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。

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Well it could go twenty basis points lower but interest rates can never be negative.

呃，它可以再跌二十个基本点,但是利率永远不能是负值。

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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。

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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。

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Interest rates have hit zero 0.2%; that's twenty basis points above zero.

利率已经接近零了0。2%；,这只有零点以上的二十个基本点。

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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。

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For the ten years ended June 30,2005, it returned 9.9% per year and then the average return for the actively managed equity fund was 9.6% per year, so we're back to that thirty basis points.

截至2005年6月30日的10年间,该指数年收益率为9.9%,而主动管理型股权基金的年平收益率为9.6%,我们落后30个基点

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Maybe on average institutions lose thirty basis points, but it's kind of Lake Wobegon, where we all believe that we're better than average, so we're going to overcome that thirty basis points -that's not such a big hurdle.

可能平均每个机构都会落后30个基点,这就有点像沃比冈湖效应,大家都觉得自己能高过市场平均水平,30个基点会赶上的,不算什么大的差距

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This is incredibly important because,when you look at this number that we started out with,saying the benchmark was 9.9 but net of fees the managers on average only lost thirty basis points--or .3% -you'd say,well that's a game I don't mind playing.

这极其重要,因为当你看这些数字时,刚才说过基准收益是9.9%,但是主动管理型基金经理人的平均净利润,只落后了30个基点或者说0.3%,你可能会说这个游戏,我不介意玩一玩

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