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Fortunately, the Fed's interventions seemed to work. The repo rate returned to its usual level, close to the federal funds rate,
幸運的是，美聯儲的干預似乎起到了作用。回購利率回到了正常水平，接近聯邦基金利率，
which in turn is within the range targeted by the Fed.
而聯邦基金利率又在美聯儲的目標區間之內。
Even so, the turmoil raised questions about how it plans to handle future cash shortages.
即便如此，市場動蕩引發了外界對美聯儲計劃如何應對未來現金短缺的質疑。
The mere prospect of them marks an important shift for America's financial system.
對美國的金融體系而言，僅僅是它們的前景就標志著一個重要的轉變。
Before the financial crisis the Fed controlled the federal funds rate using a "corridor", with a ceiling and a floor.
金融危機前，美聯儲通過上限和下限“走廊”來控制聯邦基金利率。
Banks with too little cash could borrow at the ceiling rate.
現金太少的銀行可以按最高利率借款。
But there was no compensation for extra cash held at the Fed (the floor interest rate was zero).
但美聯儲持有的額外現金沒有補償（最低利率為零）。
To keep interest rates precisely on target the Fed used "open market operations",
為了使利率精確地保持在目標水平，美聯儲通過“公開市場操作”，
swapping Treasuries and cash to control liquidity in the banking system.
交換國債和現金，以控制銀行體系的流動性。
Six years of quantitative easing changed all that. To push down long-term interest rates,
六年的量化寬松改變了這一切。為了降低長期利率，
the Fed bought vast quantities of long-dated Treasury bonds. Its balance sheet ballooned to $4.5trn.
美聯儲購買了大量的遠期國債。其資產負債表膨脹至了4.5萬億美元。
The holders— mainly banks—ended up with mountains of cash. To keep market interest rates at or above the policy rate,
持有者—主要是銀行—最后得到了一大筆錢。為了保證市場利率不低于政策利率，
the Fed was authorised by Congress to raise the floor from zero, compensating banks for their cash that it held.
國會授權美聯儲將將利率下限從零上調，以補償銀行持有的現金。
The ceiling became redundant, as did open market operations. Only the floor mattered.
上限變得多余，公開市場操作也是如此。只有下限才是重要的。
But banks' cash piles have dwindled of late.
但是銀行的現金儲備最近有所減少。
Since late 2017 the Fed has been reducing its balance-sheet by not reinvesting all the proceeds when its assets mature.
自2017年末以來，美聯儲一直在通過在資產到期時不將所有收益進行再投資的方式縮減資產負債表。
The balance-sheet shrank from $4.5trn in 2017 to $3.8trn in June this year.
其資產負債表從2017年的4.5萬億美元減少至今年6月的3.8萬億美元。
Moreover, a wider budget deficit means the Treasury has had to issue more bills and bonds.
此外，預算赤字擴大意味著財政部不得不發行更多的票據和債券。
So far this year it has issued an average of $63.9bn-worth per month, net of repayments.
今年到目前為止，扣除還款，該公司每月平均發行的債券價值639億美元。
During the same period in 2017 the monthly figure was just $19.6bn. As banks buy Treasuries, their cash piles fall.
2017年同期，該數字僅為196億美元。當銀行購買國債時，他們的現金儲備就會減少
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