Excess bank reserves will not lead to inflation so long as the Fed can still raise interest rates, which it can.

只要美联储还能提高利率银行的超额储备金就不会引起通货膨胀。

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If bank policy is to make loans and investments equal to whatever reserves are in excess of legal requirements, the expansion process will be carried on.

如果银行的政策是让贷款和投资等于任何超出法律要求的储备金，那么扩张过程将继续下去。

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In this case the central bank - by increasing excess reserves - would DE facto monetize commercial bank liabilities and thus increase the outstanding stock of money.

在这种情况下，央行通过增加超额准备金，实际上等于将商业银行的负债货币化，从而增加货币流通量。

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In the run-up to the 1937 dip, many people thought inflation was imminent due to the jump in excess bank reserves.

FORBES: Magazine Article

Americans during the Great Depression voiced the same concerns about excess bank reserves, budget deficits, competitive devaluations and commodities speculation as they do today.

FORBES: Magazine Article

In 2009, excess bank reserves grew through banks' preference for liquid assets, and the certain (though low) interest earned by deposits at the Federal Reserve.

FORBES: Magazine Article