As applied to bonds, duration refers to

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Duration, in the context of bonds, measures the sensitivity of a bond's price to changes in interest rates, effectively representing the weighted average time until a bond's cash flows are received. It is often used to assess the price risk of a bond, with the idea being that at the bond's duration, its price risk (the risk of losing money due to rising interest rates) exactly offsets its reinvestment risk (the risk of earning less on reinvested coupons due to falling interest rates).

As Applied to Bonds, Duration Refers to