Banks borrow money from the fed, deposit it back into the fed, and profit from the differential between the federal-funds and overnight rates.

银行从美联储借钱，再将借来的钱存回美联储，并从联邦基金利率和隔夜利率的利差中获利。

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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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The Fed also shortened the term of some discount window loans and raised the minimum bid in the term auction facilities it USES to supply overnight funds to Banks.

美联储还缩短了部分贴现窗口贷款期限，并提高了向银行提供隔夜资金的短期拍卖工具(term auction facilities)最低竞价。

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And this is even more true of short-term instruments such as the overnight Fed Funds rate than it is of a longer term bond rate, because as a general rule, the shorter the duration, the lower the risk.

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In that talk, he ostensibly outlined all of the tools available to the Fed if the overnight (Fed Funds) rate hit zero.

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The Fed cut its target on federal funds, the overnight interbank loans that form the floor rate for U.S. lending, to just 0.25%, down 75 basis points from the previous 1.0% level.

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