which was the low for short-term rates.

恰好是短期利率的低点
To some degree, they say their objective is two-fold:

他们说联储的目标是降到原来的1/4
to spur economic growth

以此来推动经济的增长
as the credit crunch slows economic activity.

因为信贷不足减缓了经济活力
Also, I mean,

还有就是
kind of independently or complimentarily as a corollary to that

对联储这一做法的一个自然而然的推论是
to free up the financial system

解放金融系统
and to help financial institutions.

扶助一些金融机构
It's kind of my contention that

而我的观点是
it's actually hurting financial institutions.

这事实上是损害了金融机构
It's actually having the effect of

实际的影响反而是
not letting the markets clear.

让市场变得不明朗