The situation now has diverged from the traditional scenario in which the Fed controlled the banks’ use of reserves by adjusting the federal funds rate (the rate at which banks lend their reserves to one another). The principle difference is that the Fed will now have to pay the interest on the nearly $2.5 trillion of excess reserves that it holds.
当前的局面与传统情景相反。在传统情景中，美联储通过调整联邦基金利率（银行将准备金借给同业的利率）控制银行对准备金的使用。当前局面的主要不同之处在于现在美联储需要为存在它那里的2.5万亿美元超额准备金支付利息。