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.
美国联邦储备委员会(Federal Reserve)在2020年向美国财政部输送了885亿美元的利润，比前一年增加了近三分之二，原因是较低的利率压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.
过去四年，随着利率上升，美联储支付给财政部的款项有所下降，这推高了它支付的准备金利息，也就是私人银行存放在美联储地区储备银行的资金。美联储还开始缩减资产组合，降低了整体净利润。
What's the difference between US Treasury and Federal Reserve?
美国财政部和美联储有什么不同？
The U.S. Treasury is best known for printing money (literally) and offering economic advice to the President.
美国财政部最出名的是印钞票(字面意思)，并向总统提供经济建议。
The Federal Reserve is the U.S. central bank, ensuring lenders and borrowers have access to credit and loans.
美联储(Federal Reserve)是美国的中央银行，确保贷款人和借款人能够获得信贷和贷款。
The two work together to provide a stable U.S. economy and borrow money when the government needs to raise cash.
这两家公司共同努力，提供稳定的美国经济，并在政府需要筹集现金时借钱。
Where does $88.5 billion come from?
885亿美元从何而来？
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，美联储将利率降至接近零的水平，以应对冠状病毒大流行造成的经济低迷，大幅减少了银行超额准备金的利息支付。
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.
根据周一发布的美联储年度财务报表的初步估计，利息支出减少将美联储的净收入从2019年的555亿美元推高至2020年的888亿美元。
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.
美联储被要求将其收入用于支付运营费用，其余的大部分用于财政部的普通基金，用于帮助支付政府账单。
Major relationship
主要关系
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.
美国联邦储备委员会(Federal Reserve)是一家非营利性公司。在支付了费用后，任何剩余的利润都将支付给财政部。财政部然后用这笔钱为政府支出提供资金。
The two are instrumental in fighting recessions and bailing out institutions when necessary.
这两个机构在抗击经济衰退和必要时救助机构方面发挥了重要作用。
Source: WSJ, Investopedia
来源：华尔街日报，Investopedia
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