Official definition · 官方定义
“An interest rate refers to the amount charged by a lender to a borrower for any form of debt given, generally expressed as a percentage of the principal.”[1]
— Corporate Finance Institute, CFI Resource Library · corporatefinanceinstitute.com ↗ · accessed 2026-10-25
An interest rate is the price of borrowing money, expressed as a percentage of the amount borrowed per year. It compensates the lender for waiting, for inflation, and for the risk that the money is not repaid.
利率是借钱的价格，按每年占本金的百分比表示。它补偿出借人三件事：等待的时间、通胀的侵蚀，以及钱收不回来的风险。
The interest rate is the discount rate for every asset. Raise it and future profits are worth less today, so share prices fall; lower it and the reverse happens. It also decides who can borrow: a 2-point rise on a $400,000 mortgage adds roughly $500 a month. That is why a single decision by a committee of twelve people moves house prices, hiring plans and currencies thousands of miles away.
利率是所有资产的折现率。利率上升，未来的利润在今天值更少，股价就跌；利率下降则相反。
它还决定谁能借钱：40 万美元房贷，利率涨 2 个百分点，每月多付约 500 美元。这就是为什么十二个人的一个决定，能影响几千公里外的房价、招聘计划和汇率。
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| 69% | US consumer sentiment sinks to its second-lowest level on record 利率 · 第 7 张术语卡 | About 69% of consumers expect rates to rise further, the most since April 2023. 美联储调的是政策利率（现在 3.75%–4.00%），它通过银行传导到车贷、房贷和信用卡。加息对储户是好消息，对借钱买东西的人是坏消息。 |
| — | Wall Street slumps as hot inflation revives the Fed’s rate-hike fears 利率 · 第 3 张术语卡 | When this rate goes up, mortgages, car loans and company borrowing all get pricier — that is how the Fed slows inflation. 加息＝提高利率（抑制借贷与消费，给经济降温）；降息＝降低利率（刺激借贷与消费）。文中美联储『上月刚加息，为三年来首次』。 |
The Fed sets all rates
It sets one overnight rate. Mortgages, cards and bonds price off market yields plus a spread.
Higher rates always mean slower growth
They slow borrowing, but they also pay savers more, which supports spending.
A rate cut is good for stocks
Only if it is not a response to a collapsing economy.
· raise rates by 25 basis points
· hold rates steady
· the terminal rate
· real interest rate
· policy easing
raise rates by 25 basis points 加息 25 个基点；hold rates steady 按兵不动；the terminal rate 终端利率；real interest rate 实际利率；policy easing 宽松。
· nominal vs real rate (before or after inflation)
· policy rate vs market yield
nominal 是名义利率，real 是扣掉通胀后的；policy rate 由央行定，market yield 由市场交易出来。
The central bank held its benchmark rate at X%, as expected.
央行决议句式：央行如预期将基准利率维持在 X%——as expected 说明市场已经定价，意外的是措辞。
“About 69% of consumers expect rates to rise further, the most since April 2023.”
“When this rate goes up, mortgages, car loans and company borrowing all get pricier — that is how the Fed slow…”