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商业周刊:美联储两位主席的奇案

时间:2020-02-20 03:07来源:互联网 提供网友:nan   字体: [ ]
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    (单词翻译:双击或拖选)

The Strange Case of Dr. Yellen and Chairman Jay

耶伦博士和杰罗姆主席的奇案

The two Fed chiefs have turned out to be remarkably1 similar policymakers

事实证明,美联储的两位领导人是非常相似的决策者。

Federal Reserve Chairman Jerome Powell has just finished his first year on the job—marking the fifth year of what could be called the Yellen-Powell Fed.

美国联邦储备委员会主席杰罗姆·鲍威尔刚刚完成他任职的第一年工作,也就是所谓的耶伦—鲍威尔时代的美联储第五年。

Together with predecessor2 Janet Yellen, Powell has presided over the slowest rate-hiking cycle the U.S. has ever seen.

鲍威尔与美联储前主席珍妮特·耶伦共同负责实施了美国有史以来最缓慢的加息周期。

Their patience might just deliver that most elusive3 of goals of central bankers: bringing a hot economy into a "soft landing," tamping4 down nascent5 inflation while avoiding a recession.

他们的耐心也许只兑现了央行官员们最难以实现的目标:将经济热潮带入“软着陆”,在避免经济衰退的同时遏制新生的通货膨胀。

Inheriting a Fed that still had key interest rates near zero, Yellen began to raise them when economic data was strengthening—then paused and pledged restraint at the first sign of trouble.

继美联储仍将关键利率维持在接近零的水平后,耶伦在经济数据加强时开始提高利率,然后暂停,并承诺在发现问题的第一个迹象时进行控制。

Powell has largely followed her lead. So far, so good.

鲍威尔基本上是在遵从耶伦的路线,到目前为止,一切正常。

Inflation is hovering6 at about the Fed's 2 percent goal, and 13 million Americans have joined the job market since Yellen took office in February 2014.

通货膨涨在美联储2%的目标附近徘徊,自耶伦2014年2月上任以来,已有1300万美国人加入到就业市场中。

The central bank has coaxed7 interest rates up to between 2.25 percent and 2.5 percent.

央行已将利率调至2.25%至2.5%之间。

And it's manage do shrink the massive balance sheet of bonds it built up after the financial crisis without sending markets into a tailspin.

其管理确实减少了金融危机之后建立起来的巨额债券资产负债状况,没有让市场陷入混乱。

Yet the strategy has taken fire from both sides.

然而,这一策略却遭到了两方面的抨击。

Yellen was regularly warned that raising interest rates too slowly risked spurring runaway8 increases in consumer prices.

有人经常警告耶伦,加息过慢可能会刺激消费者价格上涨失控。

Throughout 2018, President Trump9 lambasted Powell for tightening10 too much. Many on Wall Street complained, too.

2018年一整年,总统特朗普都在抨击鲍威尔实施的政策太过紧缩,华尔街也有许多人怨声载道。

The Fed changed tack11 in January, signaling a pause to rate increases and a willingness to reconsider the plan to allow asset holdings to steadily12 mature without reinvesting them.

美联储在一月份改变了策略,暗示将暂停利率上调,并表示出重新考虑该计划的意愿,使资产持有稳步到期而不进行再投资。

It was responding in part to slower global growth—not unlike the Yellen Fed's yearlong pause when growth showed cracks in 2016.

这样做部分原因在于全球经济增长放缓,这与耶伦任职美联储主席期间于2016年经济增长出现问题时,实施长达一年的停置并无不同。

The complaint du jour has also shifted. Monetary13 policy commentators14 are now scandalized that Powell capitulated.

各种抱怨之声也在发生变化。现在,货币政策评论员们都对鲍威尔的妥协表示深恶痛绝。


点击收听单词发音收听单词发音  

1 remarkably EkPzTW     
ad.不同寻常地,相当地
参考例句:
  • I thought she was remarkably restrained in the circumstances. 我认为她在那种情况下非常克制。
  • He made a remarkably swift recovery. 他康复得相当快。
2 predecessor qP9x0     
n.前辈,前任
参考例句:
  • It will share the fate of its predecessor.它将遭受与前者同样的命运。
  • The new ambassador is more mature than his predecessor.新大使比他的前任更成熟一些。
3 elusive d8vyH     
adj.难以表达(捉摸)的;令人困惑的;逃避的
参考例句:
  • Try to catch the elusive charm of the original in translation.翻译时设法把握住原文中难以捉摸的风韵。
  • Interpol have searched all the corners of the earth for the elusive hijackers.国际刑警组织已在世界各地搜查在逃的飞机劫持者。
4 tamping 131f06f2a924a527154b32c25775eb46     
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
5 nascent H6uzZ     
adj.初生的,发生中的
参考例句:
  • That slim book showed the Chinese intelligentsia and the nascent working class.那本小册子讲述了中国的知识界和新兴的工人阶级。
  • Despite a nascent democracy movement,there's little traction for direct suffrage.尽管有过一次新生的民主运动,但几乎不会带来直接选举。
6 hovering 99fdb695db3c202536060470c79b067f     
鸟( hover的现在分词 ); 靠近(某事物); (人)徘徊; 犹豫
参考例句:
  • The helicopter was hovering about 100 metres above the pad. 直升机在离发射台一百米的上空盘旋。
  • I'm hovering between the concert and the play tonight. 我犹豫不决今晚是听音乐会还是看戏。
7 coaxed dc0a6eeb597861b0ed72e34e52490cd1     
v.哄,用好话劝说( coax的过去式和过去分词 );巧言骗取;哄劝,劝诱
参考例句:
  • She coaxed the horse into coming a little closer. 她哄着那匹马让它再靠近了一点。
  • I coaxed my sister into taking me to the theatre. 我用好话哄姐姐带我去看戏。 来自《现代汉英综合大词典》
8 runaway jD4y5     
n.逃走的人,逃亡,亡命者;adj.逃亡的,逃走的
参考例句:
  • The police have not found the runaway to date.警察迄今没抓到逃犯。
  • He was praised for bringing up the runaway horse.他勒住了脱缰之马受到了表扬。
9 trump LU1zK     
n.王牌,法宝;v.打出王牌,吹喇叭
参考例句:
  • He was never able to trump up the courage to have a showdown.他始终鼓不起勇气摊牌。
  • The coach saved his star player for a trump card.教练保留他的明星选手,作为他的王牌。
10 tightening 19aa014b47fbdfbc013e5abf18b64642     
上紧,固定,紧密
参考例句:
  • Make sure the washer is firmly seated before tightening the pipe. 旋紧水管之前,检查一下洗衣机是否已牢牢地固定在底座上了。
  • It needs tightening up a little. 它还需要再收紧些。
11 tack Jq1yb     
n.大头钉;假缝,粗缝
参考例句:
  • He is hammering a tack into the wall to hang a picture.他正往墙上钉一枚平头钉用来挂画。
  • We are going to tack the map on the wall.我们打算把这张地图钉在墙上。
12 steadily Qukw6     
adv.稳定地;不变地;持续地
参考例句:
  • The scope of man's use of natural resources will steadily grow.人类利用自然资源的广度将日益扩大。
  • Our educational reform was steadily led onto the correct path.我们的教学改革慢慢上轨道了。
13 monetary pEkxb     
adj.货币的,钱的;通货的;金融的;财政的
参考例句:
  • The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
  • Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。
14 commentators 14bfe5fe312768eb5df7698676f7837c     
n.评论员( commentator的名词复数 );时事评论员;注释者;实况广播员
参考例句:
  • Sports commentators repeat the same phrases ad nauseam. 体育解说员翻来覆去说着同样的词语,真叫人腻烦。
  • Television sports commentators repeat the same phrases ad nauseam. 电视体育解说员说来说去就是那么几句话,令人厌烦。 来自《简明英汉词典》
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