Term structure of interest rates Exercise 7 a) These rates are said to be an average of one or more forward rates b) How is an even rate defined? c) What is the relationship between even rates and spot rates when the ETTI curve slopes "Downward" and "Upward" Term structure of interest rates Exercise 7 a) These rates are said to be an average of one or more forward rates b) How is an even rate defined? c) What is the relationship between even rates and spot rates when the ETTI curve slopes "Downward" and "Upward