51.   Then I engineered a steep yield curve so that the banks could borrow from depositors cheaply and make good money on two-year Treasuries.

52.   The U.K. bank lending rate is the minimum rate at which banks can borrow from the Bank of England.

53.   This is particularly true when banks from the developing countries fund long-term borrowing with short-term money borrowed on international capital markets.

54.   Thus, by raising this rate, the Fed makes it more expensive for banks to borrow.

55.   U.S. government bonds, the benchmark for valuing other debt securities, were steady after the Fed left bank borrowing rates unchanged.

56.   U.S. bonds were little changed and notes gained after the Federal Reserve left bank borrowing rates unchanged, quelling concern that inflation will accelerate.

57.   When rates fall, banks can borrow money for less and keep more of the money they take in from loans.

58.   When yields fall, the banks can borrow the funds they need to lend money at a lower interest rate.

59.   When yields fall, banks can borrow the funds they need for lending at a lower interest rate.

60.   Will developing nations hew to their promised reforms, or will they allow banks to borrow wantonly again from the West and lend freely to weak corporations?