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.
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