耶伦谨慎言论使美国加息前景渺茫

 The prospect¹ of an early US interest-rate increase diminished further yesterday as Janet Yellen advocated caution given unfavourable market conditions, weaker than expected overseas growth and an uncertain inflation outlook.

美国加息前景昨日进一步渺茫。珍妮特?耶伦(Janet Yellen)主张谨慎，理由是市场条件不利、海外增长弱于预期以及通胀前景不确定。

The Federal Reserve chair said recent declines in market expectations for interest-rate rises had helped cushion the US economy from adverse² developments overseas, describing the moves as an “automatic stabiliser”.

美联储(Federal Reserve)主席称，近来市场降低加息预期，已经帮助缓解了海外不利事态给美国带来的冲击，她形容这些举动是一种“自动稳定器”。

But she stressed that the Fed had little scope to reverse course and stimulate³ the economy with rate cuts if the US unexpectedly hit the buffers⁴, underlying⁵ the need for a gradual tightening⁶ of policy. She homed in on risks still stewing⁷ in China and the oil markets as she argued in a New York address for the central bank to move carefully as it considers when to lift rates again.

但是，她强调称，如果美国意外陷入停滞，美联储没有什么空间可以逆转政策进程，通过降息来刺激经济，这突显了逐渐收紧政策的必要性。在纽约发表讲话期间，她着重指出中国以及石油市场仍在发酵的种种风险，并据此主张美国央行在考虑何时再次加息时应该谨慎行动。

Treasuries⁸ rallied as Ms Yellen spoke⁹, with traders at CRT Capital calling her remarks a “surprisingly dovish take on the current policy stance and near-term outlook”. The two-year Treasury¹⁰ yield, which moves inversely¹¹ to its price, slipped 6 basis points to 0.81 per cent.

在耶伦发表讲话后，美国国债上涨，CRT Capital的交易员称耶伦的言论“是对当前政策立场和短期前景的出乎意料的鸽派评估”。两年期国债收益率（与价格走势相反）下滑6个基点，至0.81%。

“Whatever speculation¹² there was on [an April rise] conveyed by previous Fed speakers, that has been blown out of the water,” said Steven Englander, head of rates strategy at Citigroup.

“无论此前美联储官员传达了（有关4月加息的）何种推测，现在都已经烟消云散了，”花旗集团(Citigroup)的利率策略主管史蒂文?英格兰德(Steven Englander)称。

US stocks bounced off lows earlier in the trading day, pushing the benchmark S&P 500 index back into positive territory for the year, while the dollar slid to its lowest levels in a week.

美国股市从早盘的跌势反弹，基准的标普500指数(S&P 500)收市时升至今年最高水平，报2055.01，同时美元汇率下滑至一周来最低水平。

1 prospect   

n.前景，前途；景色，视野

参考例句：

• This state of things holds out a cheerful prospect.事态呈现出可喜的前景。
• The prospect became more evident.前景变得更加明朗了。

2 adverse   

adj.不利的；有害的；敌对的，不友好的

参考例句：

• He is adverse to going abroad.他反对出国。
• The improper use of medicine could lead to severe adverse reactions.用药不当会产生严重的不良反应。

3 stimulate   

vt.刺激，使兴奋；激励，使…振奋

参考例句：

• Your encouragement will stimulate me to further efforts.你的鼓励会激发我进一步努力。
• Success will stimulate the people for fresh efforts.成功能鼓舞人们去作新的努力。

4 buffers   

起缓冲作用的人（或物）( buffer的名词复数 )； 缓冲器； 减震器； 愚蠢老头

参考例句：

• To allocate and schedule the use of buffers. 分配和计划缓冲器的使用。
• Number of times the stream has paused due to insufficient stream buffers. 由于流缓冲区不足导致流程暂停的次数。

5 underlying   

adj.在下面的，含蓄的，潜在的

参考例句：

• The underlying theme of the novel is very serious.小说隐含的主题是十分严肃的。
• This word has its underlying meaning.这个单词有它潜在的含义。

6 tightening   

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。

7 stewing   

炖

参考例句：

• The meat was stewing in the pan. 肉正炖在锅里。 来自《现代英汉综合大词典》
• The cashier was stewing herself over the sum of 1, 000 which was missing. 钱短了一千美元，出纳员着急得要命。 来自《现代英汉综合大词典》

8 treasuries   

n.（政府的）财政部( treasury的名词复数 )；国库，金库

参考例句：

• Yields on Treasuries, Bunds and gilts can remain at historically low levels. 美国国债、德国国债和英国国债的收益率仍然可以维持在历史低位。 来自互联网
• Treasuries and gold rose in response but the dollar fell sharply. 接着，国债和黄金的价格上涨，而美元价格则猛跌。 来自互联网

9 spoke   

n.（车轮的）辐条；轮辐；破坏某人的计划；阻挠某人的行动 v.讲，谈（speak的过去式）；说；演说；从某种观点来说

参考例句：

• They sourced the spoke nuts from our company.他们的轮辐螺帽是从我们公司获得的。
• The spokes of a wheel are the bars that connect the outer ring to the centre.辐条是轮子上连接外圈与中心的条棒。

10 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。

11 inversely   

adj.相反的

参考例句：

• Pressure varies directly with temperature and inversely with volume. 压力随温度成正比例变化，与容积成反比例变化。 来自《简明英汉词典》
• The amount of force needed is inversely proportional to the rigidity of the material. 需要的力度与材料的硬度成反比。 来自《简明英汉词典》

12 speculation   

n.思索，沉思；猜测；投机

参考例句：

• Her mind is occupied with speculation.她的头脑忙于思考。
• There is widespread speculation that he is going to resign.人们普遍推测他要辞职。