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You can observe the following Treasury yields: Maturity ; Yield 1 year ; 3.33% 2 years ; 3.28 3 years ; 3.20 4 years ;

You can observe the following Treasury yields:

Maturity ; Yield

1 year ; 3.33%

2 years ; 3.28

3 years ; 3.20

4 years ; 2.97

5 years ; 2.73

6 years ; 2.60

If the pure expectations theory holds, what does the market expect will be the interest rate on three-year securities, three years from now?

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