But when a recession or financial blow-up beckoned, it slashed rates and acted as a lender of last resort.

但在经济衰退或金融危机向其招手的时候，美联储便大幅下调利率，并担当起最终借款人的角色。

youdao

Meanwhile, the Bank of Japan slashed rates to ward off an export decline, and stoke up more domestic demand.

同时，日本央行削减利率以避免出口下滑，并激发更多内需。

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Although the greenback has been sliding for over five years, the pace of decline stepped up as the Fed slashed rates.

尽管美元五年来一直在贬值，但是随着联储的降息贬值的速度加快了。

youdao

And I believe we pulled the economy back from the abyss." To combat a crippling credit freeze, central banks slashed interest rates and pumped cash into credit markets.

VOA: standard.2010.04.21

The Federal Reserve slashed interest rates to promote lending.

VOA: standard.2010.01.15

Over the last two days, the monetary authority has slashed rates 1.5 percent.

CNN: European stocks make early gains

So it is unlikely that, having slashed rates from September through April in an attempt to cushion the economy from the recessionary impact of the subprime credit crisis, the Fed will do anything in the near future.

FORBES: Magazine Article

The Federal Reserve slashed interest rates this week, and that made Wall Street happy.

NPR: Rate Cut Benefits Consumers Some, Investors More