The credit channel also is not working properly, as banks have hoarded most of the extra liquidity from QE, creating excess reserves rather than increasing lending. Those who can borrow have ample cash and are cautious about spending, while those who want to borrow – highly indebted households and firms (especially small and medium-size enterprises) – face a credit crunch.
而信贷渠道同样不甚通畅，因为银行已经囤积了来自量化宽松的大部分额外流动性，不但没有增加贷款，反而还产生了多余的储备。那些有资格贷款者都拥有充足的现金并小心控制支出，而那些急需贷款者——高负债的家庭和企业（尤其是中小企业）——都在面对着信贷紧缩。