No wonder Mr Bernanke likes to discuss his options for tightening monetary policy; they are better than his options for easing.

毫不奇怪伯南克先生更钟意于讨论收紧银根的办法：这样比办法本身更利于消除恐慌。

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This followed a tightening in monetary policy that lifted the base rate from 3.5% in October 2003 to 4.75% in August 2004.

然而随后货币紧缩的政策又将2003年10月份3.5%的基础利率上调至2004年8月份的4.75%。

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Hence, when the Federal Reserve raised interest rates in 1928 to fight stock market speculation, it inadvertently forced tightening of monetary policy in many other countries as well.

所以，当29年联储局加息以对抗股市的投机行为时，很多其他国家被迫跟随，否则基于资金逐利的原理，不跟随的国家会迅速流失黄金储备。

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With commodity and energy prices stabilized, together with effective monetary tightening policy, the CPI could drop by 1-1.5% to 5-5.5% in early 2012.

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It has also been beset by rising inflation in China, which is forcing the government to continue its monetary tightening policy which is impacting the auto-sales growth.

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The latest statement from the Federal Open Market Committee of the U.S. Federal Reserve, was just a bit more hawkish on U.S. monetary policy, hinting that some pre-emptive monetary policy tightening could occur, or at least reduced accommodative Fed actions, in the next year and-a-half.

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