The prices of longer maturity fixed income bonds will rise more than shorter maturity bonds. Hence, a fixed income investor who expects market interest rates to fall should invest in longer maturity fixed income bonds to maximize price appreciation.

• 而长期债券的价格升幅会高过短期债券，因此预期利率会调低的债券投资者应该投资于较长期的债券，以便取得较高的收益。