What is missing from the expectations hypothesis?

Question

Quizplus · Accepted Answer

The Answer is The expectations hypothesis assumes that future rates are known and, therefore, not random. This means that there is no uncertainty about these rates. This is false, future interest rates are uncertain. Yet the principal problem is that by being uncertain and aﬀecting the value of market participants' securities they are also a source of risk that is priced in the securities. Thus the expectations hypothesis isn't an adequate way of explaining interest rates.

What Is Missing from the Expectations Hypothesis