通货膨胀率下降是长期经济衰退中的一线希望。
The fall in inflation is the silver lining of the prolonged recession.
对抗通货膨胀的斗争比对抗日益加深的经济衰退措施更具优先性。
The fight against inflation took priority over measures to combat the deepening recession.
通货膨胀看来已经消失，尽管它可能由于处理衰退的措施的实行而潜伏在地平线之外。
Inflation has vanished from view, though it could be lurking beyond the horizon due to measures taken to tackle the recession.
现如今，在这个经济衰退的世界中，欧洲央行买上几万亿欧的国债并不会引发通货膨胀。
In today's recessionary world, the ECB could buy several trillion euros-worth of bonds without unleashing inflation.
这一政策引出了一段小规模的经济衰退, 却因此引起了恐慌而导致了经济倒退.高通货膨胀率又回来了.
The policy set off a mini-recession, causing panic that led to a reversal. High inflation returned.
美联储急速提高利率，遏制通货膨胀，并且保持高利率，导致经济衰退的开始。
Were caused by the Fed raising interest rates sharply to squelch emerging inflation and holding them high even once the recession began.
看起来，慢慢注入的资金像是很难缓解08——09年的经济衰退，或许在几年内会引发另一场通货膨胀。
So it looks as though the money will come too late to temper the recession of 2008-09, and may instead fuel another inflationary boom in a couple of years' time.
那次衰退，实际上，是联邦储备局蓄意制造的产物，为了控制恶性的通货膨胀，美联储将利率提高到高达17%，导致了这次衰退。
That recession was, in effect, a deliberate creation of the Federal Reserve, which raised interest rates to as much as 17 percent in an effort to control runaway inflation.
而结果却是：不可否认的，自从美联储在1914年拜访了我们，从此我们的通货膨胀就越来越严重，我们的衰退也就越陷越深。
The result: it is undeniable that, ever since the Fed was visited upon us in 1914, our inflations have been more intense, and our depressions far deeper, than ever before.
但是没有通用的处方：每个央行必须权衡自己当地的风险，与未偿债务和脆弱的银行引发的衰退相比通货膨胀将是持续的。
But there is no universal prescription: each central bank must weigh the local risks that inflation will persist against the threat of deflation from overhanging debt and fragile Banks.
但是，金恩对抗新一轮的经济衰退取决于维持通货膨胀—物价也出现混乱，令人忧心忡忡。
But Mr King's ability to counter another bout of recession depends upon inflation obediently behaving-and prices have recently been worryingly obstreperous.
由于衰退之前的核心通货膨胀率并不高，人们很容易就会想到在经济萧条之后，通货膨胀率可能会降到负数。
Given that core inflation was so low when the recession began, it is not a stretch to believe that, with so much slack in the economy, it could yet turn negative.
尽管美联储害怕经济衰退和金融崩溃，别的地方的大部分央行却对通货膨胀更加担心。
Whereas the Fed fears recession and financial collapse, most central Banks elsewhere are more worried about inflation.
然而，之后盛行的观点认为，衰退是因美联储而起，当时美联储限制货币发行以结束失控的通货膨胀。
But the widespread perception then was that the decline was caused by the Federal Reserve, which had clamped down on the money supply to end out-of-control inflation.
现在，人们指控美联储为避免通货紧缩和经济衰退而采取了过多的措施，以至通货膨胀几乎无法避免，对此，美联储官员开始为自己进行辩解。
Now Fed officials find themselves on the defensive, accused of doing so much to avert deflation and depression that inflation is nearly inevitable.
从此通货膨胀率稳定在2%左右，这也意味着通货膨胀率对于需求的反应更不敏感（1990-91年以及2001年的衰退显示了这一点）。
Since then, inflationary expectations have stabilised at around 2%, which means that inflation responds more sluggishly to demand (as the recessions of 1990-91 and 2001 demonstrated).
通货膨胀只是暂时的，因为经济衰退已经打开了这么多的空余能力。
The surge in inflation will be temporary because the recession has opened up so much spare capacity;
因为3月21号在他们会议上的陈述表明，美国中央银行比经济衰退更担心通货膨胀。
As the statement at their meeting on March 21st made clear, America's central bankers are still more worried about inflation than about recession.
通货膨胀是经济衰退的征兆吗？
他们担心，现在不得不采取更严厉的衰退措施以抑制已经站稳脚跟的通货膨胀。
They fear that inflation now has such a firm foothold that it could take a serious downturn to stop it.
这是明显的，我们国家真正的问题是很严重的的——比汽油管道或资源短缺更严重，甚至比通货膨胀或经济衰退更严重。
It 's clear that the true problems of our nation are much deeper — deeper than gasoline lines or energy shortages, deeper even than inflation or recession.
随后，由于单位劳动力成本在衰退期的减少和那些其它容量压力的减弱，又出现了明显的通货膨胀减缓。
Subsequently, the slowing in unit Labour costs during the downturn and the easing of these other capacity pressures saw inflation moderate significantly.
是否可以既削减通货膨胀，又不带来经济衰退及相应的高失业呢？
Is it possible to decrease inflation without causing a recession and its concomitant increase in unemployment?
但是就目前而言，他的底线在于，现在最首要的任务是遏制经济衰退，而非通货膨胀。
But his bottom line was that, for now, the top priority would be fighting a recession rather than fighting inflation.
但是就目前而言，他的底线在于，现在最首要的任务是遏制经济衰退，而非通货膨胀。
But his bottom line was that, for now, the top priority would be fighting a recession rather than fighting inflation.
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