John Hull quote

Our tree is actually a tree of the short-term interest rate. The average direction in which the short-term interest rate moves depends on the level of the rate. When the rate is very high, that direction is downward; when the rate is very low, it is upward.
John Hull
John Hull

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Tree, Our, High, Rate, Direction, Very, Depends, Moves, Upward, Which, Short-Term, Interest, Low, Average, Downward, Actually, Level

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