Heath-Jarrow-Morton Framework Characteristics

In the context of interest rate models, let's consider the Heath-Jarrow-Morton (HJM) framework, which is widely used in finance to model the evolution of forward interest rates. HJM assumes that the evolution of interest rates can be represented by a stochastic process influenced by various factors such as volatility and drift. Recently, a fixed-income portfolio manager is evaluating the efficiency of HJM in capturing the dynamics of interest rates in the current market environment.

Which of the following statements correctly describes an important characteristic of the HJM framework regarding interest rate movements?