I am now working with forward rates and have somehow been asked to use an "intuitive" formula for forward rates.
$$ \frac{F(0,s,T)}{F(0,t,T)} = \frac{F(s,s,T)}{F(s,t,T)} $$
I can understand the logic behind it but i am failling at proving/disproving it. I've tried to rewrite it in term of Zero Coupon Bond Price, in short term rates, but the equation are not working.
Is it because the previous equation does not hold ? Or is this because I am lacking some argument ?