At that time, the Fed had cut the Federal Funds Rate to 1%, we had very low short rates.

当时联储局将联邦基金利率降至1%,短期利率非常低

耶鲁公开课 - 金融市场课程节选

If the Fed wants to push the Federal Funds Rate up and down it goes and buys short-term government bonds.

如果联邦希望推动,联邦资金利率上升下降,它将会去买短期的政府债券。

耶鲁公开课 - 金融市场课程节选