经济学人:全球增长放缓 美国成为异类(2)

 　　The second divide exists within the ranks of advanced economies. Rich countries seem to be gently slowing, with one big exception: America. 第二个差异存在于发达经济体之间。发达国家经济似乎都在放缓，但有一个例外：美国。

　　There, growth has sped up dramatically, exceeding an annualised rate of 4% in the second quarter of 2018. 美国经济增长速度大大加快，超过2018年第二季度4%的年度增长率。

　　America is the only large advanced economy in which the IMF projects activity will expand more quickly this year than it did last year. 在IMF预计的经济活动中，美国是唯一一个经济扩张比去年更加迅速的大型发达经济体。

　　This acceleration¹ is because of President Donald Trump²'s tax cuts. 美国经济增长加速是由于特朗普·唐纳德的减税政策。

　　In September the unemployment rate fell to 3.7%, the lowest since 1969; wage growth is slowly but surely rising. Rampant³ demand is pushing up interest rates. 9月，其失业率下降至3.7%，是自1969年以来最低水平；工资增长缓慢却坚定。庞大的需求推动了利率的上涨。

　　The Federal Reserve has raised short-term rates by two percentage points since it started tightening⁴ monetary⁵ policy in 2015. 自2015年开始推行紧缩的货币政策以来，美联储的短期利率上调了两个百分点。

　　This week Mr Trump described the Fed's policy as "crazy". The yield on ten-year Treasury⁶ bonds has risen by more than in most other rich countries. 本周，特朗普称联邦储备局的政策“很疯狂”。十年长期国库券收益的增长比其他大部分富裕国家都多。

　　It now stands at over 3.2%, higher than at any time since 2011. 如今该增长率超过3.2%，比自2011年起的任何时候都要高。

　　These different growth paths could yet separate further, because many of the immediate⁷ economic risks threaten countries other than America. 这些不同的增长途径可能会进一步分离，因为很多紧迫的经济风险会对美国之外的国家造成了威胁。

　　One emanates⁸ from Italy, where bond yields are also rising rapidly—and not because of a robust⁹ economy. 其中一个风险源自意大利，意大利债券市场利息率也在迅速增长—而且这并不是因为其经济强健。

　　Instead, an extravagant¹⁰ budget put forward by its populist coalition¹¹ government has sparked a confrontation¹² with the European Commission 相反，其平民主义联合政府提出的奢侈预算刺激了和欧洲委员会之间的冲突，

　　and reignited fears about the sustainability of the country's huge public-debt burden. 也再次激起了对国家巨大国债负担持续性的恐惧。

　　The spread between yields on Italian and German ten year bonds now stands at around three percentage points, its widest in over five years. 意大利和德国十年期债券收益率之间的差价现在达到了约三个百分点，是这五年来的最大差价。

　　Those rises will chill the Italian economy. Rising yields have not so far spread beyond Italy's borders, 那些增长将让意大利经济遭遇寒冬。收益上涨目前还没有传播出意大利边界，

　　but further increases could mean that crisis engulfs¹³ the euro zone again. Such fears will do no favours to European business confidence, which has already softened¹⁴ this year. 但是进一步的增长可能意味着危机会再一次吞没欧元区。这种恐惧不利于欧洲业界信心的增长，今年商业界信心已经有所减弱。

1 acceleration   

n.加速，加速度

参考例句：

• All spacemen must be able to bear acceleration.所有太空人都应能承受加速度。
• He has also called for an acceleration of political reforms.他同时呼吁加快政治改革的步伐。

2 trump   

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。

3 rampant   

adj.(植物)蔓生的；狂暴的，无约束的

参考例句：

• Sickness was rampant in the area.该地区疾病蔓延。
• You cannot allow children to rampant through the museum.你不能任由小孩子在博物馆里乱跑。

4 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。

5 monetary   

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。

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 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。

8 emanates   

v.从…处传出，传出( emanate的第三人称单数 )；产生，表现，显示

参考例句：

• He emanates power and confidence. 他表现出力量和信心。
• He emanates sympathy. 他流露出同情。 来自辞典例句

9 robust   

adj.强壮的，强健的，粗野的，需要体力的，浓的

参考例句：

• She is too tall and robust.她个子太高，身体太壮。
• China wants to keep growth robust to reduce poverty and avoid job losses,AP commented.美联社评论道，中国希望保持经济强势增长，以减少贫困和失业状况。

10 extravagant   

adj.奢侈的；过分的；(言行等)放肆的

参考例句：

• They tried to please him with fulsome compliments and extravagant gifts.他们想用溢美之词和奢华的礼品来取悦他。
• He is extravagant in behaviour.他行为放肆。

11 coalition   

n.结合体，同盟，结合，联合

参考例句：

• The several parties formed a coalition.这几个政党组成了政治联盟。
• Coalition forces take great care to avoid civilian casualties.联盟军队竭尽全力避免造成平民伤亡。

12 confrontation   

n.对抗，对峙，冲突

参考例句：

• We can't risk another confrontation with the union.我们不能冒再次同工会对抗的危险。
• After years of confrontation,they finally have achieved a modus vivendi.在对抗很长时间后，他们最后达成安宁生存的非正式协议。

13 engulfs   

v.吞没，包住( engulf的第三人称单数 )

参考例句：

• Hemingway suppresses emtion, Wolfe engulfs the reader in feeling. 海明威感情压抑，沃尔夫却把读者卷进感情的漩涡。 来自辞典例句
• Consumption ideological trend engulfs the entire world at present age. 当今时代，消费主义呈现席卷全球之势。 来自互联网

14 softened   

（使）变软( soften的过去式和过去分词 )； 缓解打击； 缓和； 安慰

参考例句：

• His smile softened slightly. 他的微笑稍柔和了些。
• The ice cream softened and began to melt. 冰淇淋开始变软并开始融化。