In about 50% of the cases the deleveraging results in a prolonged period of belt-tightening exerting a significant drag on GDP growth. In the remainder, deleveraging results in a base case of outright corporate and sovereign defaults or accelerating inflation, all of which are anathema to an investor.
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The Fed wouldn't be constrained from tightening 'promptly' if the economy starts 'accelerating markedly' or inflation rises 'notably,' the minutes said.
纪要说，如果经济明显加速，或者通胀率显著上升，美联储不会排除“迅速”收紧政策。
Five increases in interest rates have barely kept up with accelerating inflation, thus the cost of borrowing didn't rise, or even declined, in real terms.
央行今年虽先后五次加息，但加息的步伐却赶不上日渐加快的通货膨胀率增幅，因此实际贷款成本不仅没有增加，甚至下降了。
That means the "non-accelerating inflation rate of unemployment", or the Nairu, may have risen.
这意味着非加速通货膨胀性失业率Nairu可能提高了。
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