在联储银行的储备 -100
作为纽约联储银行行长，他对系统性风险有先见之明。
As head of the New York Federal Reserve, he was prescient about systemic risks to the financial system.
我们有各种防范措施，比如一家联储银行的数据在几百英里外甚至更远的另一家联储银行里有备份。
We have all sorts of safeguards so that, for example, the data of one Federal Reserve bank are backed up at another Federal Reserve bank hundreds of miles away or in some remote location.
目前，基于理事会成员和地方联储银行的评估，美联储每半年发表一次有关经济增长、通胀和失业率的预测报告。
The central bank now publishes projections for growth, inflation and unemployment twice a year, based on estimates by board members and regional reserve Banks.
第二个困惑发生在上周，当时联储公布了银行测试者们在压力测试中使用的方法。
The second puzzle happened last week when the Fed reported on the methods used by bank examiners for the stress tests.
如果联储管理部门认为所面对的只是一些银行孤立地存在的问题，就不会编发这些指引。
These guidances likely would not have been issued if the federal regulators had viewed the issues they addressed as being isolated to a few Banks.
“伯南克看跌期权的形容十分生动形象”杰弗瑞投资银行的戴维德•泽尔沃斯这样写道，他认为联储正决心使经济再次陷入通货膨胀。
“The Bernanke put is very much alive and well,” notes David Zervos of Jefferies, an investment bank, who says the Fed is determined to reflate the economy.
为了寻求解决这一问题的长效方法，联储要求国会同意让它对银行储备金支付利息。
In search of a permanent way round the problem, the Fed has asked Congress to let it pay interest on bank reserves.
部分银行和联储过度的信用创造导致了衰退的发生。
The genesis of a recession is caused by excessive credit creation on the part of Banks and the Fed.
联储给银行、商业票据发行商和其他机构大笔贷款，以疏通信贷市场，这能够创造一些储备。
Some were created by the Fed's myriad loans to banks, issuers of commercial paper and others to unfreeze the credit markets.
同样是周一，联储还表示将为银行的法定储备和超额储备支付利息。
And on Monday, the Fed said it would begin to pay interest on Banks' excess reserves and required reserve requirements.
联储，而不是银行，承担了票据违约的风险。
The Fed, not the Banks, bears the risk of any default on the paper.
联储会纽约银行的最新调查数据表明那些中央银行已经从8月起减持美元。
The latest statistics from the Federal Reserve Bank of New York suggest that central banks have been reducing their holdings of dollars since August.
如各位所知，3月份联储出面阻止贝尔斯登投资银行拖欠。
As you know, in March the Federal Reserve acted to prevent the default of the investment bank Bear Stearns.
9月14日出台的措施中，联储暂停了限制银行向其投行附属贷款量的限令。
Among measures announced on September 14th, the Federal Reserve temporarily suspended rules restricting the amount of money that Banks can lend to their investment-banking affiliates.
联储随为基础货币(货币加银行储备)注水，但用于作为QE支撑的广义指标增速却不高。
The Fed pumped up the monetary base (currency plus bank reserves), but broader measures are growing slowly.
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.
如果联储对银行的准备金支付利息那么银行还会自讨其烦将全部本可用于增加准备金的资金用于放贷而获益么？
Why should US Banks go to the bother of loaning out all of their increased reserves to gain interest if the Federal reserve is already paying them interest on their reserves?
不过他也实现不了联储的监管范围从银行扩大到所有大的风险企业，除非联储和其他监管机构分享此权利。
But nor will he succeed in extending the Fed's reach beyond Banks to any big, risky firm, unless it shares that power with other regulators.
他相信联储会最近的动作，欧洲中央银行及英国银行都同意他的看法。
He believes the recent actions of the Fed, the European Central Bank and the Bank of England endorse his view.
联储政策的效果甚至连短期银行间利率到目前为止还是不清晰的；联储对更为庞大的，全球一体化的债券市场方面的影响能力是更为不确定的。
The impact of the Fed's actions to date even on short-term interbank rates is inconclusive; its ability to influence much larger, globally integrated bond markets is even less certain.
纽约联储表示，该机构无法核实自己的人员曾与美林银行家进行相关对话。
The New York Fed said it were unable to verify that the conversation with Merrill Lynch bankers took place.
现在，联储局已经有能力对各家银行发号施令，“国有化”会让它的权力膨胀到何种程度？
Because the Fed can pretty much dictate to the Banks right now, what additional powers would nationalization bring?
联储持有债券的平均到期日是五到十年，联储必须想办法在长时间内抹除，或者“清理”相关银行储备。
Since the average maturity of the Fed's bond holdings is five to ten years, the Fed will have to find a way to mop up, or "sterilise", the related bank reserves for a long time.
概要：联储局大量地造钱是为了回应银行和公众不断增长的对流动性的需求。
Bottom line: the Fed's massive infusion of money was a response to the tremendous increase in demand for liquidity by both Banks and the public.
但是许多国会议员并不关心联储阻止的灾难，而更关心在失业率不断攀升的时候，那些被挽救的银行家获得了史无前例的丰厚奖金。
But many congressmen care less about the disaster avoided than the injustice of bailed-out bankers taking home record bonuses as unemployment keeps rising.
联储采取的行动阻止了该银行的彻底倒闭，因而获得好评。
The action was praised for halting Bear Stearns's complete meltdown.
美国联储会削减了其贴现率，这一联储会向紧急贷款的银行收取的费用，将其从原来的6.25%降到5.75%，并且将紧急借款期限延长到30天。
The Federal Reserve has cut the discount rate-the charge it makes for emergency lending to banks-from 6.25% to 5.75%, and lengthened the term of these loans to 30 days.
美国联储会削减了其贴现率，这一联储会向紧急贷款的银行收取的费用，将其从原来的6.25%降到5.75%，并且将紧急借款期限延长到30天。
The Federal Reserve has cut the discount rate-the charge it makes for emergency lending to banks-from 6.25% to 5.75%, and lengthened the term of these loans to 30 days.
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