According to the segmentation (or hedging pressure) theory, what can be said about

the implied future one-year rate two years from today that can be calculated from the

term structure?

a) It will be higher than the market-expected future one-year rate.

b) It will be lower than the market-expected future one-year rate.

c) It will be the same as the market-expected future one-year rate.

d) The answer cannot be determined from the information given.