When the term structure curve of interest rate has a positive slope (the spot interest rate will increase with the increase of term), the discount factor (zero-coupon bond price) will decrease with the increase of spot interest rate (regardless of the compounding method), so we can infer that the discount factor will decrease with the increase of term, but when the term structure curve of interest rate has a negative slope (the spot interest rate will decrease with the increase of term). It seems that the discount factor should increase with the increase of time limit, but in fact, the discount factor will still decrease with the increase of time limit (that is, the discount factor is always the inverse function of the time limit). Please explain the reasons for this contradiction.

2. Negative slope of term structure of interest rate-upside down of yield Timing: The economic boom is very poor, but it doesn't last long. Why is it upside down? This question suggests that the parameters that affect the discount factor can be taken into consideration 2. Negative slope of term structure of interest rate-upside down of yield Timing: The economic boom is very poor, but it doesn't last long. Why is it upside down? This question suggests that the parameters that affect the discount factor can be taken into consideration