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.
原因在于联储将会做出激进的反应，但他所谓的激进反应只不过是联邦基金利率会下调1个百分点。
The reason was that the fed would respond "aggressively", by which he meant a cut in the federal funds rate of just one percentage point.
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.
在联储的例会上，联邦公开市场委员会将联邦基金利率进一步下调0.75个百分点，调整后为2.25%。
At its regular meeting, the federal Open Market Committee reduced the federal funds rate by a further three-quarters of a percentage point, to 2.25%.
纽约联储周三公布的数据推动实际联邦基金利率降至更低的0.23%。
Data Wednesday from the New York fed put the effective fed-funds rate at a much lower 0.23%.
纽约联储周三公布的数据推动实际联邦基金利率降至更低的0.23%。
Data Wednesday from the New York fed put the effective fed-funds rate at a much lower 0.23%.
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