So to keep the fed funds rate up, it has, since November 6th, been paying interest on excess reserves at the full target rate of 1%.

因此为了保持较高的联邦基金利率，美联储自11月6日来一直以1%的名义利率来支付剩余存款准备金的利息。

youdao

It could then expand its balance-sheet indefinitely without driving the fed funds rate to zero; a bank will not lend out excess reserves at 0.25% if it can earn 1.75% at the Fed.

这可以无限制扩大它的资产负债表，而不会使联邦基金利率降到0。 银行如果可以从联储那里得到1.75%的利息，就不会以0.25%的利率贷出多余的款项。

youdao

Mr Bernanke suggested, for instance, that the fed could temporarily target the interest rate it paid on excess reserves, rather than the federal funds rate.

譬如，伯南克建议美联储应该暂时从超额存款准备金的支付利率下手，而不是联邦基金利率。

youdao

The Fed also now pays competitive rate for banks parking excess reserves.

FORBES: Inflation Fears and Facts

Raising the rate of interest paid on excess reserves can make new bank loans less attractive, thus tempering overall credit creation.

ECONOMIST: Quantitative easing

They can instead do nothing and park excess reserves at the Fed, earning a competitive but risk-free rate total no-brainer.

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