In 2019 rates spiked in the " repo" market, in which Treasuries can be swapped for cash overnight.

2019年，“回购”市场利率飙升，在这个市场上，美国国债可以在一夜之间兑换成现金。

The Federal Reserve pumped money into the short-term repo market to support the " smooth functioning of funding markets" .

美联储向短期回购市场注入资金，以支持“融资市场的平稳运行”。

They are more than 30% of the collateral that financial institutions such as investment banks use to borrow in the $2 trillion “tri-party repo” market, a source of overnight funding.

抵押品中约30%是美国国债，一些金融机构，比如投行，用美国国债在2万亿美元的“三方回购”市场(一种隔夜融资来源)借债.

Two of them, SOFA and SARON, report rates in the repo market for secured loans collateralised by government bonds, rather than for bank deposits.

其中两个，SOFA 和 SARON， 报告的是回购市场上以政府债券为抵押的担保贷款的利率，而不是银行存款的利率。

The continent's financial firms borrow and lend €11.5trn ($12trn) every year in its " repo" markets, in which the firms post bonds as collateral in return for short-term funding.

欧洲大陆的金融公司每年在其“回购” 市场借贷 11. 5trn（合 12trn），公司将债券作为抵押品以换取短期融资。