It's contracting so the Fed is trying to prevent a serious recession by cutting interest rates; they've been cutting them rapidly.
它在减小,所以美联储正在试图阻止一个因为利率缩减,而产生的严重的经济衰退;,但是他们最近一直在降低利率。
% Alright. The Fed fund's rate is now at 3 percent, 12,500 the Dow Jones Industrial Average at about 12,500.
好吧,目前美联储的基金利率为,而道琼斯工业平均指数大约在。
The Fed then again cut interest rates in 2001 in response to the very definite weakness of the economy.
美联储在2001年又一次降低了利率1,为了适应经济中明确的弱点。
Now, the interest rate in Irving Fisher's world has to equate supply and demand in the market for debt.
在费雪的理论里,利率必须与,债券市场的供需关系保持平衡
They've been cutting the spread between the discount rate and the Federal Funds Rate again it's an effort to stimulate the economy.
他们一直在缩减,贴现率与,联邦资金利率之间的宽度,同样它又是刺激经济的努力。
The interest rate has units of time, so I have to specify a time period over which I'm measuring an interest rate.
不同时间段有不同的利率,因此我必须在不同的时间段,细化不同的利率
So, if a bond was issued when interest rates were lower, they might have a 4% coupon when the prevailing rate is 6%.
所以,如果一只债券在利率很低的时候发行,在汇率为6%的的时候,它们可能有一个4%的票息。
A person has a budget constraint if the person can borrow and lend at the interest rate.
在某一利率下,人都有自己的预算限制
People didn't expect that to hold and so people thought, well it's going to still be down at 1% maybe in three months.
命中认为这项政策不会延续下去,利率仅会在未来三个月内维持在1%的低位
I think one reason why they may have changed it in 2003 is that interest rates were getting really close to zero in 2003.
我认为其中一个,为什么他们在2003年改变了它的原因,就是利率在2003年真的快要接近零了。
Adjustable rate mortgages have a long term -they might last for thirty years -but the interest rate is not fixed for the whole thirty years.
可调利率抵押贷款的期限很长,也许会长达30年,但是利率在30年间并不是固定的
I remember when interest rate swap accounting was done on a different market security basis.
我记得利率会换记账法,在不同的证券市场施行时。
That would be a portfolio where you borrowed at the riskless rate and you put more than 100% of your money into the tangency portfolio.
在这种组合里,你可以以无风险利率借贷到一些资金,从而可以投入比你本金更多的资金,来购买切线投资组合。
Most recently--A few years ago, we were living in a regime of negative real interest rates, when the Fed was pursuing a very aggressive monetary policy.
就在最近几年之前,我们生活在,负实际利率的政策中,当时美联储追求一种,非常激进的货币政策
That means, in the simplest-- it's called the expectations theory of the term structure.
这意味着,在最简单的利率期限结构理论,即利率期限结构的预期理论中
The primary discount rate is typically a hundred basis points above the Funds Rate.
一级贴现率通常,在联邦资金利率一百个基本点之上。
The three-month Treasury bill rate is shown there--it was much lower--it was under 3%.
三个月期国债利率,远低于联邦基金利率,在3%以下
Tax rates are going up--there's no talk about losing their exemption--that's pretty compelling.
但是现在利率在上升-也没有关于不再免税的传闻,所以,那是非常诱人的。
2,500 A bit, 4 percent for Fed funds and 12,500 for Dow Jones.
基金利率为4%,道琼斯指数在。
I'm talking about four-week Treasury bills; 2.25% the Federal Funds Rate is still at 2.25% but at least the more prominent three-month T-bill rate is at the end.
我在谈论月国库券;,联邦基金利率仍在%,但是至少显著地,季度国库券利率还在最低端。
And the three-month Treasury bill rate was about the same, at 1%.
三个月期国债利率也,在1%左右
Right now, we have a Federal Funds Rate of about 3% and an inflation rate of around 3%, so right now the real interest rate is close to 0.
如今,联储局利率是3%左右,通胀率也在3%徘徊,现在的实际利率接近于0
He said that we shouldn't think that the-- the simplest story of the term structure of interest rates, which he expounded there, is that forward rates equal expected future interest rates.
他提出,我们不应该认为,他在书中写道,对于利率期限结构,最简略的概括,是远期利率等于未来利率的期望值
In the last week the Treasury bill rate on the United States four-week Treasury bill which is the standard 0.2% essentially three month it fell to 0.2%.
上周,美国月国库券的,国库券利率,一般作为标准来看,本质上,在三个月内,跌落到。
So, what we want to do-- this is what Hicks discovered I can do the following transaction to lock in, in 1925, the interest rate between 1926 and 1927.
这就是希克斯所发现的,我可以在1925年进行以下交易,从而确定1926年到1927年的利率
In my view--the Fed has dramatically cut interest rates.
在我看来,美联储已经戏剧性地降低了利率。
The problem is then that these were sold to low-income people, in many cases, who didn't understand what they were getting and that after two years the interest rate would reset up.
问题是贷款在一开始是发放给低收入人群,很多情况下,那些人并不理解这种贷款,或者说他们不知道利率在两年后会重设
Of course, the banker isn't going to give you $1 for something that is paying $1 in a year because the banker knows that $1 could be invested at the interest rate.
当然,银行不会因为某些东西,在一年内收益一美元,而给你一美元,因为银行知道一美元能在利率的基础上,用来投资
Look how--this is as of earlier this year; the Federal Funds Rate was at around 4% and it has this huge drop in the term structure and then it starts the upward-sloping.
这是今年早些时候的图形,当时联邦利率徘徊在4%,但期限结构,在此处急转直下之后又开始掉头向上
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