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。

youdao

Hedge funds have been decimated by the financial crisis, while proprietary desks at investment Banks in Asia are pulling back to preserve balance sheets under orders from risk-averse headquarters.

对冲基金在此次金融危机中九死一生，投资银行中的所有权交易部门则收到总部命令撤出亚洲市场，以修复资产负债表。

youdao

Buying masses of exchange-traded funds would expose the central bank directly to the stockmarket, and so put its balance sheet at risk.

ECONOMIST: The Bank of Japan