But it did manage to work the Fed funds rate down to 1% and final sales surged.
但是，美联储确实努力使联邦基金利率降至1%，并增加了最终销售。
Since January 2004 the US Federal Reserve has raised its fed funds rate six times.
自2004年1月，美国联邦储备局已加息六次。
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.
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%。
With the fed funds rate now targeted at 1%, and on most days trading below that, the target rate is already near the zero-bound.
由于联邦基金利率目前已降至1%，并在大多数时间里低于这一水平，目标利率已经逼近了零位。
That’s not just what I say, by the way: the FT reports that the Fed’s own economists estimate the desired Fed funds rate at -5 percent。
顺便说一句，这不只是我说：金融时报也报道说，美联储的经济学家们估计，自己所期望的联邦基金利率是-5%。
So to keep the fed funds rate up, it has, since November 6th, been paying interest on excess reserves at the full target rate of 1%.
因此为了保持较高的联邦基金利率，美联储自11月6日来一直以1%的名义利率来支付剩余存款准备金的利息。
If we apply the Rudebusch version of the Taylor rule to the mean Fed forecasts, I get the following for what the Fed funds rate should be.
如果我们根据美联储的预测数据，应用鲁迪·布什版本的泰勒公式来计算未来的利率，我们能够得到如下的结果。
The interest rate has dropped over the last 30 years because the Fed has constantly dropped the short term Fed funds rate and we are now at 0%.
利率下降，在过去30年来，因为美联储不断下降的短期联邦基金利率，我们现在在0%。
A 25bp cut in the Fed Funds rate, possibly with a steeper cut to the higher discount rate, at which it lends to Banks, looks the most likely prescription.
看起来，美联储最可能开具的药方是：联邦基金利率降低25个基点，并可能更大幅度降低其贷款给各银行所依据的较高的贴现率。
No matter how low the Fed funds or discount rates get, private savers around the world will simply refuse to lend given the inherent risks and paltry returns.
不管如何低，联邦基金利率或贴现率得到的，私人储户世界各地干脆拒绝给予贷款的内在风险和微薄的回报。
Tomorrow, when the Open Market Committee meets, everyone expects them to reduce the Fed funds by another full point, with a corresponding further cut in the discount rate.
明天公开市场委员会开会时，每个人都希望他们进一步降低再贴现率，大幅削减美联储基金。
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.
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。
With inflation that ingrained, the U.S. central bank finally pulled out the big guns, raising the benchmark Fed funds rate to 13.77% in October 1979 from 11.43% in September.
随着通胀愈发凶猛，美国央行最终把鸟枪换成大炮，在1979年10月将银行利率从9月份的11.43%提高到13.77%。
In the US we expect that Fed Funds will be on hold for a prolonged period, but ultimately with a recovery in growth rates will need to go up, probably in late 2007 or in 2008.
我们预期美联储基金利率会长时间维持不变，但在美国经济反弹的压力下，息率可能在2007年尾或2008年上升。
Financial markets are now expecting a 0.5 percent reduction in the short-term fed funds rate when the Federal Reserve policy-making committee concludes a two-day meeting on January 30th.
当美联储政策制定委员会为期2天的会议在1月30日结束时，金融市场预计在短期内美联储资金利率会下降0.5%。
Despite all these measures, market opinion remained overwhelming that the long-awaited rate rise would at last arrive, with the Fed Funds futures market putting the chances at 76 per cent.
尽管有所有这些指标，但压倒性的市场观点依然是，期待已久的加息终将来临，联邦基金利率期货市场走势显示，美联储加息几率为76%。
A minimum ratio of capital to assets should possibly be imposed by the Fed on investment Banks and money funds.
美联储很可能会给投资银行和货币基金制订一个资本最低比率的下限。
When one fund broke that promise after Lehman Brothers collapsed, the run on money funds threatened to do so much damage to the credit markets that the Fed felt compelled to step in.
当雷曼兄弟公司破产后，一家基金违背了这一承诺，货币基金的赎回潮对信贷市场构成了莫大的威胁，以至于美联储感到必须介入。
The currency reserves and sovereign wealth funds that many countries have been piling up are in substantial part the result of that same Fed mistake.
许多国家一直以来越积越多的货币储备和主权财富基金也是美联储同一个错误带来的后果。
The Fed also made clear on Tuesday that it intends to keep the funds rate at extremely low levels.
美联储还明确星期二，它打算保持基金利率维持在极低水平。
The Fed is anxious to calm the credit markets, so that the economy's funds are allocated in line with risk and reward.
美国联储会处心积虑的要安抚信贷市场，使得经济中的资金按照风险及回报分配。
The most obvious way for the Fed to help is to lower the federal funds rate target, which sets the cost of borrowing, from its level of 2%.
美联储救市最明显的方式是降低联邦基金的利率（该利率决定了借款成本），从2%的水平上。
Because the federal funds rate is already close to zero, the fed has been buying up bonds with a longer maturity to drive down long-term interest rates.
由于联邦资金利率已经接近于零，因此联储开始买入较长期债券，以降低长期资金利率。
But even as a recovery materializes and fed policy begins to normalize (38 of the 54 respondents expect the key federal-funds rate to increase by the end of the year), long-term problems will persist.
但尽管美国正在实现经济复苏，且美联储的政策也开始正常化(54名参与者中有38人预计今年年底前关键联邦基金利率将上调)，长期问题将继续存在。
Comparing that to past recessions is a bit tricky, because the fed did not always use the federal funds rate as a target, and it tended to be more volatile.
和过去的衰退进行比较有些复杂，因为美联储并不总是采用联邦基金利率作为目标，且容易出现更大的波动。
The timing of an increase in the benchmark federal-funds rate -- a Fed-influenced rate at which banks lend to each other overnight -- is a centerpiece of Fed discussions.
美国的基准利率是联邦基金利率，这是一种银行间隔夜拆借利率，由美联储对它实施影响。 何时提高这一利率，是美联储讨论的焦点。
The timing of an increase in the benchmark federal-funds rate -- a Fed-influenced rate at which banks lend to each other overnight -- is a centerpiece of Fed discussions.
美国的基准利率是联邦基金利率，这是一种银行间隔夜拆借利率，由美联储对它实施影响。 何时提高这一利率，是美联储讨论的焦点。
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