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。