市场带着冷笑迎接第一次降息。
很多决策者的出发点仍然是降息。
The starting-point for many policymakers remains lowering interest rates.
本周多家央行宣布降息，导致利率骤降。
Interest rates are falling sharply, with more central Banks announcing cuts this week.
未来的几个月还将会有更多的降息行动。
英国和瑞典中央银行降息幅度更加大胆。
Central Banks in Britain and Sweden cut interest rates even more aggressively.
这是今年一月,联储局降息前的期限结构图
This is January of this year, before the Fed cut interest rates, and this is the term structure.
这一泡沫现在已然破灭，迫使美联储连续降息。
That bubble has burst, prompting the Federal Reserve to slash interest rates.
一旦大幅降息发生，股市的第一反应总是错误的。
As it happened, the stock market's initial reaction to the cuts was wrong each time.
基于现在日本的银行利率，他们不会降息。
Given where the Bank of Japan's benchmark interest rate is now, they can't really lower rates.
央行降息的部分目的是鼓励投资者中更大的风险嗜好。
Part of the aim of central Banks in driving down interest rates is to encourage a greater risk appetite among investors.
这无异于暗示，定于下月5日的会议将无关降息决定。
He hinted that a meeting scheduled for February 5th would not be one for making decisions on cutting rates.
主要原因是他们预期联储会会以降息来挽救。
The main reason is that they expect the Fed to ride to the rescue with lower interest rates.
以惊惶失措的降息来应对市场恐慌很有可能使情况恶化。
Reacting to market panic with panicky rate cuts is likely to make things worse rather than better.
但是在1990年，多次降息没能阻止美国经济陷入衰退。
But in 1990 several rate cuts failed to stop the American economy from sliding into recession.
这个地区的每个国家既降息又宣布了财政刺激方案。
Every country across the region has cut interest rates and announced a fiscal stimulus.
本周英国央行的基本利率维持在5%，而不久以后将谋求降息。
The Bank kept its base rate at 5% this week, but it will be looking to cut before long.
衰退的威胁促使(美联储)两次降息，而且可能还会继续降息。
The threat of recession has prompted two interest-rate cuts, and more reductions are likely.
因此，美联储降息并不意味着它不能干预并支持美元。
Thus the fact that the Fed is easing does not mean it cannot intervene to support the dollar.
但与2001年不同，包括美国在内，此轮降息的幅度要小得多。
But unlike in 2001, there is much less scope for interest rate cuts this time round, including in the US.
这就会使欧洲央行不情愿的降息，即使经济已经跌入了衰退的泥潭。
That will make the ECB reluctant to cut rates even if the economy dips into recession.
降息不仅仅增加了现金的供给，它还直接影响到人们对风险的评估。
A rate cut does not just increase the supply of cash; it directly influences people's calculations about risk.
而那些在美联储第一次降息时买入的人可能将看到更低的股价出现。
Then, those who bought on the news of the first rate cut would have done better to wait for lower stock prices.
这看起来双倍危险：降息并非板上钉钉；而且加息行为本身可能是错误的。
This looks doubly dangerous: a rate cut is not certain; it would also, quite possibly, be the wrong thing to do.
全球股市大跌后，为重振经济复苏，美联储再次祭出了降息大旗。
In a bid to reboot the economic recovery following a global stock rout, the Federal Reserve is sticking by its old toolbox.
经济下滑、通胀率迅速下降，有没有必要采取缓和的、逐步的降息方式？
WHEN the economy is sinking and inflation fading rapidly, is there any merit in cutting interest rates gradually?
她预计欧洲央行将降息25个基点，一些分析师则预计降息50个基点。
She predicted a quarter-point reduction, while some analysts see a half-point cut.
她预计欧洲央行将降息25个基点，一些分析师则预计降息50个基点。
She predicted a quarter-point reduction, while some analysts see a half-point cut.
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