美国国家公共电台 NPR--The Fed is expected to end its string of consecutive interest rate hikes

The Fed is expected to end its string of consecutive¹ interest rate hikes

Transcript²

The Federal Reserve will close a policy meeting, with officials expected to leave interest rates unchanged. But future hikes are possible, as the central bank wrestles³ with stubbornly high inflation.

STEVE INSKEEP, HOST:

After raising rates at its last 10 meetings, the Federal Reserve is widely expected to do nothing this afternoon.

LEILA FADEL, HOST:

But this could be just a rest stop in the Fed's campaign against inflation, not the end of the road. Yesterday, we learned the annual inflation rate fell to 4% in May. That's the lowest it's been in more than two years. But it's still well above the Fed's target of 2%.

INSKEEP: NPR's Scott Horsley joins us now.

Scott, good morning.

SCOTT HORSLEY, BYLINE⁴: Good morning, Steve.

INSKEEP: Hey, 4% sounds better than 8%, which is where we were. But is that low enough?

HORSLEY: You know, inflation has come down a lot, but at 4%, it's still double the Fed's target. And what's more, some of the decline last month was the result of a drop in gasoline prices. And as we know, gas prices bounce up and down a lot, so there's no guarantee they're going to stay down. If you look at so-called core inflation, which strips out volatile⁵ food and energy prices, it's still 5.3%, which is only a little bit lower than the month before. That's why Greg McBride, who's chief financial analyst⁶ at Bankrate, thinks the Fed will leave the door open for additional rate hikes in the future if inflation remains⁷ stubbornly high.

GREG MCBRIDE: Progress is coming. It's just coming very, very slowly. And I think the report validates⁸ the Fed's stance that they're going to pause rate hikes in June. But if we don't see more substantive⁹ improvement and sustained improvement on the inflation front, they could be back to raising rates, and it may be happening as soon as their July meeting.

HORSLEY: That's why forecasters are calling this a pause in rate hikes, not a full stop.

INSKEEP: Why would the Fed pause at all if they're still concerned about inflation?

HORSLEY: Well, rates have already gone up a lot. The Fed's benchmark rate, which was near zero just 15 months ago, is now over 5%. And the borrowing costs that consumers face are higher than that. Mortgage rates are up close to 7%. The average credit card's now charging over 20% interest.

INSKEEP: Wow.

HORSLEY: Now, if you pay your credit card bill in full every month, that doesn't much matter. But nearly half of all card users carry a balance. And we know those balances have been going up as people try to keep pace with these rising prices. The Fed's whole goal in raising interest rates is to make people think twice about spending money in hopes that tamping¹⁰ down demand will bring prices under control. Now, that doesn't happen overnight. So after 10 consecutive rate hikes, Fed policymakers are expected to take a break and hold rates steady for a while to assess how these higher borrowing costs are affecting the broader economy.

INSKEEP: You know, we assume that higher interest rates are bad, and for many people, of course, they are. But is there any upside?

HORSLEY: Yes. For people who are lucky enough to have some money in the bank, rising interest rates can be a good thing. Some of the best-paying savings¹² accounts are now finally keeping up with inflation. But Bankrate's Greg McBride says you do have to shop around.

MCBRIDE: Savers are seeing the best returns that they've seen in 15 years, provided that they're looking in the right place. A lot of banks are still dragging their feet and have been pretty stingy on their payouts for savings accounts and CDs, but the top yielding accounts are over 5%. And that's where you need to have your money.

HORSLEY: McBride suggests checking out internet banks, smaller community banks and credit unions. Oftentimes, they offer the most competitive interest rates.

INSKEEP: All right. So if interest rate hikes are only paused, how much higher might they go?

HORSLEY: Well, we could get some insight on that this afternoon when policy makers¹¹ issue their forecasts. There's likely to be a range of opinion. Some Fed officials may think rates are high enough already, and they just have to be patient now. Others could see a need for at least one more rate hike this year in order to get prices under control.

INSKEEP: NPR's Scott Horsley.

Thanks so much.

HORSLEY: You're welcome.

1 consecutive   

adj.连续的，联贯的，始终一贯的

参考例句：

• It has rained for four consecutive days.已连续下了四天雨。
• The policy of our Party is consecutive.我党的政策始终如一。

2 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

3 wrestles   

v.（与某人）搏斗( wrestle的第三人称单数 )；扭成一团；扭打；（与…）摔跤

参考例句：

• The book also wrestles with the idea of individualism. 书中也与个人英雄主义的观念进行搏斗。 来自互联网
• He that wrestles with us strengthens our nerves and sharpens our skill. 和我们搏斗的人锻炼了我们的勇气，磨练了我们的技能。 来自互联网

4 byline   

n.署名；v.署名

参考例句：

• His byline was absent as well.他的署名也不见了。
• We wish to thank the author of this article which carries no byline.我们要感谢这篇文章的那位没有署名的作者。

5 volatile   

adj.反复无常的，挥发性的，稍纵即逝的，脾气火爆的；n.挥发性物质

参考例句：

• With the markets being so volatile,investments are at great risk.由于市场那么变化不定，投资冒着很大的风险。
• His character was weak and volatile.他这个人意志薄弱，喜怒无常。

6 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。

7 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

8 validates   

v.证实( validate的第三人称单数 )；确证；使生效；使有法律效力

参考例句：

• Other research validates that when it comes to chocolate, type does matter. 其他的研究也证实了不同种类的巧克力确实功效不同。 来自互联网
• Trouble shoots equipment, review and validates data and complete reports. 管理错误描述设备，审查并确认试验数据，完成试验报告。 来自互联网

9 substantive   

adj.表示实在的；本质的、实质性的；独立的；n.实词，实名词；独立存在的实体

参考例句：

• They plan to meet again in Rome very soon to begin substantive negotiations.他们计划不久在罗马再次会晤以开始实质性的谈判。
• A president needs substantive advice,but he also requires emotional succor. 一个总统需要实质性的建议，但也需要感情上的支持。

10 tamping   

n.填塞物，捣紧v.捣固( tamp的现在分词 )；填充；（用炮泥）封炮眼口；夯实

参考例句：

• The foundation becomes solid after tamping. 打夯以后，地基就瓷实了。 来自《现代汉英综合大词典》
• Practical construction shows that equal energy, equal deformation tamping a. 等能量、等变形夯扩挤密矸石桩是一种地基加固新技术。 来自互联网

11 makers   

n.制造者，制造商（maker的复数形式）

参考例句：

• The makers of the product assured us that there had been no sacrifice of quality. 这一产品的制造商向我们保证说他们没有牺牲质量。
• The makers are about to launch out a new product. 制造商们马上要生产一种新产品。 来自《简明英汉词典》

12 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。