短期债券收益率会受到人们对于官方利率预期的推动。
Short-term bond yields are driven by expectations about the outlook for official interest rates.
我们对英国官方利率所持看法仍有别于市场。
Our view of the likely path of official UK interest rates continues to be different to the market.
首先，是分析宏观货币环境：即分析货币供给、官方利率和信贷价格。
The first has to do with overall monetary conditions: money supply, official interest rates and the price of credit.
美联储已经固定官方利率在0-0.25%之间，并承诺保持在较低位置。
The Federal Reserve has pegged official rates at 0-0.25% and vowed to keep them low.
我国资金市场主导利率是官方利率，国债发行利率是其从属利率。
In China the leading interest rate of financial market is official rate with the interest rate of national debt as a subordinate one.
靠原计划的增加公共基础设施投入，以及低官方利率政策，不足以对抗负面因素。
The planned increase in public infrastructure spending and lower official interest rates will be insufficient to counterbalance these negative forces.
在2008年末，美联储、欧洲央行和英国银行已经削减了官方利率。
By the end of 2008 the Federal Reserve, the ECB and the Bank of England had slashed official interest rates.
经济增速放缓、通货膨胀走弱以及极低的官方利率都是对债券市场的利好消息。
A slowing economy, declining inflation and ultra-low official interest rates are all bullish for bonds.
1月30日，越南中央银行将其多种官方利率上调了1.5个百分点以遏制通货膨胀的势头。
On January 30th the central bank raised its various official interest rates by up to 1.5 percentage points to try to prevent an inflationary spiral.
与此同时，业界担心商业银行可能会为了保护赢利而把自己利率定的高于官方利率。
There is also concern the banks will lift rates by more than the official rise as they move to protect their profits.
日行在周五的会议中表示将保持0.1%的官方利率不变，然而这些传统的方式已经很难发挥更大的作用了。
With an official interest rate of 0.1%-which the bank left unchanged at its meeting on friday-it has little scope to do much more through conventional means.
上周五，中国央行两年来首次下调官方利率，这一意外举措令国际股市与大宗商品市场大幅走高。
China's central bank cut its official interest rates for the first time in two years Friday, in a surprise move that sent international stock and commodity markets sharply higher.
JP摩根认为，新兴经济体的真实政策利率——官方利率减去核心消费物价通胀率——正处于2000年以来的最低值。
According to JPMorgan Chase, real policy rates in emerging economies—the official interest rate minus core consumer-price inflation—are at their lowest level since 2000.
在美国由于更多的以来其他国家的非银行金融机构，而且官方利率很难在有进一步的削减，所以直接介入信贷市场是合情合理的。
Intervening directly in credit markets makes a lot of sense in America, which relies more than other countries on non-bank finance and where official interest rates are hard to cut further.
今天的情况却不同了：最近一段时间以来，有效的联邦基金利率平均值已经低于0.3个百分点(相比之下，由于技术上的原因，官方利率几乎已失去意义)。
Today, it isn't: the effective federal funds rate (as opposed to the official target, which for technical reasons has become meaningless) has averaged less than 0.3 percent in recent days.
官方列举了两个降低利率的原因给予了否认。
No, say officials, who cite two sets of reasons for the rate cuts.
银行扮演这个角色没什么特别的，相同的工作完全可以由一个人员配备完整的官方经济智囊团讨论一整晚利率来搞定。
There was nothing special about the central bank performing this role. The same job could have been done by a well-staffed economics think tank with the authority to talk about the overnight rate.
根据摩根大通的说法，官方可能会持续提高利率和法定准备金，并通过卖美元来吸纳现金，同时使允许更多的利润用人民币来代替美元。
Officials may keep raising interest rates and banks' reserve requirements, sell bills to soak up cash and allow more gains by the yuan against the dollar, according to JPMorgan.
如果官方借贷利率下降，却不能透过银行这张网施益于借款人，那么央行将再次无能为力。
Once again central bankers can do little if falling official interest rates do not filter through to borrowers.
一周前，渴望阻止不断上行的通胀压力，银行将官方现金利率提高到了令人生畏的8%，此后银行发动了本次袭击。
The bank struck after it had raised its official cash interest rate to a daunting 8% the week before, eager to halt rising inflationary pressures.
官方的贷款利率虽然已接近于零，但预计仍将进一步下调。
Official lending rates, already near zero, will likely fall further.
有种说法是，具官方色彩的房贷银行和抵押机构的给银行利率已经不能再低了。
One explanation is that the quasi-governmental home-loan banks and mortgage agencies have been lending to bank at rock-bottom rates.
在通货紧缩的日本能够目睹消费者价格上升比率在0%到2%之间(非官方的目标是1%)之前，接近零利率的政策将不会有所松动(就像它一直以来一样)。
Until deflationary Japan sees consumer prices rise between 0% and 2% (with an unofficial aim of 1%), the near-zero policy rate will remain (as it has done for ages).
自从去年八月由美国按揭贷款引发信用危机以来，官方短期利率以下降了2.25个百分点。
Official short-term rates have now fallen by 2.25 percentage points since the credit turmoil stemming from American mortgages began last August.
资金之所以逃离亏本行业，逃向存款利率更高的非官方放贷处，是因为它们给付的利息不是官方贷款的6.5%，而是30 - 70%。
Money fled that money-losing proposition to unofficial lenders paying higher rates for deposits because they were charging, not the official 6.5% rate for a loan, but 30% to 70%.
甚至是下调官方基准利率也不能清除堵塞，本月下旬美国有望采取。
Even a cut in official rates, as is expected in America later this month, may not clear the blockage.
甚至是下调官方基准利率也不能清除堵塞，本月下旬美国有望采取。
Even a cut in official rates, as is expected in America later this month, may not clear the blockage.
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