Leading indicators and industrial production data suggest some moderation of the pace of growth in the second quarter, although that pace is still rapid.

主要指标和工业生产统计数据显示，尽管二季度增速依旧很快，但出现一定程度的温和放缓。

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As we expect a moderation in economic growth rates, we also expect that the threat of policy tightening will be removed in the next few months.

我们预计经济增长速率应会减缓，因而我们也认为紧缩措施的威胁将会在近几月内解除。

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Although some of this pullback can be explained by the recent moderation in the growth of output, the magnitude of the slowdown has been somewhat greater than would be expected given the normal evolution of the business cycle.

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The flip-side of lower growth was a moderation of inflation expectations.

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What put the great in the great moderation was not necessarily the rate of growth.

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