But inflation has risen steadily this year, which means bank depositors are essentially facing a negative interest rate return.

但今年通胀率持续攀升，这意味存款人面临着实际利率的负回报。

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I will get to this later, where I have the return minus the interest rate on this axis and the market return minus the interest rate on this axis.

迟一些我会讲到,就是用这个轴表示收益减去利率,这个轴表示市场收益率减去利率

耶鲁公开课 - 金融市场课程节选

Banks now get a 25 basis point interest rate return on their reserve deposits with Federal Reserve Banks, including their excess reserves.

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Series I bonds consist of two components: a fixed interest rate return and an adjustable inflation-linked return, making them somewhat similar to TIPS. The fixed rate never changes, but the inflation return rate is adjusted every six months and can also be negative (which of course brings your total return down).

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Following the Icelandic crisis the council renegotiated the terms of the Dexia investment, accepting a lower interest rate in return for the government guarantees.

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