Likewise, the Fed’s policy of large-scale asset purchases has increased commercial banks’ excess reserves to unprecedented levels (approaching $2 trillion), and has driven the real interest rate on ten-year Treasury bonds to an unprecedented negative level. As the Fed acknowledges, this will have to stop and be reversed.
类似地，美联储大规模购买资产的政策增加了商业银行的超额储备，达到了前所未有的水平（近2万亿美元），也把10年期国债的真实利率前所未有地压到了负水平。美联储承认，这一趋势必须停止并逆转。