以下是引用scuxiao在2006-5-13 13:24:00的发言: 一直都很困联邦基金利率到底指的是什么?商业银行隔夜拆借利率?那美联储又为什么干预市场的行为呢?而且每次说提高,目前已达到5%,难道隔夜的利率会有这么高,如果这个利率是年利率的话,那它为什么又叫隔夜拆借利率呢?有些不太明白,请大侠们指点一二!
Federal fund rate is the rate at which a bank lends its money at the federal reserve to another bank overnight. It is determined by the market. However, Fed sets a target for it.
Interest rates are usually annualized. For USD money market, the day count convention is ACT/360. So if a bank lends at 5%, the interest is principal * 5% * 1 / 360.
You need grab an elementary book.