摘要:● Federal Reserve Chair Jerome Powell left the central bank on track to reduce interest rates again at its meeting later this mont
1.原文
Powell Keeps Fed on Track to Lower Rates Again
The central-bank leader also suggested the Fed could be close to ending a three-year campaign to passively reduce its $6.6 trillion asset holdings
鲍威尔让美联储继续按计划降息
这位央行领导人还表示,美联储可能接近结束为期三年的被动缩减6.6万亿美元资产持有规模的行动
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(外刊精读)《华尔街日报》—— 美联储主席鲍威尔表示会继续降息!mp.weixin.qq.com/s/IGbAyMsD8cEOEo9mTCU_QQ
● Federal Reserve Chair Jerome Powell left the central bank on track to reduce interest rates again at its meeting later this month by highlighting weakness in the job market despite lingering concerns over sticky inflation. Powell said the central bank is trying to balance against two risks that could call for competing policy steps. Cutting rates too quickly could “leave the inflation job unfinished,” but moving too slowly to reduce borrowing costs could spur “painful losses in the employment market,” he said Tuesday at an economics conference in Philadelphia. “There really isn’t a risk-free path now, since [inflation] appears to be continuing to increase quite gradually…but now the labor market has demonstrated pretty significant downside risks,” Powell said. “Both the supply and demand for labor has declined quite sharply.” Separately, Powell hinted the central bank could be approaching the end of a more than three-year campaign to shrink a portfolio of Treasury securities that it acquired to provide stimulus after the 2020 pandemic upended the economy.
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1.1翻译
● 美联储主席杰罗姆·鲍威尔指出就业市场疲软,尽管人们对顽固的通货膨胀仍存担忧,但他仍使央行有望在本月晚些时候的会议上再次降低利率。 鲍威尔周二在费城的一次经济会议上表示,央行正试图平衡两种可能需要相互冲突的政策措施的风险。他指出,降息过快可能会“导致抑制通胀的任务尚未完成”,但放慢降低借贷成本的速度可能会刺激“就业市场的痛苦损失”。 鲍威尔说:“现在确实没有一条没有风险的道路,因为[通货膨胀]似乎仍在非常缓慢地持续上升……但现在劳动力市场已经表现出相当重大的下行风险。”他说:“劳动力供给和需求都急剧下降。” 另外,鲍威尔暗示,美联储可能即将结束一项历时三年多的缩减国债投资组合的行动。该投资组合是美联储在2020年疫情颠覆经济后,为提供经济刺激而购入的。
1.2重点详解
● 1. job market /dʒɒb ˈmɑːkɪt/
解释:job market 指的是一个国家或地区中,可供人们选择就业的职位以及寻找工作的劳动力的整体状况。用法:常与动词如 contract, expand, weaken, strengthen 搭配,表示就业市场的变化。例句:The government's new policies aim to stimulate growth in the job market.翻译:政府的新政策旨在刺激就业市场的增长。2. sticky inflation /ˈstɪki ɪnˈfleɪʃən/
解释:sticky inflation 指的是物价上升后,价格很难或很慢下降,或保持在较高水平的现象,通常暗示通胀具有持续性或惯性。用法:在经济学和金融报道中,常用来描述难以控制或缓解的通货膨胀情况。例句:Central banks are worried about the persistence of sticky inflation in the service sector.翻译:央行担心服务业中顽固的通货膨胀会持续存在。3. balance against /ˈbæləns əˈɡenst/
解释:balance against 意为在两种相互冲突或对立的因素、风险或需求之间进行权衡或平衡,以求得最佳结果。用法:通常用于描述决策者在处理相互矛盾的选项或结果时所做的努力。例句:The committee had to balance against the need for security and the right to privacy.翻译:委员会必须权衡安全需求与隐私权之间的关系。4. competing policy steps /kəmˈpiːtɪŋ ˈpɒləsi steps/
解释:competing policy steps 指的是相互冲突或目标不一致的政策措施,采取其中一个可能会阻碍或削弱另一个的效果。用法:用于描述在同一时期或针对同一问题提出但效果可能互相抵消的政策。例句:The government faces a dilemma of choosing between to boost employment and cut the deficit.翻译:政府面临一个两难境地,必须在相互冲突的政策措施中做出选择,以促进就业并削减赤字。5. Cutting rates too quickly /ˈkʌtɪŋ reɪts tuː ˈkwɪkli/
解释:Cutting rates too quickly 指的是中央银行在短时间内或在经济尚未完全准备好的情况下,过度或过于激进地降低利率的行为。用法:经济学讨论中常用的短语,描述可能导致通胀反弹或金融不稳定的风险性政策行动。例句:Economists warned that cutting rates too quickly could trigger a surge in housing prices.翻译:经济学家警告说,降息过快可能会引发房价飙升。6. borrowing costs /ˈbɒrəʊɪŋ kɒsts/
解释:borrowing costs 指的是借款人(如个人、企业或政府)为使用借入资金而支付的利息和其他费用。用法:常用来指代与利率直接相关的费用,影响消费和投资决策。例句:A reduction in interest rates helps to lower business borrowing costs.翻译:降低利率有助于降低企业的借贷成本。7. labor market /ˈleɪbə ˈmɑːkɪt/
解释:labor market 与 job market 相似,但更侧重于劳动力的供给(工人)和需求(雇主)之间的相互作用和条件。用法:经济学中更正式的术语,用来分析失业率、工资水平和劳动力参与率等。例句:The report shows significant wage growth, indicating a tight labor market.翻译:该报告显示工资显著增长,表明劳动力市场吃紧。8. significant downside risks /sɪɡˈnɪfɪkənt ˈdaʊnsaɪd rɪsks/
解释:significant downside risks 指的是出现可能导致负面结果(如经济衰退、失业增加或业绩下滑)的重大可能性或威胁。用法:在金融和经济预测中常用,指潜在的严重不利后果。例句:The company lowered its profit forecast due to in the global economy.翻译:由于全球经济存在重大的下行风险,该公司下调了盈利预测。9. portfolio of Treasury securities /pɔːtˈfəʊliəʊ əv ˈtreʒəri sɪˈkjʊərətiz/
解释:portfolio of Treasury securities 指的是中央银行或其他机构所持有的一篮子美国国债,这是政府发行的用于融资的债券。用法:特指中央银行(如美联储)在执行货币政策时所持有的资产组合。例句:The central bank is planning to reduce its to tighten monetary conditions.翻译:央行正计划缩减其国债投资组合,以收紧货币条件。10. upended the economy /ʌpˈendɪd ði ɪˈkɒnəmi/
解释:upended the economy 意为彻底颠覆或打乱经济的正常运作和结构,导致重大和突然的变化。用法:常用于描述灾难性事件(如战争、疫情、金融危机)对经济造成的剧烈影响。例句:The global pandemic upended the economy, causing massive supply chain disruptions.翻译:全球疫情颠覆了经济,造成了大规模的供应链中断。长难句分析 长难句:Federal Reserve Chair Jerome Powell left the central bank on track to reduce interest rates again at its meeting later this month by highlighting weakness in the job market despite lingering concerns over sticky inflation.
句子结构分析: 这是一个复杂句,主句是“Federal Reserve Chair Jerome Powell left the central bank on track...”,后接一个重要的状语从句/介词短语,说明采取行动的方式和原因:“by highlighting weakness... despite lingering concerns...”。主语 (Subject):Federal Reserve Chair Jerome Powell(美联储主席杰罗姆·鲍威尔)谓语动词 (Verb):left(使得/让...保持)宾语 (Object):the central bank(中央银行/美联储)宾语补足语/核心短语:on track to reduce interest rates again...(有望/正在轨道上再次降低利率...)方式状语 (Manner):by highlighting weakness in the job market(通过强调就业市场的疲软)让步状语 (Concession):despite lingering concerns over sticky inflation(尽管对顽固的通货膨胀仍存担忧)核心语义: 句子传达的核心信息是:美联储主席鲍威尔通过强调就业市场的疲软这一事实,使得美联储得以维持在本月晚些时候再次降息的计划,尽管仍存在通胀不易缓解的顾虑。翻译: 美联储主席杰罗姆·鲍威尔指出就业市场疲软,尽管人们对顽固的通货膨胀仍存担忧,但他仍使央行有望在本月晚些时候的会议上再次降低利率。2.原文
● The Fed has been passively reducing its $6.6 trillion asset portfolio since mid-2022, when those holdings peaked at nearly $9 trillion as part of an extraordinary effort to support financial markets and the economy. The process of reversing that stimulus has been draining bank deposits, known as reserves, from the financial system. The Fed has said it would shrink those holdings until signs emerge that markets are less flush with reserves. “We may approach that point in the coming months,” Powell said during a gathering of the National Association for Business Economics. The Fed bought enormous quantities of Treasury and mortgage-backed securities in 2020 and 2021 to push down long-term interest rates after slashing its benchmark short-term rate to near zero when the pandemic hit. It ended those purchases in early 2022 as officials shifted toward aggressively raising rates to combat high inflation. Shortly after that, they began a process of passively reducing the holdings by allowing securities to mature without replacing them with new ones.
2.1翻译
● 自 2022 年年中以来,美联储一直在被动地缩减其 6.6 万亿美元的资产组合。当时,作为支持金融市场和经济的非凡努力的一部分,这些持有的资产曾达到近 9 万亿美元的峰值。逆转这一刺激措施的过程一直在从金融体系中抽取银行存款(即准备金)。美联储曾表示,将持续缩减这些持有资产,直到市场出现准备金不再那么充裕的迹象。 鲍威尔在全国商业经济协会的一次会议上表示:“我们可能在未来几个月内接近那个时点。” 2020 年和 2021 年,美联储购买了巨额的国债和抵押贷款支持证券,以在疫情爆发时将其基准短期利率降至近零后,进一步压低长期利率。 随着官员们转向积极地提高利率以应对高通胀,美联储在 2022 年初停止了这些购买。此后不久,他们开始了一个被动缩减持有资产的过程,即允许证券到期,而不进行新的替换。 2.2重点详解● 1. passively reducing /ˈpæsɪvli rɪˈdjuːsɪŋ/
解释:passively reducing 意为“被动地缩减”,在经济或金融背景下,特指通过允许资产自然到期而不进行主动的出售或再投资的方式来减少资产持有量。用法:常与动词 shrink, wind down, normalize 搭配,描述非干预性的资产负债表操作。例句:The central bank is passively reducing its bond holdings by letting them mature.翻译:央行正通过允许债券到期的方式来被动地缩减其债券持有量。2. extraordinary effort /ɪkˈstrɔːrdɪnəri ˈefərt/
解释:extraordinary effort 意为“非凡的努力”或“超乎寻常的努力”,强调行动的规模、强度或性质超出了常规。用法:用于描述在危机时期或应对重大挑战时采取的力度极大的行动。例句:The initial stimulus was an extraordinary effort to prevent a depression.翻译:最初的刺激措施是防止经济萧条的非凡努力。3. reversing that stimulus /rɪˈvɜːrsɪŋ ðæt ˈstɪmjʊləs/
解释:reversing that stimulus 意为“逆转该刺激措施”,指的是撤销或抵消之前为促进经济增长而实施的刺激措施(通常指大规模的货币或财政政策)。用法:在政策讨论中,指货币政策从宽松转向紧缩的过程。例句:The challenge now is without causing a sharp slowdown.翻译:现在的挑战是在不导致经济急剧放缓的情况下逆转该刺激措施。4. draining bank deposits /ˈdreɪnɪŋ bæŋk dɪˈpɒzɪts/
解释:draining bank deposits 意为“抽取/耗尽银行存款”,特指由于美联储缩减资产负债表,导致商业银行在美联储的准备金(存款)减少的过程。用法:描述流动性从金融体系中被吸走的效果。例句:Quantitative tightening is slowly , which can tighten lending conditions.翻译:量化紧缩正在缓慢地抽取银行存款,这可能收紧贷款条件。5. reserves /rɪˈzɜːrvz/
解释:reserves 在此特指银行在中央银行持有的存款,也称为准备金。它是银行体系流动性的关键指标。用法:中央银行在实施货币政策时,通过调节准备金影响银行间的借贷和短期利率。例句:The Fed's balance sheet reduction decreases the level of reserves in the banking system.翻译:美联储的资产负债表缩减降低了银行体系中的准备金水平。6. less flush with reserves /les flʌʃ wɪð rɪˈzɜːrvz/
解释:less flush with reserves 意为“准备金不再那么充裕”,表示金融体系中的银行准备金(流动性)不再像之前大规模刺激措施期间那样过多或过剩。用法:描述流动性水平达到正常或合意的低点。例句:The goal is to stop the runoff when the market is .翻译:目标是在市场准备金不再那么充裕时停止缩表。7. approach that point /əˈproʊtʃ ðæt pɔɪnt/
解释:approach that point 意为“接近那个时点/达到那个阶段”,表示某个预定的或重要的临界点即将到来。用法:常用于预测未来时间表或政策转向的发言中。例句:Analysts believe the economy will approach that point of full employment next quarter.翻译:分析师认为,经济将在下个季度接近充分就业的时点。8. enormous quantities /ɪˈnɔːrməs ˈkwɑːntətiz/
解释:enormous quantities 意为“巨额的;巨大的数量”,强调购买或持有的资产数量非常大。用法:用来形容大规模的资产购买计划(如量化宽松)。例句:During the crisis, the central bank purchased enormous quantities of government bonds.翻译:在危机期间,央行购买了巨额的政府债券。9. mortgage-backed securities /ˈmɔːrɡɪdʒ bæktsɪˈkjʊərətiz/
解释:mortgage-backed securities (MBS) 意为“抵押贷款支持证券”,是一种以抵押贷款组合为担保的债券,属于固定收益投资。用法:美联储在量化宽松期间购买的重要资产之一,目的是压低住房抵押贷款利率。例句:The Fed purchased mortgage-backed securities to keep housing costs down.翻译:美联储购买了抵押贷款支持证券以降低住房成本。10. aggressively raising rates /əˈɡresɪvli ˈreɪzɪŋ reɪts/
解释:aggressively raising rates 意为“积极地/激进地提高利率”,指中央银行迅速且大幅度地提高基准利率,以迅速抑制通货膨胀。用法:描述快速收紧货币政策以应对高通胀的行动。例句:To fight double-digit inflation, the Fed started .翻译:为了对抗两位数的通胀,美联储开始积极地提高利率。长难句分析 长难句:The Fed bought enormous quantities of Treasury and mortgage-backed securities in 2020 and 2021 to push down long-term interest rates after slashing its benchmark short-term rate to near zero when the pandemic hit.
句子结构分析: 这是一个主句后跟多个状语从句和不定式短语的复杂句。主句 (Main Clause):The Fed bought enormous quantities of Treasury and mortgage-backed securities in 2020 and 2021(美联储在 2020 年和 2021 年购买了巨额的国债和抵押贷款支持证券)。目的状语 (Infinitive Phrase):to push down long-term interest rates(目的是压低长期利率)。时间状语从句 (Time Clause 1):after slashing its benchmark short-term rate to near zero(在将其基准短期利率降至接近零之后)。时间状语从句 (Time Clause 2):when the pandemic hit(在疫情爆发时)。核心语义: 句子描述了美联储在疫情期间的双重货币政策行动及其目的。首先,在疫情爆发时(when the pandemic hit),美联储采取了第一步行动——将短期基准利率降至接近零。紧接着第二步行动(after...),为了进一步压低长期利率,它在 2020 年和 2021 年购买了大量的国债和抵押贷款支持证券。翻译: 2020 年和 2021 年,美联储购买了巨额的国债和抵押贷款支持证券,以在疫情爆发时将其基准短期利率降至近零后,进一步压低长期利率。3.原文
● Officials aren’t quite sure how long to let that process run because they have little experience expanding and shrinking the asset portfolio. They have twice slowed down the passive runoff of those holdings to avoid draining too many reserves from the banking system. The Fed has been eager to steer clear of an episode that occurred six years ago, when the reduction of its asset portfolio led to unusual funding pressures in overnight lending markets that forced the central bank to resume purchasing securities. The Fed has agreed on a “deliberately cautious approach to avoid the kind of money-market strains experienced in September 2019,” Powell said. Powell said little to push back against broad expectations that the Fed would cut rates at its coming meeting on Oct. 28-29, even though he said nothing to specifically ratify such expectations. He said the economic outlook hadn’t changed much since the Fed agreed to cut rates at its meeting last month. Since a lapse in federal funding on Oct. 1, the Fed has been operating without access to the first-tier government statistics that it uses to refine its economic outlook, which in turn guides decisions on where to set rates. “We’ll start to miss that data,” Powell said. If the shutdown persists, evaluating how the economy is performing “could become more challenging.”
3.1翻译
● 官员们不太确定该让这个过程运行多久,因为他们在扩张和缩减资产组合方面经验不足。他们曾两次放慢这些持有资产的被动缩减速度,以避免从银行体系中抽取过多准备金。 美联储一直渴望避免重蹈覆辙,即避免六年前发生的一件事:当时,其资产组合的缩减导致了隔夜拆借市场出现融资压力,迫使中央银行恢复购买证券。 鲍威尔说,美联储已同意采取一种“刻意谨慎的方法,以避免 2019 年 9 月出现的货币市场压力”。 尽管鲍威尔没有明确证实这些预期,但他没有强烈反对市场普遍预期美联储将在即将到来的 10 月 28 日至 29 日的会议上降息。他说,自美联储在上个月的会议上同意降息以来,经济前景变化不大。 由于联邦政府资金在 10 月 1 日中断,美联储目前在运作中无法获取其用于修正经济前景的第一级政府统计数据,而这些数据反过来指导着利率制定决策。鲍威尔说:“我们将开始怀念这些数据。”如果政府关门持续,评估经济表现“可能会变得更具挑战性”。 3.2重点详解● 1. shrinking the asset portfolio /ˈʃrɪŋkɪŋ ði ˈæset pɔːrtˈfəʊliəʊ/
解释:shrinking the asset portfolio 意为“缩减资产组合”,特指中央银行通过减少持有的国债和抵押贷款支持证券等资产来收紧货币政策的行为。用法:常用于描述中央银行的量化紧缩 (Quantitative Tightening, QT) 政策。例句:The Fed is currently to reduce market liquidity.翻译:美联储目前正在缩减资产组合以减少市场流动性。2. passive runoff /ˈpæsɪv ˈrʌnɒf/
解释:passive runoff 意为“被动缩减/被动流失”,指允许中央银行持有的证券到期,而不将其收益用于购买新证券,从而自然而然地减少资产负债表的规模。用法:是中央银行在缩减资产负债表时常用的方法,与主动出售资产相对。例句:The central bank slowed the pace of passive runoff to stabilize money markets.翻译:央行放慢了被动缩减的速度以稳定货币市场。3. draining too many reserves /ˈdreɪnɪŋ tuː ˈmeni rɪˈzɜːrvz/
解释:draining too many reserves 意为“抽取过多准备金”,指中央银行缩表(QT)导致银行体系中的准备金(流动性)过度减少,可能引发金融市场紧张。用法:强调缩表过程对银行体系流动性造成的负面影响。例句:Regulators are monitoring the system to avoid .翻译:监管机构正在监控体系,以避免抽取过多准备金。4. steer clear of an episode /stɪr klɪr ɒv ən ˈepɪsəʊd/
解释:steer clear of an episode 意为“避开/避免重蹈覆辙”,指努力避免再次发生某种不希望出现的事件或情况。用法:常用于政策制定者或领导者表达对过去错误或危机的警惕。例句:The government wants to of hyperinflation.翻译:政府希望避免重蹈恶性通货膨胀的覆辙。5. funding pressures /ˈfʌndɪŋ ˈpreʃərz/
解释:funding pressures 意为“融资压力”,指金融机构在短期融资市场难以或以高成本获得资金以满足日常营运和流动性需求的情况。用法:常用于描述短期货币市场(如回购市场)流动性紧张时的状况。例句:Increased funding pressures forced some banks to borrow from the Fed.翻译:加剧的融资压力迫使一些银行向美联储借款。6. overnight lending markets /ˈəʊvərnaɪt ˈlendɪŋ ˈmɑːrkɪts/
解释:overnight lending markets 意为“隔夜拆借市场”,是金融机构进行超短期(通常为一天)资金借贷,以管理流动性和满足准备金要求的市场。用法:是中央银行实施货币政策的关键市场,其利率(如联邦基金利率)是基准利率。例句:Disruptions in can quickly spread to the wider economy.翻译:隔夜拆借市场的紊乱会迅速蔓延至更广泛的经济领域。7. resume purchasing securities /rɪˈzuːm ˈpɜːrtʃəsɪŋ sɪˈkjʊərətiz/
解释:resume purchasing securities 意为“恢复购买证券”,指中央银行在暂停或缩减资产购买后,再次开始购买国债或其他债券以向金融体系注入流动性。用法:描述货币政策从紧缩重新转向宽松或提供流动性的操作。例句:The central bank had to to calm market panic.翻译:央行不得不恢复购买证券以平息市场恐慌。8. deliberately cautious approach /dɪˈlɪbərətli ˈkɔːʃəs əˈproʊtʃ/
解释:deliberately cautious approach 意为“刻意谨慎的方法/审慎做法”,指在行动或决策中,经过深思熟虑且有意采取的,避免风险或激进行动的策略。用法:强调政策行动是经过计划且以最小化风险为目的的。例句:The Fed adopted a to avoid unnecessary volatility.翻译:美联储采取了刻意谨慎的方法来避免不必要的波动。9. money-market strains /ˈmʌni ˈmɑːrkɪt streɪnz/
解释:money-market strains 意为“货币市场压力/紧张”,指短期金融市场(如隔夜借贷市场)出现功能障碍、利率飙升或流动性紧缺的状况。用法:通常是由于流动性突然减少或对金融体系健康状况的担忧所致。例句:The 2019 money-market strains necessitated emergency intervention by the Fed.翻译:2019 年的货币市场压力迫使美联储进行紧急干预。10. first-tier government statistics /fɜːrst tɪr ˈɡʌvərnmənt stəˈtɪstɪks/
解释:first-tier government statistics 意为“第一级政府统计数据/关键政府统计数据”,指政府机构定期发布的最重要、最权威的经济数据,对经济分析和政策制定至关重要(例如 GDP、就业报告)。用法:常用于描述对经济决策具有直接影响的高质量官方数据。例句:Without , policymakers struggle to accurately gauge the economy's health.翻译:没有第一级政府统计数据,决策者难以准确衡量经济健康状况。长难句分析 长难句:The Fed has been eager to steer clear of an episode that occurred six years ago, when the reduction of its asset portfolio led to unusual funding pressures in overnight lending markets that forced the central bank to resume purchasing securities.
句子结构分析: 这是一个复杂句,主句后接多个定语从句和状语从句。主句 (Main Clause):The Fed has been eager to steer clear of an episode(美联储一直渴望避开一个事件)。定语从句 1 (Relative Clause):that occurred six years ago(该事件发生在六年前)。时间状语从句/非限制性定语从句 (Adverbial/Non-restrictive Relative Clause):when the reduction of its asset portfolio led to unusual funding pressures in overnight lending markets(当时,其资产组合的缩减导致隔夜拆借市场出现异常融资压力)。定语从句 2 (Relative Clause):that forced the central bank to resume purchasing securities(该压力迫使中央银行恢复购买证券)。核心语义: 句子详细解释了美联储在缩减资产负债表时为何如此谨慎——他们想要避免重现 2019 年的危机。那场危机是由于缩表引发了隔夜借贷市场的资金紧张(融资压力),最终迫使美联储不得不再次向市场注入流动性(恢复购买证券)。翻译: 美联储一直渴望避免重蹈覆辙,即避免六年前发生的一件事:当时,其资产组合的缩减导致了隔夜拆借市场出现融资压力,迫使中央银行恢复购买证券。4.原文
● Data available before the government shutdown suggested economic activity might be “on a somewhat firmer trajectory than expected,” he said. Powell devoted much of his speech to indirectly defending the central bank against a litany of critiques lodged in recent months over the Fed’s conduct on monetary policy since the 2020 pandemic, including by Treasury Secretary Scott Bessent and by several candidates who could succeed Powell as Fed chair when his term ends next May. Powell also warned against related efforts by lawmakers in both parties that would revoke the ability of the Fed to pay interest on bank reserves, which has been the primary tool the central bank has used since 2008 to transmit its policy decisions. The Senate voted down such a proposal last week. Powell said the Fed could lose control of short-term interest rates if its policy tool to pay interest on bank reserves was eliminated. To control interest rates without that tool, the Fed might need to undertake large sales of Treasury or mortgage securities over short time periods, straining market functioning and risking financial turmoil, he said.
4.1翻译
● 他说,在政府关门前可获得的数据表明,经济活动可能“处于比预期更为坚挺的轨道上”。 鲍威尔将他的大部分演讲用于间接为中央银行辩护,以回应近几个月来针对美联储自 2020 年疫情以来实施货币政策的行为所提出的一系列批评,包括财政部长斯科特·贝森特以及几位可能在鲍威尔明年五月任期结束后接任美联储主席的候选人提出的批评。 鲍威尔还警告说,两党议员的相关努力可能会撤销美联储向银行准备金支付利息的权力,而这是中央银行自 2008 年以来用于传导其政策决策的主要工具。参议院上周否决了这项提案。 鲍威尔表示,如果取消其向银行准备金支付利息的政策工具,美联储可能会失去对短期利率的控制。他说,为了在没有这个工具的情况下控制利率,美联储可能需要在短时间内大量出售国债或抵押证券,这会加剧市场功能紧张并带来金融动荡的风险。 4.2重点详解● 1. firmer trajectory /ˈfɜːrmər trəˈdʒektəri/
解释:firmer trajectory 意为“更为坚挺的轨道/趋势”,指事物(如经济活动)发展的方向比预期更稳健、更强劲或更确定。用法:常用于经济预测和报告中,形容经济增长或复苏的力度。例句:The latest housing data confirms that the market is on a firmer trajectory.翻译:最新的住房数据显示,市场正处于更为坚挺的轨道上。2. defending the central bank /dɪˈfendɪŋ ðə ˈsentrəl bæŋk/
解释:defending the central bank 意为“为中央银行辩护”,指在受到公众、政界或市场批评时,为其政策、行为或独立性进行解释和辩护。用法:常用于新闻报道中,描述央行领导人在公开场合回应批评的举动。例句:The chairman spent half an hour 's decision to keep rates unchanged.翻译:主席花半小时为中央银行维持利率不变的决定辩护。3. litany of critiques /ˈlɪtəni ɒv krɪˈtiːks/
解释:litany of critiques 意为“一系列批评/连串的批评”,形容对某人或某事提出了大量、重复或冗长的负面意见或指责。用法:强调批评的数量之多,语气较强。例句:The report detailed a litany of critiques regarding the company's handling of customer data.翻译:该报告详细列举了关于该公司处理客户数据的一系列批评。4. conduct on monetary policy /ˈkɒndʌkt ɒn ˈmʌnɪtəri ˈpɒləsi/
解释:conduct on monetary policy 意为“实施货币政策的行为/货币政策的执行”,指中央银行在设定利率、控制货币供应和管理金融市场方面的具体操作和表现。用法:特指对央行政策执行过程的评价或讨论。例句:The debate focused on the Fed’s during the recession.翻译:争论的焦点在于美联储在衰退期间实施货币政策的行为。5. revoke the ability /rɪˈvoʊk ði əˈbɪləti/
解释:revoke the ability 意为“撤销/废除…的权力”,指通过法律或官方手段正式取消某机构或个人进行某项操作的权限。用法:常用于讨论立法机关对政府机构权力的限制。例句:Congress is debating whether to revoke the ability of the agency to issue fines.翻译:国会正在讨论是否撤销该机构进行罚款的权力。6. pay interest on bank reserves /peɪ ˈɪntrəst ɒn bæŋk rɪˈzɜːrvz/
解释:pay interest on bank reserves 意为“向银行准备金支付利息”,指中央银行对商业银行存放在其处的超额准备金支付利息。这是当前央行调节短期利率的主要工具。用法:金融和货币政策讨论中的核心概念,简称 IORB (Interest on Reserve Balances)。例句:The Fed uses the power to to manage the effective federal funds rate.翻译:美联储利用向银行准备金支付利息的权力来管理实际联邦基金利率。7. primary tool /ˈpraɪməri tuːl/
解释:primary tool 意为“主要工具/首要手段”,指在实现某一特定目标时,最重要、最常用或最有效的手段或机制。用法:强调其在众多选项中的核心地位。例句:Fiscal policy is often the primary tool used to combat unemployment.翻译:财政政策通常是用于对抗失业的主要工具。8. transmit its policy decisions /trænzˈmɪt ɪts ˈpɒləsi dɪˈsɪʒənz/
解释:transmit its policy decisions 意为“传导其政策决策”,指中央银行将其设定的利率或流动性意图,通过金融市场机制有效影响到更广泛的经济活动和信贷条件的过程。用法:经济学术语,描述货币政策影响实体经济的路径。例句:A well-functioning financial system is essential to effectively.翻译:一个运转良好的金融体系对于有效传导其政策决策至关重要。9. straining market functioning /ˈstreɪnɪŋ ˈmɑːrkɪt ˈfʌŋkʃənɪŋ/
解释:straining market functioning 意为“加剧市场功能紧张/使市场运作承压”,指某种因素给金融市场带来巨大压力,可能导致其交易、定价或流动性出现紊乱。用法:描述对金融市场稳定性和效率的潜在威胁。例句:Sudden large sales of assets risk .翻译:突然大举抛售资产有可能加剧市场功能紧张。10. financial turmoil /faɪˈnænʃəl ˈtɜːrmɔɪl/
解释:financial turmoil 意为“金融动荡/金融混乱”,指金融市场出现剧烈的、不稳定的、有时是危机的状态,通常伴随着资产价格的急剧下跌和流动性紧缩。用法:用于描述严重的金融不稳定。例句:The rapid collapse of the firm triggered financial turmoil across the region.翻译:该公司的迅速倒闭引发了整个地区的金融动荡。长难句分析 长难句:Powell also warned against related efforts by lawmakers in both parties that would revoke the ability of the Fed to pay interest on bank reserves, which has been the primary tool the central bank has used since 2008 to transmit its policy decisions.
句子结构分析: 这是一个复杂句,主句后接定语从句,定语从句中又包含了一个非限制性定语从句。主句 (Main Clause):Powell also warned against related efforts by lawmakers in both parties(鲍威尔也警告了由两党议员提出的相关努力)。定语从句 1 (Relative Clause 1):that would revoke the ability of the Fed to pay interest on bank reserves(这些努力将撤销美联储向银行准备金支付利息的权力)。非限制性定语从句 (Non-restrictive Relative Clause):which has been the primary tool the central bank has used since 2008 to transmit its policy decisions(这个权力(或支付利息的做法)是中央银行自 2008 年以来用于传导其政策决策的主要工具)。核心语义: 句子指出鲍威尔的警告对象是两党议员的某项努力,该努力的核心内容是剥夺美联储向银行准备金支付利息的权力。句子通过非限制性定语从句强调了这一权力至关重要,因为它自 2008 年以来一直被美联储用作传导货币政策的主要工具。翻译: 鲍威尔还警告说,两党议员的相关努力可能会撤销美联储向银行准备金支付利息的权力,而这是中央银行自 2008 年以来用于传导其政策决策的主要工具。来源:英语杂货铺