本周，联储突增的现金使得联邦基金利率从雷曼破产后的6%高点，下降到了1%。

The Fed’s torrent of cash pushed the fed funds rate down to 1% this week, from a high of 6% in the wake of Lehman’s failure.

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原因在于联储将会做出激进的反应，但他所谓的激进反应只不过是联邦基金利率会下调1个百分点。

The reason was that the fed would respond "aggressively", by which he meant a cut in the federal funds rate of just one percentage point.

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当俄国破产，并使对冲基金，长期资金管理公司倒闭时，联储会仅降息0.25%。

After Russia's default and the collapse of Long-Term Capital Management, a hedge fund, the Fed cut rates by a quarter point.

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At that time, the Fed had cut the Federal Funds Rate to 1%, we had very low short rates.

当时联储局将联邦基金利率降至1%,短期利率非常低

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