Without term debt then interest charges are asynchronous and adjustable. Interest charges from loans to deposits will then represent the estimate variance in prices that are covered to set supply equal to demand. Without time, money markets work ,like equity markets.
The term is the estimated period of time needed to complete some series of actions that cause supply to match demand. Prices keep the various queue lengths stable, which is supply equal demand.
Watch the banking industry, they are very delusional about time and sequence to completion. Time estimations are generally off and term bonds pays less than equity. We are not farmers.
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