是利润
If I had some room

如果我有一些空间
I'd put this somewhere.

我就把这个把这个写在某处