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Using the $T$-forward measure $Q^T$, where the numeraire is the price of the zero-coupon bond $p(t, T)$ maturing at time $T$, we can see that the forward rate is the expectation of the future short rate $r_T$: $$ f(t,T) = \mathbb{E}^T \left[ r_T \mid \mathcal{F}_t \right] \, . $$ See chapter 26 of Tomas' book ...



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