美国国家公共电台 NPR--Fed is expected to boost its benchmark interest rate by a quarter percentage point

Fed is expected to boost its benchmark interest rate by a quarter percentage point

Transcript¹

The Federal Reserve will decide Wednesday whether to keep raising interest rates to combat high inflation. The decision has been clouded by recent turmoil² in the banking³ system.

STEVE INSKEEP, HOST:

The Federal Reserve has a decision to make this afternoon. The central bank will determine whether to keep raising interest rates. The effort to bring down inflation would seem to call for a rate increase. Concern about the banking system may argue against that. Forecasters expect the central bank to push against inflation, boosting the benchmark interest rate by a quarter percentage point. Once again, that would make it more expensive to get a car loan or carry a balance on your credit card. NPR's Scott Horsley joins us now. Hey there, Scott.

SCOTT HORSLEY, BYLINE⁴: Good morning, Steve.

INSKEEP: OK, people had been suggesting the Fed might take a break from raising rates, but I guess not.

HORSLEY: Right. Those concerns about the banking system have not entirely⁵ been put to rest. But banks do seem to be on more solid ground now than they did a week or so ago. Yesterday, Treasury⁶ Secretary Janet Yellen said big depositors are not pulling money out of banks the way they were a week or so ago. Bank stocks have rebounded⁷ in recent days. As a result, people now expect the Fed to kind of return to its regularly scheduled program, which means another hike in interest rates. One might read that as a vote of confidence that the banking system is stable enough to handle higher interest rates. In fact, economist⁸ Kathy Bostjancic, who's with Nationwide, says at this point, it might be alarming if the Fed decided⁹ to stand pat.

KATHY BOSTJANCIC: I think it does come down to market psychology¹⁰. If the Fed Reserve decided not to raise rates, it does raise that question of, uh-oh, what does the Fed know that we don't know, and are things much worse than we perceive?

INSKEEP: Wow.

HORSLEY: Obviously, that's not the signal the Fed wants to send. As of this morning, oddsmakers put the likelihood of a quarter-point interest rate hike at close to 90%.

INSKEEP: Well, what does that say about the fight against inflation, then?

HORSLEY: It says the fight's not over. Prices certainly aren't going up as fast as they were last summer, when annual inflation topped out around 9%. But at 6% in February, inflation is still much higher than the Fed would like. In fact, just a couple of weeks ago, before these bank failures rattled¹¹ the market, there was some expectation the Fed might go with an even larger half-point interest rate hike today. That's pretty much been taken off the table now. But Fed policymakers are definitely concerned about inflation. In particular, they're worried that the price of services, like airline tickets and streaming TV subscriptions¹², is still climbing at a pretty rapid rate. A quarter-point interest rate hike today would push the Fed's benchmark rate to just under 5%. That's up from near zero a year ago. That's a very aggressive increase, and it's designed to make people think twice about borrowing and spending money.

INSKEEP: Scott, I know the Fed tries not to surprise people, to telegraph where they're going next with interest rates. So how much higher might they go?

HORSLEY: Well, that's a good question. The forecast we got from Fed policymakers back in December suggested there might be one more quarter-point rate hike in store after today. We'll get an updated forecast from Fed officials this afternoon, and we'll see if that, you know, end state changes. Just before the banking crash, a lot of people thought rates would have to go higher in order to get a handle on this stubborn inflation. But now that's not so sure. The troubles at Silicon¹³ Valley Bank and Signature Bank could make other banks more stingy about making loans. And Bostjancic says that could put the brakes on the economy in the same way higher interest rates do.

BOSTJANCIC: If that credit starts to get choked off - credit is the grease that makes the small businesses' wheels run and makes the overall economy run. And you're going to have a pretty big - I would expect a pullback.

HORSLEY: Now, a slowdown like that would help to curb¹⁴ inflation. Unfortunately, it would also make it more likely the economy tips into recession.

INSKEEP: NPR's Scott Horsley, thanks.

HORSLEY: You're welcome.

1 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。

2 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

3 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

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 entirely   

ad.全部地，完整地；完全地，彻底地

参考例句：

• The fire was entirely caused by their neglect of duty. 那场火灾完全是由于他们失职而引起的。
• His life was entirely given up to the educational work. 他的一生统统献给了教育工作。

6 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

7 rebounded   

弹回( rebound的过去式和过去分词 )； 反弹； 产生反作用； 未能奏效

参考例句：

• The ball rebounded from the goalpost and Owen headed it in. 球从门柱弹回，欧文头球将球攻进。
• The ball rebounded from his racket into the net. 球从他的球拍上弹回网中。

8 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。

9 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。

10 psychology   

n.心理，心理学，心理状态

参考例句：

• She has a background in child psychology.她受过儿童心理学的教育。
• He studied philosophy and psychology at Cambridge.他在剑桥大学学习哲学和心理学。

11 rattled   

慌乱的，恼火的

参考例句：

• The truck jolted and rattled over the rough ground. 卡车嘎吱嘎吱地在凹凸不平的地面上颠簸而行。
• Every time a bus went past, the windows rattled. 每逢公共汽车经过这里，窗户都格格作响。

12 subscriptions   

n.（报刊等的）订阅费( subscription的名词复数 )；捐款；（俱乐部的）会员费；捐助

参考例句：

• Subscriptions to these magazines can be paid in at the post office. 这些杂志的订阅费可以在邮局缴纳。 来自《简明英汉词典》
• Payment of subscriptions should be made to the club secretary. 会费应交给俱乐部秘书。 来自《简明英汉词典》

13 silicon   

n.硅(旧名矽)

参考例句：

• This company pioneered the use of silicon chip.这家公司开创了使用硅片的方法。
• A chip is a piece of silicon about the size of a postage stamp.芯片就是一枚邮票大小的硅片。

14 curb   

n.场外证券市场，场外交易；vt.制止，抑制

参考例句：

• I could not curb my anger.我按捺不住我的愤怒。
• You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。