Yet expectations for longer-term inflation, as measured by long-dated forward swaps, have not changed much.

然而，用互换来衡量的长通胀预并没有多大变化。

It is my long-range goal to build a school in my hometown.

我的在我家乡盖一所学校。

In recent weeks, forward prices for daytime electricity for the fourth quarter of the year briefly spiked above 1,200 euros ($1,200) per megawatt hour in Germany and above a surreal 2,500 euros in France.

最近几周，德国第四季度的日间电价曾短暂飙升至每兆瓦时1200欧元(约1200美元)以上，法国则突破了2500欧元的奇水平。

They have an easy way to remind voters how they matter, by getting on and passing many long-promised bills, for example on further economic reform.

他们只需通过大量的法案，如更深刻的经济改革，就可以很容易的提醒选民们他们对此十分在意。

A forward contract is just an agreement to transact in the future at some given price.

约这样的一份协议它在将来以某个给定的价格进行交割的约。

And yet, the market continued to sell at a 22 times forward multiple.

然而，市场依然以22倍的市盈率进行交易。

It is difficult to trace this influence quantitatively owing to the absence of a forward price for land in terms of itself which is strictly comparable with the rate of interest on a money debt.

由于缺乏与货币债务利率严格可比的土地本身的价格，因此很难从数量上追踪这种影响。

But if the immediate market price, the spot price on that date, is less than the price in the forward contract, an easy profit could be made.

但如果即市场价格， 即那天的现货价格，低于约中的价格，便能轻松获利。

We forecast valuations to normalize towards 12 to 13 times forward price-to-earnings in line with emerging market peers, but this could re-rate higher if reforms succeed.

我们预测估值将向新兴市场同侪看齐， 正常化至12至13倍的市盈率，但如果改革成功， 这一估值可能会进一步上调。

What do you think it's going to look like in the near term versus long term future?

你认为在近和的未来，它会什么样子？