红色的线是长期利率,这节课不会谈论
The red line is long-term interest rates, but I won't talk more about that right now.
当然，短期利率不是资金成本；长期利率才是。
Of course, the short-term interest rate isn't the cost of capital; the long-term interest rate is.
结果将早就一个更加疲软的美元，增加长期利率。
The result would be an even weaker dollar and increased long-term interest rates.
所以联储希望通过购买长期债券以降低长期利率。
So the Fed wants to push down longer-term rates by buying longer-term government bonds.
这种预期有可能使短期利率与长期利率之间的关联脱钩。
Such expectations have the potential to decouple the link between short- and long-term interest rates.
联储意在以大收购来压低长期利率，起初也确实做到了。
The purchases are meant to drive down long-term interest rates, and at first they did.
各种资产流动既困住了长期利率也使短期利率裹足不前。
Liquidity traps apply to long term as well as short term rates.
美联储购买国库券旨在降低长期利率和提高未来的通胀预期。
By buying Treasury securities, the Fed aims to lower long-term interest rates and increase expectations of future inflation.
人们丧失对英镑的信心，可能削弱通胀预期，并推高长期利率。
Such a loss of confidence might then undermine inflationary expectations and raise long-term interest rates.
如果美联储强化了这样的保证，可能会帮助避免长期利率上升。
If the Fed strengthened this reassurance, that could help to keep longer-term interest rates from rising.
作为回报，央行应该增加对国债的购买将长期利率维持在低水平。
In return, the BoJ should commit to keeping long-term rates low by increasing its purchases of government bonds.
美联储正试图通过购买按揭债券或者再加上国债，来推低长期利率。
The Fed is now trying to push down long-term interest rates by buying mortgage-backed and perhaps Treasury securities.
收益曲线反转(短期利率高于长期利率)的时候很少出现。
Periods when the yield curve is inverted (short rates are above long ones) are less common.
美联储相信，就降低长期利率而言，前两轮资产购买行动起到了作用。
The Fed believes the earlier assets purchases worked, insofar as they lowered long-term interest rates.
那些购买降低了长期利率，帮助刺激了私人部门和公共部门的信贷热。
Those purchases pushed down long-term interest rates, helping to stoke a boom in private and public credit.
如果还需要，联储可以卖掉一些它的债权，这样可以维持长期利率高位。
And if necessary, it could sell some of its bonds, which would push up long-term interest rates.
量化宽松政策刺激了两方面的需求：首先，降低了长期利率，刺激借贷。
QE stimulates demand in two ways. First, it lowers long-term interest rates, which encourages borrowing.
但即使联储局自2004年中期开始调高短期利率，长期利率依然下跌。
But even when the Federal Reserve started to raise short-term rates from the middle of 2004, long rates declined.
这种变化可能令市场根据政策预期的调整，降低长期利率水平。
Such a change would presumably lower longer-term rates by an amount related to the revision in policy expectations.
通过购买美国国债等证券，央行还可以推低长期利率水平，从而刺激经济。
By buying securities such as Treasury bonds, a central bank can drive down long-term interest rates as well in an effort to stimulate the economy.
长期利率可能会小幅上扬，但它主要还是由对未来短期利率的市场预期来决定。
Long-term rates might rise slightly, but they're mainly determined by market expectations of future short-term rates.
如果他们急剧减少持有，长期利率将会上涨，这会普遍伤害银行、银行客户和经济。
If they were rapidly to reduce their holdings, long-term interest rates would rise, which would hurt them, their customers and the economy at large.
首先，较高个人储蓄率和(更乐观来看)较低的联邦赤字有望压低长期利率和资本成本。
First, higher personal-saving rates and (more optimistically) a lower federal deficit will hold down long-term interest rates and the cost of capital.
首先，较高个人储蓄率和(更乐观来看)较低的联邦赤字有望压低长期利率和资本成本。
First, higher personal-saving rates and (more optimistically) a lower federal deficit will hold down long-term interest rates and the cost of capital.
应用推荐