The relationship between bonds with the same risk characteristics but different maturities is called the _____________________________.

The term structure of interest rates describes the relationship between the interest rates or yields of bonds that have the same credit quality but varying maturities. This concept reflects how the yields on these bonds change over time and generally captures important information about investor expectations regarding future interest rates, inflation, and economic conditions.

Typically, the yield curve, which is a graphical representation of the term structure, slopes upward, indicating that longer-term bonds usually offer higher yields to compensate investors for the increased risks associated with time, such as inflation uncertainty and interest rate changes. This framework is essential for understanding how market expectations influence bond pricing and yield movements. In contrast, the other options provided do not accurately capture this relationship or are not standard terminology used in finance, making the term structure of interest rates the correct choice.