It's the most simple-- or often called a bill-- a discount bond does not pay interest; it's sold at a discount.
它是最简单的,经常被称为国库券,它是一种贴现债券,且不付息,并以折扣价发行
That's because nobody trusted these banks they could go under any day and so they tended to sell at a discount.
那是因为没有人信任这些银行,它们可能在任何一天倒闭,所以它们倾向折价卖纸币。
Yes. I think that you don't really have self possession if you choose to live in a society because you cannot just discount the people around you.
是的,我认为如果你生活在社会中,就不可能完全拥有自主权,因为你不能无视其他人的存在。
We tend to fail to discount the situation.
我们往往没有考虑到实际情况。
So, I said, okay, I didn't want to assume so we clicked senior and frankly it was then a dead end because apparently to get some senior discount you need to have some special pass or something like this that we didn't have and yet that certainly wasn't obvious here so now we together and this person in particular had to figure out how you go back and then restart this process.
我说,好的,我不希望揣测,所以我点击了老人票,然后问题就来了,因为似乎,需要特殊的号码之类的东西来购买老年票,但是我们没有,明显我们不应该走这步,现在我们一起必须找出,怎样返回,然后重新开始这个步骤。
The discount rate that is shown is the number that you plug into a formula to get the price.
这里显示的折扣率,需要被代入一个公式来获得价格
In 2003 they decided to change that and they decided to raise the discount rate above the Federal Funds Rate.
在2003年,他们决定改变这个现状,并且决定将贴现率提升到,联邦资金利率之上。
Well, the discount rate is sort of the--you notice there are two different interest rates here and you might be confused by them.
贴现率是一种,这里有两种不同的利率,你们可能会将其混淆
They made the discount rate higher than the Federal Funds Rate; 2.25% so now the Federal Funds Rate is at 2.25%.
他们将贴现率提升至高于,联邦资金利率;,所以现在,联邦资金利率是。
I'm sorry, I don't understand since the left hand side of your equation does not equal the right hand side, isn't that discount, not price?
对不起,我不太理解,这里等式左边和等式右边,并不相等,这里应该是折扣率而非价格
The U.S. Government is a big issuer of discount bonds and they're called Treasury bills.
美国政府是贴现债券的大发行商,这些被称为国库券
The primary discount rate is typically a hundred basis points above the Funds Rate.
一级贴现率通常,在联邦资金利率一百个基本点之上。
There's another interest rate that the Fed sets and that's called the discount rate.
美联储还设定了另一个利率,叫做贴现率。
The discount rate is now only 2.5% twenty-five basis points higher; it's at 2.5%.
贴现率现在只高了,二十五个基本点;是。
They were worried that if the discount rate is fifty basis points below the Federal Funds Rate then it's going to hit zero and that would be embarrassing; so they moved it.
他们担忧的是,如果贴现率比,联邦资金利率低五十个基本点,那么它将会接近零点,并且那将会很尴尬;所以他们改变了它。
They've been cutting the spread between the discount rate and the Federal Funds Rate again it's an effort to stimulate the economy.
他们一直在缩减,贴现率与,联邦资金利率之间的宽度,同样它又是刺激经济的努力。
What the PDCF is it's really an extension of the discount window beyond member banks.
一级交易商信贷工具是,对会员银行贴现窗口的一种扩展。
The discount rate was a policy variable set by the Fed and it was typically fifty basis points below the Federal Funds Rate.
贴现率是一个联邦可改变的政策,并且它比联邦资金利率通常,低五十个基本点。
So what everybody knows is that the discount is converted into a price according to this formula.
所以每个人都知道,折扣率可以通过这个公式转换成价格
What they wanted to do starting in 2003 was to eliminate the idea that the discount rate is only for banks who are in trouble.
在2003年他们开始想做的事3,是消除,贴现率仅仅是为了那些处于困境的银行而设立的。
It equals 2.51--that's the discount rate that you see up there-- well, /360.
等于2.51,就是上面显示的折扣率,/360
Well, there's a formula that's been used by bond traders for hundreds of years and it's a traditional expression, which goes from the discount rate to the price.
这里有个债券交易商,用了上百年的公式,这是个传统表达式,它能用折扣率算得价格
Actually there are two discount rates; there's primary and secondary.
事实上,这里有两个贴现率;,一级贴现率和二级贴现率。
Anyway, I want to talk you understand now about discount bonds?
回到正题,你现在理解贴现债券了吗
So, how do we get the price from the discount rate?
那我们怎样才能从贴现率得到价格呢
The boy would go say, we're offering to pay a discount rate of 2.51-- that was the formula and then anyone could do these calculations; they knew what it meant.
小男孩跑去说,我们愿意以2.51%的折扣率买入,公式就是那样用的,每个人都能算出价格,他们知道是什么意思
So, the bid price is the--they don't do it in terms of price, they do it in terms of discount so the bid discount rate- there would be two numbers for each.
出价,往往不以报价的形式出现,而是以折扣率,出价的折扣率,有两个相关的数字
They wanted to eliminate the stigma it used to be embarrassing to borrow at the discount window because the discount rate would because it would be an admission that the bank is in trouble.
他们希望消除这种瑕疵,过去在贴现窗口借钱,常常被认为是尴尬的事,因为贴现率将,因为这将是处于困境的银行的,进入权。
If your dealer quotes you a discount rate of 2.51%, you know how to convert that into the price and that's all that matters--all that really matters is the price you have to pay.
如果经销商告诉你折扣率是2.51%,你要知道如何转换成价格,真正和你有关系的,是你需要付多少钱
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