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It's the most simple-- or often called a bill-- a discount bond does not pay interest; it's sold at a discount.
它是最简单的,经常被称为国库券,它是一种贴现债券,且不付息,并以折扣价发行
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By tradition, they divide by 360, not 365, and so you understand that dealers of Treasury bills tend to quote "discounts."
习惯上他们除以360,而不是365,国库券的经销商,习惯于谈论"贴现"
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They've been cutting the spread between the discount rate and the Federal Funds Rate again it's an effort to stimulate the economy.
他们一直在缩减,贴现率与,联邦资金利率之间的宽度,同样它又是刺激经济的努力。
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In 2003 they decided to change that and they decided to raise the discount rate above the Federal Funds Rate.
在2003年，他们决定改变这个现状,并且决定将贴现率提升到,联邦资金利率之上。
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What the PDCF is it's really an extension of the discount window beyond member banks.
一级交易商信贷工具是,对会员银行贴现窗口的一种扩展。
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The discount rate was a policy variable set by the Fed and it was typically fifty basis points below the Federal Funds Rate.
贴现率是一个联邦可改变的政策,并且它比联邦资金利率通常,低五十个基本点。
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They made the discount rate higher than the Federal Funds Rate; 2.25% so now the Federal Funds Rate is at 2.25%.
他们将贴现率提升至高于,联邦资金利率；,所以现在，联邦资金利率是。
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Well, the discount rate is sort of the--you notice there are two different interest rates here and you might be confused by them.
贴现率是一种,这里有两种不同的利率,你们可能会将其混淆
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Now, they also have longer maturity, called Treasury strips, but let me move to the other.
现在,贴现债券也会有更长的期限,那些叫作国库债券条子,这个概念我们先不管
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What's essential about the Primary Dealer Credit Facility is that they're opening up the discount window of lending beyond the member bank to primary dealers.
一级交易商信贷工具中,最本质的东西是,他们将会员银行的贴现窗口,向一级交易商打开了。
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We're talking about discount bonds, and then coupon-carrying bonds, and then talk about the term structure of interest rates and why we have interest rates.
我们先讲贴现债券,然后是附息债券,再讲讲利率的期限结构,以及为什么要有利率
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What they wanted to do starting in 2003 was to eliminate the idea that the discount rate is only for banks who are in trouble.
在2003年他们开始想做的事3,是消除,贴现率仅仅是为了那些处于困境的银行而设立的。
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That's not so recently; they've been cutting it relative but that was originally the idea.
最近不是这样；,他们在相对地降低一级贴现率,但是起初它是这样的。
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The U.S. Government is a big issuer of discount bonds and they're called Treasury bills.
美国政府是贴现债券的大发行商,这些被称为国库券
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The discount rate is the rate that the Fed charges for loans to member banks.
贴现率是,美联储对会员银行贷款的所求比率。
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Then the present value of $1-- The present PDV or PV of $1 = $1/.
一美元的现值...,一美元的现期贴现值或者现值就等于1/
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They go back to ancient times, but I'm going to talk about some of our modern institutions and I'm going to talk first about discount bonds.
它能追溯到远古时代,不过今天要讲的是现代商业机构的利率,首先要讲的是贴现债券
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The primary discount rate is typically a hundred basis points above the Funds Rate.
一级贴现率通常,在联邦资金利率一百个基本点之上。
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There's another interest rate that the Fed sets and that's called the discount rate.
美联储还设定了另一个利率,叫做贴现率。
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The discount rate is now only 2.5% twenty-five basis points higher; it's at 2.5%.
贴现率现在只高了,二十五个基本点；是。
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There was an important change in the discount rate in January of 2003.
在2003年一月,贴现率有了一次很重要的改变。
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Actually there are two discount rates; there's primary and secondary.
事实上，这里有两个贴现率；,一级贴现率和二级贴现率。
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The critical thing about a discount bond is it pays no interest.
要记住贴现债券不支付利息
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Anyway, I want to talk you understand now about discount bonds?
回到正题,你现在理解贴现债券了吗
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So, how do we get the price from the discount rate?
那我们怎样才能从贴现率得到价格呢
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I'll give you the present discounted value for it."
我会给你个现期贴现价值
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They were worried that if the discount rate is fifty basis points below the Federal Funds Rate then it's going to hit zero and that would be embarrassing; so they moved it.
他们担忧的是,如果贴现率比,联邦资金利率低五十个基本点,那么它将会接近零点,并且那将会很尴尬；所以他们改变了它。
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They wanted to eliminate the stigma it used to be embarrassing to borrow at the discount window because the discount rate would because it would be an admission that the bank is in trouble.
他们希望消除这种瑕疵,过去在贴现窗口借钱,常常被认为是尴尬的事,因为贴现率将,因为这将是处于困境的银行的,进入权。
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