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)。
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.
这可以无限制扩大它的资产负债表，而不会使联邦基金利率降到0。银行如果可以从联储那里得到1.75%的利息，就不会以0.25%的利率贷出多余的款项。
It could then expand its balance-sheet indefinitely without driving the fed funds rate to zero; a bank will not lend out excess reserves at 0.25% if it can earn 1.75% at the Fed.
根据最新的每月蓝筹股调查表明，五位金融预报员中就有四位认为央行的下一步举措将降低联邦基金利率。
According to the latest Blue Chip monthly survey, four out of five financial forecasters reckon the central bank's next move will be to cut the federal funds rate.
美联储决策者本周二和周三将开会讨论联邦基金利率目标，该利率对借贷成本存在普遍影响。
Federal Reserve policy makers meet on Tuesday and Wednesday to discuss their target for the federal funds rate, which broadly influences borrowing costs.
尽管联邦基金利率目标已经远低于去年夏天的5.25%，按揭利率却依旧居高不下(见图2)。
Although the federal funds rate target is far below the 5.25% of last summer, mortgage rates are only a little lower (see chart 2).
和过去的衰退进行比较有些复杂，因为美联储并不总是采用联邦基金利率作为目标，且容易出现更大的波动。
Comparing that to past recessions is a bit tricky, because the fed did not always use the federal funds rate as a target, and it tended to be more volatile.
美国的基准利率是联邦基金利率，这是一种银行间隔夜拆借利率，由美联储对它实施影响。 何时提高这一利率，是美联储讨论的焦点。
The timing of an increase in the benchmark federal-funds rate -- a Fed-influenced rate at which banks lend to each other overnight -- is a centerpiece of Fed discussions.
看起来，美联储最可能开具的药方是：联邦基金利率降低25个基点，并可能更大幅度降低其贷款给各银行所依据的较高的贴现率。
A 25bp cut in the Fed Funds rate, possibly with a steeper cut to the higher discount rate, at which it lends to Banks, looks the most likely prescription.
但是，美联储确实努力使联邦基金利率降至1%，并增加了最终销售。
But it did manage to work the Fed funds rate down to 1% and final sales surged.
银行从美联储借钱，再将借来的钱存回美联储，并从联邦基金利率和隔夜利率的利差中获利。
Banks borrow money from the fed, deposit it back into the fed, and profit from the differential between the federal-funds and overnight rates.
但当伯南克读到情况“可能要求美联储继续维持极低联邦基金利率一段时间”时，他特意强调了“极低”这个词。
But when Mr Bernanke read that conditions "are likely to warrant exceptionally low levels for the federal funds rate for an extended period", his voice reached a dramatic crescendo on "exceptionally".
联邦基金利率用于银行之间同业拆借利率，其最主要的组成便是隔夜拆借利率。
The federal funds rate is the rate at which Banks lend money to each other, usually overnight.
在美国，美联储降低联邦基金利率-利息，银行收取对方-一系列的零到0 . 25个百分点。
In the US, the federal Reserve has cut the federal funds rate — the interest that Banks charge each other — to a range of zero to 0.25 percent.
美联储直到1995年才开始公布其联邦基金利率目标，此前市场人士只能自己分析猜测。
Until 1995 the Federal Reserve did not even publish its target for the federal-funds rate: people in the markets had to work things out for themselves.
本周，联储突增的现金使得联邦基金利率从雷曼破产后的6%高点，下降到了1%。
The Fed’s torrent of cash pushed the fed funds rate down to 1% this week, from a high of 6% in the wake of Lehman’s failure.
第一步：宣布目标——将实际联邦基金利率回调至其长期平均利率2%。
Step one: announce a target of restoring the real federal funds rate back to its long-term average of 2 per cent.
从而，联邦基金利率和贴现率分别降为3.0%和3.5%。
This left the federal funds rate and the discount rate at 3.0% and 3.5%, respectively.
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.
为了防止经济增长继续放缓，美联储将其联邦基金利率下调至1.5%，该利率指银行间的隔夜货款利率。
To fight slowing economic growth, the United States federal Reserve cut its federal funds rate to 1.5%.
联邦基金利率设定于0.0 - 0.25%之间。
三个月期国债利率,远低于联邦基金利率,在3%以下
The three-month Treasury bill rate is shown there--it was much lower--it was under 3%.
而联邦基金利率为2.5%，经通胀调整后的实际利率已是负值。
Even with the federal funds rate at 2.5 percent, the real interest rate - adjusted for inflation - is in negative territory.
而联邦基金利率为2.5%，经通胀调整后的实际利率已是负值。
Even with the federal funds rate at 2.5 percent, the real interest rate - adjusted for inflation - is in negative territory.
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