In normal times, the federal funds rate would more fully capture firms' costs of overnight borrowing, making it a good foundation from which to calibrate other interest rates.

在正常时期，联邦基金利率会更加全面地反映企业隔夜拆借的成本，从而使其成为计算其它利率的一个良好参照基础。

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On July 7, the central bank raised the overnight borrowing rate by six percentage points to 30%.

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Short-term interest rates such as the overnight bank borrowing rate and one-month and one- year Treasury bill rates are already close to zero.

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The effect has been most dramatic in the overnight rate for borrowing dollars.

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