问题如下：
The following statements are about the backward and forward-looking term rates. Which
of the following statement is incorrect?
选项：
A.Forward-looking term rates are known at the beginning of the period to which they apply and are not based on mechanical compounding of O/N rates.
B.backward-looking term rates can also reflect expectations about future interest rates and market conditions
C.forward-looking rates are an outcome of a market-based price formation process, they embed market participants’ expectations about future interest rates and market conditions.
D.The simplest way to obtain a term rate is to construct it mechanically from past realisations of O/N rates.
解释：
B is correct.
B选项的描述错误，正确的描述为：
backward-looking term rates do not reflect expectations about future interest rates and market conditions
A里面说的为什么对，forward不是就是compounding O/N RATES么
