The ceiling became redundant, as did open market operations. Only the floor mattered.

上限变得多余，公开市场操作也是如此。只有下限才是重要的。

Monetary policy tools include open market operations, adjusting the reserve requirement ratio, and adjusting the rediscount rate.

货币政策是中央银行调控宏观经济的手段。货币政策工具包括公开市场操作、调整存款准备金率和调整再贴现率。

The Fed now faces a choice. It could return to conducting frequent open market operations to pin down interest rates, as before the crisis.

现在美联储面临着一个选择。它可能会像危机前一样，恢复频繁的公开市场操作，以稳定利率。