Answer: Breakeven reinvestment rates between zero-coupon bonds.

Implied forward rates (also known as forward yields) are derived from spot rates and represent the breakeven reinvestment rates between zero-coupon bonds. When the market is in equilibrium (no arbitrage), the implied forward rate equals the forward rate. Option A is incorrect because the spot curve is calculated as the geometric average of forward rates, not the other way around. Option C is incorrect because spot rates are the yields-to-maturity on zero-coupon bonds, not implied forward rates.

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