[20190329]IN11044_低利率第1部分：经济和财政影响.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Low Interest Rates, Part 1: Economic and Fiscal Implications Marc Labonte Specialist in Macroeconomic Policy Updated March 29, 2019 Since the 2007-2009 financial crisis, U.S. interest rates have been unusually low by historical standards. This Insight discusses the implications of low interest rates for households and fiscal policy. It is the first of three parts. Low Interest Rates, Part 2 discusses implications for monetary policy. Low Interest Rates, Part 3 discusses potential causes. Low Interest Rates When describing interest rate trends, each debt instrument is different. The interest rate on every debt instrument is determined by market supply and demand for that instrument, and each instrument has different characteristics, including issuer, maturity length, and liquidity. Analysts often focus on two specific interest rates to gauge overall interest rate trendsthe yield on Treasuries (marketable federal debt instruments) and the federal funds rate (the overnight interbank lending rate). Treasury yields play a central role in financial markets because they are highly liquid (easily tradeable) and a