But there is a huge difference between borrowing from the Fed at near zero interest rates and borrowing at that rate in the Federal Funds market.
You need to read the speech for the full explanation, but the basic idea is that higher inflation can help push down the real cost of borrowing - the real interest rate - at times when nominal interest rates can't go any lower.
Now what is very striking is that the interest rate for borrowing for just a day on this market or for a month is massively greater than borrowing for a year - which is not what you would expect, and was not the case in April.
And Mr. Geithner's argument that British regulators were ultimately responsible might have been faulty given the fact Libor is a global interest rate that affects borrowing costs for U.S. corporations and consumers.
Who would you expect to pay a higher rate of interest when borrowing for three years?
On the bond markets, the Spanish government's long-term cost of borrowing fell slightly, to an implied interest rate of just under 6% for 10-year debt.
The British Bankers' Association said the interbank cost of borrowing overnight had fallen - a day after interest rate cuts and governments provided additional liquidity.
Despite a climb in yields on ten-year government bonds to above 7%, the average interest rate Portugal pays on sovereign borrowing is only 3.6%, says Mr Teixeira dos Santos.
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Short-term interest rates such as the overnight bank borrowing rate and one-month and one- year Treasury bill rates are already close to zero.
In practice, some of these swaps or interest-rate hedging products increased the borrowing costs of struggling companies or prevented them from taking advantage of the sharp fall in interest rates since 2008.
Any interest-rate increase will result in higher borrowing costs and potentially smaller payouts for investors.
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It has managed to stabilise the exchange rate by borrowing money from abroad and raising interest rates.
Careful debt-management strategies that avoid short-term borrowing or the bunching of maturities and hedge against interest-rate or exchange-rate swings should come high on the agenda.
And while the Fed's low interest-rate policies are intended to boost borrowing, spending and stock prices, they also hurt millions of retirees and others who depend on income from savings.
What the FT says is that the financially challenged Spanish government is a bit worried about raising the 19bn euros by selling government bonds in the normal way - because, as probably hasn't escaped your notice, investors have become more wary of lending to Spain, and its borrowing costs have therefore risen very sharply (the implied interest rate on 10-year loans to Spain was 6.4% this morning).
Until earlier this month the Bank of England had been engaged in a cycle of interest rate tightening, which saw the cost of borrowing hit a high of 4.75%, in turn leading to higher repayments for mortgage holders.
The Reserve Bank of India's campaign of 13 interest-rate increases since March 2010 has choked off borrowing and slowed growth, but done little to subdue its target, inflation.
According to some estimates, nearly 90% of loans in the country have a variable interest rate, which means that any rise in the cost of borrowing will impact majority of South Korean households.
The researchers also predict more interest rate rises this year, but say that the cost of borrowing will peak this summer at 6.5%, well below the last peak of 7.5% in the summer of 1998.
In the euro area, it is much harder to turn capital gains into cash by borrowing more as home prices rise or to benefit from falling interest rates by refinancing fixed-rate mortgages, both of which have given a big boost to American household spending.
As a result, continued rhetoric and indications that either party might be willing to default on its debt will have the same effects as a real estate partnership that does the same: They will pay a higher interest rate and at some point if it continues long enough will have increasing difficulty borrowing money.
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Following the latest interest-rate cut, the housing ministry has also lowered the costs for home buyers of borrowing from a government fund, which is aimed at supporting first-time purchasers.
However, when central banks pay interest on reserves or a deposit facility, this interest rate is rarely the one used to set the target for short-term private sector borrowing rates.
That sounds like an attractive borrowing rate, and it may prove to be a good deal for many: If inflation and interest rates rise in the future, those who borrow at these fixed rates and invest at higher ones will earn a profit.
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