在2000-2001年，当互联网泡沫破灭后，联储会不断消减短期利息，使短期利息在2003年降到1%。

After the dotcom bubble burst in 2000-01, the Fed slashed short-terminterest rates to 1% by 2003.

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息差交易。例如：在利率偏低时，投资者借入短期利息债券（1.5%）同时买入长期债券（4.5%），以此赚取可观息差；

For example, when the interest rate stays low, the investor borrows short term bons with 1.5% interest rate and buy long term bonds at 4.5% so as to make good profit.

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短期之内这样做会帮助他们省去利息成本，但却创造了一个危险的错配：他们的薪水和收入是由一种货币计算，而债务却是由另一种计算。

It saved them interest costs in the short term but it also created a nasty mismatch: their wages and revenues were in one currency and their liabilities were in another.

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