Roughly, a bond or bond fund with duration 7 will lose about 7% of value if interest rates rise 1%, and gain about 7% if they fall 1%. Longer-maturity bonds have higher duration.
Investors seeking stability during rising-rate environments typically hold shorter-duration bonds; those betting on rate cuts extend duration.
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Same as maturity?
No. Duration is a weighted average of the timing of a bond's cash flows, always ≤ maturity for coupon bonds.