但是更进一步地解读显示经济下滑的风险在增加而通胀的风险却在减小，虽然这还不足以是美联储公开地降息。
But a closer read suggests the risks have tilted in the direction of weaker growth and away from higher inflation, though not by enough to put a rate cut on the table yet.
与其被市场牵着鼻子走，美联储倒不如认真解读市场下跌的信号。
Rather than chasing the market's tail, the Fed ought to be asking what the markets' fall really signals.
和欧洲央行一样，美联储也使用一些他们知道会被如何解读的短语。
The Fed, like the ECB, has used phrases it knows will be easily decoded.
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