The banks are now content to leave those funds at the Fed, where they earn a mere 0.25% because they are risk-free, completely liquid, and unburdened by capital requirements. The alternative is to lend commercially at relatively low interest rates, with less liquidity, more risk, and the need to provide capital.
如今，银行很愿意将资金存在美联储赚取0.25%的利息，因为这一利息是无风险的，具有完全流动性，并且没有资本要求负担。另一个选择是以相对较低的利率从事商业借贷，这一选择流动性更低、风险更大并且必须提供资本。