What's the difference between US Treasury and Federal Reserve?
What's the difference between US Treasury and Federal Reserve?
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The Federal Reserve sent $88.5 billion in profits to the U.S. Treasury Department in 2020, a nearly two-thirds increase from the previous year as lower rates held down the central bank's interest expense.
美國聯邦儲備委員會(Federal Reserve)在2020年向美國財政部輸送了885億美元的利潤，比前一年增加了近三分之二，原因是較低的利率壓低了央行的利息支出。
The Fed's payments to the Treasury had fallen over the previous four years as interest rates rose, boosting the interest it paid on reserves, or money that private banks keep at the Fed's regional reserve banks. The Fed also began shrinking its portfolio of assets, reducing its overall net income.
過去四年，隨着利率上升，美聯儲支付給財政部的款項有所下降，這推高了它支付的準備金利息，也就是私人銀行存放在美聯儲地區儲備銀行的資金。美聯儲還開始縮減資產組合，降低了整體淨利潤。
What's the difference between US Treasury and Federal Reserve?
美國財政部和美聯儲有什麼不同？
The U.S. Treasury is best known for printing money (literally) and offering economic advice to the President.
美國財政部最出名的是印鈔票(字面意思)，並向總統提供經濟建議。
The Federal Reserve is the U.S. central bank, ensuring lenders and borrowers have access to credit and loans.
美聯儲(Federal Reserve)是美國的中央銀行，確保貸款人和借款人能夠獲得信貸和貸款。
The two work together to provide a stable U.S. economy and borrow money when the government needs to raise cash.
這兩家公司共同努力，提供穩定的美國經濟，並在政府需要籌集現金時借錢。
Where does $88.5 billion come from?
885億美元從何而來？
In 2020, the Fed lowered rates to near zero in response to the economic downturn wrought by the coronavirus pandemic, sharply reducing interest payments on banks' excess reserves.
2020年，美聯儲將利率降至接近零的水平，以應對冠狀病毒大流行造成的經濟低迷，大幅減少了銀行超額準備金的利息支付。
Lower interest expense boosted the Fed's net income to $88.8 billion in 2020, from $55.5 billion in 2019, according to preliminary estimates of the central bank’s annual financial statement, released Monday.
根據週一發佈的美聯儲年度財務報表的初步估計，利息支出減少將美聯儲的淨收入從2019年的555億美元推高至2020年的888億美元。
The Fed is required to use its revenue to cover operating expenses and send much of the rest to the Treasury's general fund, where it is used to help cover the government's bills.
美聯儲被要求將其收入用於支付運營費用，其餘的大部分用於財政部的普通基金，用於幫助支付政府賬單。
Major relationship
主要關係
The Federal Reserve is a nonprofit company. After its expenses are paid, any remaining profits are paid to the Department of the Treasury. The Department of the Treasury then uses that money to fund government spending.
美國聯邦儲備委員會(Federal Reserve)是一家非營利性公司。在支付了費用後，任何剩餘的利潤都將支付給財政部。財政部然後用這筆錢為政府支出提供資金。
The two are instrumental in fighting recessions and bailing out institutions when necessary.
這兩個機構在抗擊經濟衰退和必要時救助機構方面發揮了重要作用。
Source: WSJ, Investopedia
來源：華爾街日報，Investopedia
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