Question: [ Chapter 4 . 1 2 ] The following excerpt is taken from an article titled Denver Investment to Make $ 8 0 0 Million

[Chapter 4.12] The following excerpt is taken from an article titled Denver Investment to Make $800 Million Treasury Move, that appeared in the December 9,1991, issue of BondWeek, p.1:Denver Investment Advisors will swap $800 million of long zero-coupon Treasuries for intermediate Treasuries. ... The move would shorten the duration of its $2.5 billion fixed-income portfolio. ...Why would the swap described here shorten the duration of the portfolio?

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