Indeed, with profitability at or near record levels, cash holdings by the corporate sector in the United States have piled up quarter after quarter, reaching all-time highs – and earning very little at today’s near-zero interest rates. Moreover, because companies have significantly improved their operating efficiency and lengthened the maturities on their debt, they need a lot less precautionary savings than they did in the past.
事实上，在盈利能力处于或接近纪录水平的情况下，美国公司部门所持现金每个季度都在增加，达到了创纪录的高峰——在如今近零利率水平下几乎产生不了回报。此外，由于公司大大改善了经营效率、延长了债务期限，因此他它们所需要的预防性储蓄也比以前要低。