Financial markets are now expecting a 0.5 percent reduction in the short-term fed funds rate when the Federal Reserve policy-making committee concludes a two-day meeting on January 30th.

当美联储政策制定委员会为期2天的会议在1月30日结束时，金融市场预计在短期内美联储资金利率会下降0.5%。

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But even as a recovery materializes and fed policy begins to normalize (38 of the 54 respondents expect the key federal-funds rate to increase by the end of the year), long-term problems will persist.

但尽管美国正在实现经济复苏，且美联储的政策也开始正常化(54名参与者中有38人预计今年年底前关键联邦基金利率将上调)，长期问题将继续存在。

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Because the federal funds rate is already close to zero, the fed has been buying up bonds with a longer maturity to drive down long-term interest rates.

由于联邦资金利率已经接近于零，因此联储开始买入较长期债券，以降低长期资金利率。

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If the Fed wants to push the Federal Funds Rate up and down it goes and buys short-term government bonds.

如果联邦希望推动,联邦资金利率上升下降,它将会去买短期的政府债券。

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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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Bank funds held in term deposits at the Fed would not be available for the federal funds market.

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If short-term interest rates (primarily the target Fed-Funds rate) are close to zero the impact of more bank credit and more money creation through open market purchases remains.

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