Imagine that the term premium is $0.$ You observe that the interest rate on a $1-$year Treasury bond is $3\%$ and the interest rate on a $2-$year Treasury bond is $5\%.$ What are the expectations for interest rates next year?

Imagine that the term premium is $0.$ You observe that the interest rate on a $1-$year Treasury bond is $3\%$ and the interest rate on a $2-$year Treasury bond is $5\%.$ The interest rate on a $3-$year bond is $6\%.$ What are the expectations for interest rates two years from now?