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.
At that time, the Fed had cut the Federal Funds Rate to 1%, we had very low short rates.
当时联储局将联邦基金利率降至1%,短期利率非常低
应用推荐