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经济学人:泉币市场和美联储(1)

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The federal reserve had plenty to fret about as it prepared to discuss policy interest rates on September 17th and 18th.

当美联储预备在9月17日和18日评论辩论政策利率时,它有很多任务要担心。
Trade tensions and wilting global growth have seen businesses cut back investment in the second quarter of the year.
贸易重要和委靡的全球经济增长招致企业增添了本年第二季度的投资。
In manufacturing, production and capacity utilisation have been falling since the end of 2018.
自2018岁尾以来, 制造业的临盆和设备应用率一向在降低。
Though the Fed has described jobs growth as "solid", some analysts worry that the labour market is wobbling.
固然美联储称失业增长“稳健”,但一些分析家担心休息力市场动乱不安。
As expected, these concerns prompted the central bank to lower rates for the second time this year,
果真,这些担心促使中心银行本年第二次降息
by 0.25 percentage points, to a target of 1.75-2%. But the meeting was overshadowed by turmoil in money markets.
0.25个百分点至1.75-2%的目标。但泉币市场的动乱给此次会议蒙上了暗影。
On September 17th, for the first time in a decade, the Fed injected cash into the short-term money market.
9月17日,美联储十年内初次向短期泉币市场注入资金。

泉币市场和美联储(1).jpg

The intervention was needed after the federal funds rate, at which banks can borrow from each other, climbed above the Fed's target.

在联邦基金利率(银行间拆借利率)爬升至美联储目标之上后,干涉是有须要的。
It rose as the "repo" rate—the price at which high-quality securities
随着“回购”率—高质量证券
such as American government bonds can be temporarily swapped for cash—hit an intra-day peak of over 10%.
如美国当局债券临时可换取现金的价格—逾越单日高点的10%时,利率上浮。
On September 17th the Fed offered $75bn-worth of overnight funding, of which banks took up $53bn.
9月17日,美联储供给了750亿美元的隔夜资金,个中银行拿走了530亿美元。
The following two days it again offered $75bn-worth. Banks gobbled it up.
接上去的两天,美联储再次供给了750亿美元。银行将其吞入。
That sent shivers down spines. A spiking repo rate was an early warning sign before the financial crisis.
这让人不寒而栗。回购利率飙升是金融危机前的一个早期预警旌旗灯号。
In 2007, as market participants began to doubt the quality of collateral backed by mortgage lending, repo rates jumped as lenders hoarded cash.
2007年,由于市场参与者开端困惑由抵押存款支撑的抵押品的质量,回购利率随着银行囤积现金而飙升。
The latest jump was unlikely to have been caused by such doubts.
比来一次暴跌不太能够是由这些疑虑惹起的。
Most collateral is now high-quality American Treasury bonds or bills. Even so, there are reasons to worry.
如今大年夜多半抵押品都是高质量的美国国债或单子。即使如此,照样有来由担心。
America's banks and companies seem to be short of cash. And during the turmoil the repo rate stopped tracking the federal funds rate.
美国银行和公司仿佛缺钱。并且在市场动乱时代,回购利率不再跟随联邦基金利率。
This link is the main way monetary policy influences the economy.
这类接洽是泉币政策影响经济的重要方法。
A gap opening between the two deprives the Fed of its most important policy tool.
二者之间的差距剥夺了美联储最重要的政策对象。

译文由可可原创,仅供进修交换应用,未经许可请勿转载。

重点单词   检查全部解释    
reserve [ri'zə:v]

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n. 预备品,贮存,候补
n. 克制,委宛

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decade ['dekeid]

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n. 十年

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expenditure [iks'penditʃə]

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n. (时间、劳力、金钱等)支出,应用,消费

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global ['gləubəl]

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adj. 全球性的,全球的,球状的,全局的

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deprive [di'praiv]

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vt. 剥夺,拒绝,撤职

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overnight ['əuvə'nait]

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n. 前晚
adj. 彻夜的,早晨的,前夕的<

 
securities

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n. 有价证券;担保;包管人;抵押物(security的

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intervention [.intə'venʃən]

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n. 拔出,参与,调处

 
quality ['kwɔliti]

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n. 品德,特质,才能
adj. 高品德的

 
fret [fret]

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v. (使)懊末路,(使)焦急,(使)磨损,腐蚀 n. 烦

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关键字: 经济学人 美联储

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