美国中央银行进行了减息。
美联储越是减息，新兴国家的通胀风险越大。
The more the Fed cuts, the bigger the risk of inflation in emerging markets.
欧洲央行决策者也警告投资者不要指望央行继续大举减息。
European policy makers also have cautioned investors not to expect further drastic interest-rate cuts.
例如，欧洲央行在2000年干预货币之后，马上开始减息。
For instance, the ECB started cutting interest rates soon after the 2000 intervention.
但是这次减息对经济产生的直接作用很小，因为贷款额依然受限。
But the cut will have little direct impact on the economy because lending is limited by quotas.
美国的利率显然不会继续升高，但是，减息也不可能在近期发生。
America's interest rates are clearly not going up. Nor, however, are cuts imminent.
但是，这意味着，除非欧洲央行也开始减息，否则它的工作不会奏效。
It does suggest, however, that this will not work unless the ECB also starts cutting rates.
两个月前，金融市场还曾确信美联储虽然措辞强硬，但不久便会减息。
Two months ago financial markets were sure that the Fed, for all its hawkish talk, would soon cut rates.
较低的商品价格暂时起作用，如果这鼓舞央行减息将效果更佳。
Lower commodity prices helped for a while, and may help further if they encourage central Banks to cut rates.
不到两个月的时间里，欧洲央行已经累计减息了175个基点。
这就是为什么我觉得他们应该要具备采取主动行动的能力，这样更容易减息。
That's why I felt that they should have been able to take proactive moves much earlier to reduce interest rates.
欧洲央行希望改善通胀，而且在减息之前已经有不少经济增长放缓的迹象了。
The ECB will want to see inflation easing and more evidence that growth is slowing before it cuts rates.
仅在一个月前美联储的官员还认为下一步要做的是加息而不是减息。
Only a month ago officials thought their next move would be to raise rates, not lower them.
举例说来，1982年启动的长牛是以美国(和全球)20年持续减息为基础的。
For example, the secular bull market that began in 1982 was built on a 20-year decline in U.S. (and global) interest rates.
但最近的数据显示经济走势较预期强劲，这使得许多经济学家不得不降低减息的预期。
But recent data have been stronger than expected, causing most economists to push back their expectations of rate cuts.
九位金融政策委员会成员中的两位已经在十一月投票赞成减息来摆脱目前的困境。
Two of the nine members of the MPC had already resolved the dilemma in November by voting for a rate cut.
在这样的环境下，减息只有作为信号的价值，而不会迅速转化为实际的借钱成本。
In that environment, a rate cut would have signalling value but would not rapidly translate into actual borrowing costs.
如果这种下跌变得混乱的话，就需要货币市场的干预以及自愿不采取减息的政策。
If the slide becomes chaotic, it could demand currency-market intervention and a willingness to hold back interest-rate cuts for the sake of the dollar.
但他指出，Fed对当前形势的判断仍存有很大不确定性，从而给必要时进一步减息留下了余地。
He added, however, that 'a large measure of uncertainty surrounds that judgment' about the current stance, leaving the door open for further cuts if necessary.
联邦农业部已经把10多亿美圆的拨款和减息贷款，分给了对农村市场感兴趣的高速网络供应商。
The federal Agriculture Department has distributed over a billion dollars in grants and cut-rate loans to high-speed internet providers interested in rural markets.
有数据显示12月欧元区通胀率下跌至26个月低位，市场进一步预期欧洲央行将在1月15日减息。
Expectations of a cut in rates by the European Central Bank on January 15th were raised when data showed inflation in the euro zone falling to a 26-month low in December.
为了确保央行的减息举措能对整体经济产生影响，特里谢鼓励商业银行更多地进行互相拆借。
In a bid to ensure the central bank's interest-rate cuts filter through to the broader economy, Mr. Trichet encouraged commercial Banks to lend to one another more freely.
尽管如此，伯南科并没有采取什么行动去挑战广为流传的人们相信美联储准备不久将再次减息。
Even so, Mr Bernanke did little to challenge the widespread belief that the Fed is primed to cut rates again soon.
尽管如此，伯南科并没有采取什么行动去挑战广为流传的人们相信美联储准备不久将再次减息。
Even so, Mr Bernanke did little to challenge the widespread belief that the Fed is primed to cut rates again soon.
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