Interest rate futures prices may be inversely proportional to the actual interest rate in a certain period of time, and may also be directly proportional to the actual interest rate in a certain period of time. Because the difference between interest rate futures and real interest rate is that the real interest rate is the current interest rate, while interest rate futures refer to the forward interest rate, which is bullish. But if you are bearish in recent days, the interest rate futures price is inversely proportional to the actual interest rate. If you are bearish for a long time, the interest rate futures price is directly proportional to the actual interest rate. There are many factors that affect the interest rate, so we can't just look at the current real interest rate.