The Federal Reserve, like most major central banks, has already lowered its short-term interest rate, its main policy lever, in effect to zero.

大多数中央银行通过政策杠杆调控经济，美联储也将短期利率几乎降为0。

youdao

In effect, we have an incipient excess supply of savings even at a zero interest rate.

实际上，即使在利率为零的情况下，一开始也会有一个储蓄的过剩供给。

youdao

Mr Osborne could have softened the effect of a future interest-rate hike by loosening fiscal policy a jot.

假设财政政策放松了一点，奥斯本就可以软化未来利率提升的效应。

youdao

Paradoxically the halo effect of early interest rate convergence allowed a greater divergence in fiscal policies.

FORBES: Roubini Warns Of Euro Break Up As Greek Credit Rating Tumbles

Back in the 1970s they charged foreigners a fee for having a bank account, in effect imposing a negative interest rate.

ECONOMIST: The terrible temptation to depreciate

So far, the effect of the new interest-rate regime has not been great, but it will bite when old loans come due and are rolled over at terms more favorable to borrowers.

FORBES: China's Enrons