Federal Funds Target Rate的意思|示意

Since Oct.29th, the target for the federal funds rate has been a 1%, but the rate at which funds actually change hands, known as the “effective rate”, has averaged around 0.25%(see chart).

自从08年十月二十九日，联邦公开市场操作委员会降息0.5%后，联邦资金利率目标现在也只剩1%，但是这些资金实际上还要换手(在银行间相互借贷市场中流动)-有效利率大约只剩下0.25%。

Comparing that to past recessions is a bit tricky, because the fed did not always use the federal funds rate as a target, and it tended to be more volatile.

和过去的衰退进行比较有些复杂，因为美联储并不总是采用联邦基金利率作为目标，且容易出现更大的波动。

Futures markets expect the central bank to raise its target federal-funds lending rate to 0.5% by its November meeting, if not sooner, from current near-zero levels.

期货市场预计美联储最晚将在11月会议之前把联邦基金目标贷款利率从当前近乎为零的水平提高至0.5%。

On October 29th the federal Reserve lowered its target for the federal funds rate to 1%, matching the trough it reached in 2003.

十月二十九日美联储将联邦基金利率下降至1%，再次采取和2003年一样的措施。

But the difference between the rate and rates on U. s. federal-funds target rate remains near all-time highs.

但该利率与美国联邦基金目标利率之间的息差仍位于历史高点附近。

The most obvious way for the Fed to help is to lower the federal funds rate target, which sets the cost of borrowing, from its level of 2%.

美联储救市最明显的方式是降低联邦基金的利率（该利率决定了借款成本），从2%的水平上。