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The U.S. central bank has slashed¹ a key interest rate amid a global market upheaval² sparked by fears of a possible U.S. recession. The Bush administration has also renewed calls for a swift economic-stimulus³ package to spur growth.

为了应对全球金融市场动荡和防止美国出现经济衰退，美联储星期二紧急大幅下调基准利率。与此同时，布什政府再次呼吁迅速出台经济刺激方案，带动经济增长。

The interest-rate cut is the biggest by the Federal Reserve since the aftermath of the terrorist attacks of 2001. The United States, the world's biggest economy, is suffering slower economic growth, higher unemployment, and continued weakness in the housing market.

这是美国央行自9/11事件后的最大幅度降息。美国作为世界最庞大的经济体正在遭受经济增长减缓、失业率升高和房地产市场滑坡等压力。

Late Monday, U.S. central bank officials decided⁴ to cut the federal funds rate, the interest that banks charge each other on overnight loans, by three-quarters of a percent, to 3.5 percent. In a statement, the Fed said it decided to act in view of a weakened economic outlook and increasing risks to growth.

星期一晚上，美联储官员决定大幅度削减基准利率。将银行间的隔夜拆借利率、也就是联邦基金利率下调了75个基点，降至3.5%。美联储在一份声明中说，决定降息的原因是由于经济前景恶化，美国经济增长面临的风险增加。

Financial markets from Asia to Europe to the Americas plunged⁵ Monday while U.S. markets were closed for a national holiday. Many markets around the world suffered losses again Tuesday before the Fed action.

Lower interest rates make it easier for businesses and consumers to borrow money for purchases and other economically beneficial activities.

But one economist⁶, David Weiss of the credit-rating agency Standard and Poor's, notes that it can take months for the impact of interest rate changes to be felt.

但是标准普尔公司的经济学家大卫.威斯指出，央行降息并不能起到立竿见影的作用，其影响大概要等好几个月才会见效。

"One problem for the economy is anything the Fed does now affects the economy about nine months from now," he noted⁷. "The recession will probably be over by then. It [the interest rate cut] will be helping⁸ with the recovery, not preventing the recession at this point."

他说：“对于经济来说，问题是：美联储现在所做的一切，都要等到9个月之后才能产生影响。坦白地讲，到那时候，经济衰退恐怕已经结束了。所以说，美联储降息有助于未来的经济复苏，却无法防止眼下的经济衰退。”

Meanwhile, efforts continue in Washington to craft an economic stimulus package. Treasury⁹ Secretary Henry Paulson, is urging Congress to work with the administration to devise a package that will boost U.S. consumer spending and business investment.

与此同时，布什政府正继续努力制定一个经济刺激方案。美国财政部长保尔森呼吁国会与行政当局合作，迅速制定经济刺激方案，以此推动美国的消费者支出和商业投资。

"We need to do something now, because the short term risks are clearly to the downside, and the potential benefits of quick action to support our economy have become clearer," he said. "Time is of then essence here, and the president stands ready to work on a bipartisan basis to enact¹⁰ economic growth legislation as soon as possible. The legislation that will best serve our economic interests must be swift, robust¹¹, broad-based, and temporary." Paulson was speaking at the U.S. Chamber¹² of Commerce.

保尔森说：“现在我们需要采取行动，因为短期内经济下行的风险很明显，而我们迅速采取行动支持经济的潜在收效也变得更加清晰。时间至关重要。布什总统愿意通过跨党派的合作尽快拿出经济增长法案。能够以最佳方式为美国经济利益服务的法案必须是迅速、有力、广泛和暂时的。”

Stimulus packages usually consist of a boost in government spending, tax cuts or both. The combination of aggressive interest-rate cutting and cries for stimulus is widely viewed as a sign that Washington is bracing¹³ for a tough economic road ahead. Yet Secretary Paulson stressed there is no cause for panic.

刺激经济的一揽子方案大致包括扩大政府开支或者减税，或者二者兼有。美联储大手笔的降息决定以及行政当局呼唤出台刺激方案被外界广泛解读为华盛顿正在准备迎接更为艰难的经济前景。不过，财政部长保尔森强调，目前没有必要恐慌。

"I continue to have confidence in the underlying¹⁴ strength of the global economy. The U.S. economy is resilient, unemployment remains¹⁵ low, and job creation continues, albeit¹⁶ at a modest pace," he added. "The structure of our economy is sound, and our long-term economic fundamentals are healthy."

他说：“我仍然对全球经济的基本力量有信心。美国经济有弹性，失业率仍保持在较低水平，就业机会持续增加，尽管增幅一般。我们的经济结构是稳固的。从长期来看，我们经济的基本面是健康的。”

The United States remains a key engine for global economic growth, yet some economists¹⁷ have suggested that rising economies in China, India and elsewhere are reducing the extent to which the world relies on U.S. economic health for worldwide prosperity. But current global market upheaval is casting doubt on the theory, according to Crystia Freeland, U.S. managing editor of The Financial Times.

国仍然是全球经济发展的主要动力，尽管有些经济学家认为，中国、印度等新兴经济体的崛起正在减弱世界经济对于美国的依赖。可是近来全球金融市场的剧烈动荡使人们对这种理论产生怀疑。金融时报美国版的主编克里斯逖亚.弗里兰说：

"This hope that other parts of the world were now big enough and strong enough to pull up the global economy even when you had a U.S. slowdown, that seems not to be happening," noted Freeland. "What used to be said is that when America sneezes, the world catches a cold, and that still seems to be true."

“人们希望世界其他地区现在已经强壮到足以支撑全球经济的地步，即使美国经济走软也不用怕--这种情况似乎并没有发生。过去人们总是说：美国一打喷嚏，全世界都感冒--现在看来，情况依然如故。”

The interest rate cut did not prevent U.S. financial markets from plunging¹⁸ after the opening bell, although losses were less severe by midday. Oil prices also declined.