The Fed has reduced short-term rates to almost zero.
VOA: special.2009.08.28
It's contracting so the Fed is trying to prevent a serious recession by cutting interest rates; they've been cutting them rapidly.
它在减小,所以美联储正在试图阻止一个因为利率缩减,而产生的严重的经济衰退;,但是他们最近一直在降低利率。
The Fed then again cut interest rates in 2001 in response to the very definite weakness of the economy.
美联储在2001年又一次降低了利率1,为了适应经济中明确的弱点。
Mr. Trichet thinks that the Fed is running dangerous inflation risks ." by cutting rates too soon in the face of Wall Street pressure."
特里谢认为,美联储降息过快,将面临来自华尔街的压力而最终身陷囹圄“
At that time, the Fed had cut the Federal Funds Rate to 1%, we had very low short rates.
当时联储局将联邦基金利率降至1%,短期利率非常低
It's very clear and that is the Fed had just cut interest rates to 1%--it was unusual-- it was much talked about.
很明显,联储局刚将利率,削减至1%,这是很少见的事情,人们对此评论纷纷
Once interest rates hit zero you can't cut them anymore and that's what the Fed wants to do.
一旦利率下跌至零,你就再也不能减少它们,而且这正是联邦试图做的事情。
This is January of this year, before the Fed cut interest rates, and this is the term structure.
这是今年一月,联储局降息前的期限结构图
That's because on the date that I got this term structure everybody knew the Fed was cutting rates and they got it exactly right.
在我拿到这幅期限结构图的当天,市场获悉了联储局降息的消息,正如预测的一样
The Fed was cutting rates to 3%; they knew it was coming but not today.
联储局将利率降至3%,他们知道降息即将发生,但不是今天
Most recently--A few years ago, we were living in a regime of negative real interest rates, when the Fed was pursuing a very aggressive monetary policy.
就在最近几年之前,我们生活在,负实际利率的政策中,当时美联储追求一种,非常激进的货币政策
But they are expecting that the Fed is eventually-- and they were right of course in this case-- the Fed is eventually going to raise rates.
但他们预计联储局最终会,人们这次正确预测了走势,联储局最终会调高利率
So that would mean that the Fed should be raising interest rates to try to tighten up the economy and bring the inflation rate down.
所以,这意味着,美联储应该提升利率,以试图加强经济,并且将通货膨胀率降低。
I suspect that with the subprime crisis the Fed will be pushing real interest rates down dramatically again and we may be in a period of negative real interest rates again.
我推测,由于次贷危机,美联储会又一次大幅下调实际利率,我们可能会再次进入,负实际利率的时代
In my view--the Fed has dramatically cut interest rates.
在我看来,美联储已经戏剧性地降低了利率。
It wasn't caused by the Fed's sudden tightening against inflation. It was different it was this recession was not understood not anticipated; the Fed came in late to cut interest rates to try to prevent it from being worse because it just didn't seem to have any reason for happening.
它不是由于美联储对通货膨胀的,突然紧缩政策造成的,它不同之处在于,这个经济衰退没有被理解,没有事先准备好;,美联储试图阻止它恶化而,降低利率为时已晚,因为,它似乎看起来没有任何理由发生。
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