Today, it isn't: the effective federal funds rate (as opposed to the official target, which for technical reasons has become meaningless) has averaged less than 0.3 percent in recent days.

今天的情况却不同了：最近一段时间以来，有效的联邦基金利率平均值已经低于0.3个百分点(相比之下，由于技术上的原因，官方利率几乎已失去意义)。

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Since October 29th, the target for the federal funds rate has been at 1%, but the rate at which funds actually change hands,known as the “effective rate”, has averaged around 0.25% (seechart).

自10月29日以来，虽然美联储将联邦基金利率设定为1%，但实际换手率——即“实际利率”已经降至0.25%附近。

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Since Oct.29th, the target for the federal funds rate has been a 1%, but the rate at which funds actually change hands, known as the “effective rate”, has averaged around 0.25%(see chart).

自从08年十月二十九日，联邦公开市场操作委员会降息0.5%后，联邦资金利率目标现在也只剩1%，但是这些资金实际上还要换手(在银行间相互借贷市场中流动)-有效利率大约只剩下0.25%。

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In mid-August the Fed supplied enough liquidity to hold the effective federal funds rate, an overnight interbank rate, below its then target of 5.25%.

ECONOMIST: Central banks have played a starring role