随着昨日的降息，美国联邦基金利率已自周期高点6.5%降至2%。

With yesterday's cut, the federal funds rate has fallen from a cyclical peak of 6.5 percent to 2 percent.

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美国联邦基金利率本周的下调幅度远远超出了许多经济学家的预期。

This week's cut in the federal funds rate was larger than many economists had expected.

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但该利率与美国联邦基金目标利率之间的息差仍位于历史高点附近。

But the difference between the rate and rates on U.S. federal-funds target rate remains near all-time highs.

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The shortest term debt instrument in the United States is the Federal Funds Rate, which is an overnight rate--one day maturity-- and the longest issued by the Government is a thirty-year government bond, which will be repaid three decades in the future.

美国最短期的债券,是联邦基金利率,隔夜拆兑,一天到期,而时间最长的国债,是一种三十年期的政府债券,未来三十年才兑现

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