US Stocks Recover After Plunging on Bernanke Speech

 　　Despite very high expectations, the head of the U.S. central bank on Friday did not announce any major steps to bolster¹ the U.S. economy.  Speculation had been running high that Federal Reserve Chairman Ben Bernanke would use his scheduled speech at a gathering² of top economist³ in the western state of Wyoming to announce a third round of quantitative⁴ easing. Instead, Bernanke leaned on Congress to do more to restore the nation's economic health.

　　Former central bank official Vincent Reinhart, now an analyst⁵ at the American Enterprise Institute was not surprised by the reaction on Wall Street.

　　"Wall Street almost always gets ahead of itself," said Reinhart. "If you want to know the most selfish person on earth, it's an investor⁶ - because every conversation has to end with 'What does it mean for me?' And what the speech today meant for them is - not a lot."

　　Expectations were high because it was at the same gathering last year that Bernanke announced a second round of quantitative easing - essentially⁷ the purchase of $600 billion worth of U.S. debt to lower interest rates and boost business and consumer spending.

　　European markets had equally high expectations, especially with new figures showing the U.S. economy grew at a slower pace than initial estimates in the first half of this year.

　　German market analyst Robert Halver said the U.S. needs a large-scale program similar to one initiated⁸ in 1948 that helped to rebuild Europe's war-ravaged economies.

　　"America needs a demand solution for its problems, not even more liquidity⁹. We have a big chance of risk of recession in America and that's why America needs a new Marshall Plan, a new deal," said Halver.

　　Vincent Reinhart at AEI said it may not happen immediately, but he believes significant Fed action is just around the corner.

　　"I think ultimately the Federal Reserve will go to QE3 [Quantitative Easing 3]. They'll go to QE3 because there is a persistent¹⁰ drag on the economy and the unemployment rate will stay high," said Reinhart.

　　Of course, much will depend on the Fed's assessment¹¹ of the U.S. economy at its next meeting in September. But Bernanke insists he still has a range of tools at his disposal. He also urged Congress and the White House to do more to jump start the economy.

　　Given the political climate in Washington, New York financial expert Jon Henes is not holding his breath.

　　"I'm not optimistic that will happen, not going into an election year," said Henes.

　　Despite increased pessimism¹² and growing fears of a double-dip recession, key indexes on Wall Street closed higher Friday - on Fed sentiments that the long-term prospects¹³ for the U.S. economy remain strong.

1 bolster   

n.枕垫；v.支持，鼓励

参考例句：

• The high interest rates helped to bolster up the economy.高利率使经济更稳健。
• He tried to bolster up their morale.他尽力鼓舞他们的士气。

2 gathering   

n.集会，聚会，聚集

参考例句：

• He called on Mr. White to speak at the gathering.他请怀特先生在集会上讲话。
• He is on the wing gathering material for his novels.他正忙于为他的小说收集资料。

3 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

4 quantitative   

adj.数量的，定量的

参考例句：

• He said it was only a quantitative difference.他说这仅仅是数量上的差别。
• We need to do some quantitative analysis of the drugs.我们对药物要进行定量分析。

5 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

6 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

7 essentially   

adv.本质上，实质上，基本上

参考例句：

• Really great men are essentially modest.真正的伟人大都很谦虚。
• She is an essentially selfish person.她本质上是个自私自利的人。

8 initiated   

n. 创始人 adj. 新加入的 vt. 开始，创始，启蒙，介绍加入

参考例句：

• He has not yet been thoroughly initiated into the mysteries of computers. 他对计算机的奥秘尚未入门。
• The artist initiated the girl into the art world in France. 这个艺术家介绍这个女孩加入巴黎艺术界。

9 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

10 persistent   

adj.坚持不懈的，执意的；持续的

参考例句：

• Albert had a persistent headache that lasted for three days.艾伯特连续头痛了三天。
• She felt embarrassed by his persistent attentions.他不时地向她大献殷勤，使她很难为情。

11 assessment   

n.评价；评估；对财产的估价，被估定的金额

参考例句：

• This is a very perceptive assessment of the situation.这是一个对该情况的极富洞察力的评价。
• What is your assessment of the situation?你对时局的看法如何？

12 pessimism   

n.悲观者，悲观主义者，厌世者

参考例句：

• He displayed his usual pessimism.他流露出惯有的悲观。
• There is the note of pessimism in his writings.他的著作带有悲观色彩。

13 prospects   

n.希望，前途(恒为复数)

参考例句：

• There is a mood of pessimism in the company about future job prospects. 公司中有一种对工作前景悲观的情绪。
• They are less sanguine about the company's long-term prospects. 他们对公司的远景不那么乐观。