The furthest or far-way time horizon of a market for a specific investment/ security, commodity, etc. Generally speaking, it is a span of time that defines a long run stretch in a given market, and reflects its long-term fundamentals. The long-end of the market also constitutes the supply and demand trends at a specific interval in the long run, and all relevant indicators of a market’s reality including liquidity, risk appetite, inflation and interest rate expectations, etc.

For example, a steeper curve of interest rates (yield curve) means that the long end of the market with maturities out past 20 years will reflect stronger economic activity, rising inflation expectations, and, higher interest rates. In such an environment, money can be borrowed at lower interest rates and lent at higher interest rates. The opposite is true and holds under normal market conditions.