This does not mean QE was useless, only that formidable headwinds have blunted its effect.

也不能说量化宽松政策毫无用处，只能说强劲的逆风掩盖了它的作用。

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Despite the formidable headwinds, Nash Finch has bolstered its position through opportunistic acquisitions and efforts to make its stores more appealing.

FORBES: Nash Finch's Fat Yield Good For Grocery Money

The hard reality is that European Banks are very undercapitalized and face formidable funding headwinds, remember that these bank rates hurt margins.

FORBES: Currencies, Credit Ratings and the Compact: Affairs of States