The Wall Street Journal reports that the rate on three-year Treasury securities is 5.60 percent and the

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The Wall Street Journal reports that the rate on three-year Treasury securities is 5.60 percent and the rate on four-year Treasury securities is 5.65 percent. According to the unbiased expectations hypothesis, what does the market ex- pect the one-year Treasury rate to be three years from today, E(r)?

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