The only difference is that the Fed issues money rather than treasury bills in exchange for its purchases.

唯一的区别在于联邦储备系统发行了货币而非短期国库券以换取其所购之物。

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For institutions that can hold reserves at the Fed, excess reserves are essentially equivalent to Treasury bills.

对那些在美联储存有准备金的机构来说，超额准备金基本上等同于中期国债。

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Having been burned by the credit crunch, many have opted for the safe haven of US Treasury bills.

吃过信贷紧缩苦头的很多人可能会选择购买美国国库券以作稳妥之计。

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Treasury bills are for serious investors and so they don't come in small denominations.

国库券是面向专业投资者的,所以他们不以小面值出现

耶鲁公开课 - 金融市场课程节选

As for the Treasury bills, dumping them is not an option for China: a tumbling dollar would hurt its own economy (see article).

ECONOMIST: China and America

The key insight is that it is perfectly possible for the Fed to buy trillions and trillions of dollars of assets other than Treasury bills or for other central banks to take corresponding actions if that is what it takes.

FORBES: Miles Kimball on QE

It's made no such promises for most of its official Treasury bills and bonds.

FORBES: Magazine Article