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。

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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。

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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。

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

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Another reason to suspect that the Fed is more than a bit player is that American interest-rate decisions have a disproportionate effect on global monetary conditions.

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In addition to her legislation, Gillibrand said Sunday she would push to stop interest rate hikes set to go into effect in July for federal Stafford loans.

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