央行无法进一步降低短期利率。
由美联储控制的短期利率当然不会再降。
It certainly wouldn't lead to a reduction in short-term interest rates, which are more or less controlled by the Federal Reserve.
但它也使经济对短期利率的变化更加敏感。
But it has also made the economy more sensitive to changes in short-term interest rates.
当然，短期利率不是资金成本；长期利率才是。
Of course, the short-term interest rate isn't the cost of capital; the long-term interest rate is.
这里说的工具就是短期利率，而目标则是物价稳定。
The tool was the short-term interest rate, the target was price stability.
这种预期有可能使短期利率与长期利率之间的关联脱钩。
Such expectations have the potential to decouple the link between short- and long-term interest rates.
一些预测者认为在2007年初，短期利率将达到6%。
Several forecasters believe that short term rates will reach 6% by early 2007.
收益率曲线的形状（长期和短期利率的不同）也不相同。
The shape of the yield curve (the difference between long- and short-term interest rates) also makes a difference.
伴随着债券发放而来的长短期利率之间的差距大幅增加。
It has been accompanied by a sharp rise in the gap between short and long rates.
当危机开始时，美联储5.25%的短期利率并不算很高。
When it began, the Fed’s short-term rate at 5.25% was not particularly high.
当危机开始时，美联储5.25%的短期利率并不算很高。
When it began, the Fed's short-term rate at 5.25% was not particularly high.
其二，两人都说没有证据证明短期利率低会引致房价上升。
Second, both men say there is no evidence that low short-term rates drove ho us e prices upward.
此外，债券收益率也未表现出与短期利率通常具有的历史关联。
Furthermore, bond yields have not displayed their usual historical relationship with short rates.
虽然，这不是想要去尝试，但美国已经超过两年零短期利率了。
That's not for want of trying, though. The US has had zero short-term interest rates for well over two years.
定量宽松是在短期利率削减为零之后一种具有吸引力的政策工具。
Quantitative easing is an attractive policy tool after short-term rates have been cut to zero.
短期利率处于目前水平，同期比将很难引起国债收益率曲线反转。
It would be tough to trigger an inversion of the government yield curve, with short rates at this level.
在当今盛行的法币制度下，各国央行通常对短期利率拥有控制权。
Under today's fiat-money regimes, central banks, as a rule, control short-term interest rates.
市场正在表明，他们将会全力以赴回归到，短期利率很低的时代。
The markets are saying they're going to go all the way back to one, which was the low for short-term rates.
各种资产流动既困住了长期利率也使短期利率裹足不前。
Liquidity traps apply to long term as well as short term rates.
越多的投资者购买银行票据和债券，回报就越低，短期利率接近零。
The more investors want notes and bonds, the lower the yield, and short-term rates are close to zero.
即使到明年底，市场期望的短期利率仅为1- 1.25%而已。
Even by the end of next year, the market expects short-term rates to be only 1-1.25%.
收益曲线反转(短期利率高于长期利率)的时候很少出现。
Periods when the yield curve is inverted (short rates are above long ones) are less common.
这其中就有短期利率最终必定要上涨对金融系统赢利能力带来的威胁。
Among them is the threat posed to the profitability of the financial system when short-term interest rates rise, as eventually they must.
这个利率反映的是未来的短期利率，它已经处在半个世纪以来的低水平。
These rates, which are already at a half-century low, mainly reflect expected future short-term rates.
但即使联储局自2004年中期开始调高短期利率，长期利率依然下跌。
But even when the Federal Reserve started to raise short-term rates from the middle of 2004, long rates declined.
他们使用自己所持有的货币来决定短期利率，而不再去试图实现货币目标。
Instead of trying to meet monetary targets, they use their own money to determine short-term interest rates.
即使短期利率急剧下降，30年抵押贷款的成本在过去六个月还是在上升。
The cost of a 30-year mortgage has risen over the past six months, even as short-term rates have tumbled.
即使短期利率急剧下降，30年抵押贷款的成本在过去六个月还是在上升。
The cost of a 30-year mortgage has risen over the past six months, even as short-term rates have tumbled.
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