商业报道:美联储再警告

Bernanke did argue that the fed had taken a fairly decisive step against those downside risks in Sep. by reducing interest rates half a percent, so I wouldn't necessarily say, uh, as a result of his comments last night that it, it makes a rate, another rate cut in October, a done deal. Indeed we feel that the Fed will probably leave rates on hold and will only adjust rates down further, if some of the perhaps more gloomier assessments¹ of the economy prove correct.

Well, he did say, did he not ? that he was ready to act again, should the situation occur like that?

Well, that’s correct, I think that was obviously a reference to the situation in the financial market, it's the fed has made it pretty clear that some of the stresses and strains that we are seeing in the financial markets were effects behind the fed’s decision. But at the same time, as again as Bernanke suggested himself there seemed to be some degree of normality coming back to markets. So that provided that continues again, we feel that the fed will, will just keep its powder dry on, on another rate cut for now.

And is it not a little bit worrying when you have Ben Bernanke himself, saying that the ultimate implications of the credit crunch² on the broader economy remain uncertain, shouldn’t, shouldn't things be getting a little clearer at this stage?

Well, problem of course is that you are reliant on some economic data that is always by its nature somewhat historic, it takes time for the collection of data and the interpretation³ of data. We've obviously had a fair amount of data from the August period. Um, and we will be getting soon, obviously, more, more data for September, but I think when you look across that data, obviously you see the weakness in the housing that Bernanke refered to, but in other areas of the economy, employment, consumer spending, now things will actually stay a little bit more solid than perhaps the fed might have anticipated back in September, and again that gives us hope that, or expectation that the fed would probably not reduce interest rates later this month.

And what do you make of this so called super-fund that is on the front page of the FT again today? Is this super fund to plan that helps to ease the markets, these banks that are getting together to build up this multi-million dollar fund, is that a good thing, is that gonna make much difference to get some more certainty and calm in the markets?

I think it’s a confidence issue. If that's the sort of development that brings back confidence, then it may well be something that is a good thing, and though the fund itself might actually not be sort of exhausted⁴, but obviously, if financial market tensions escalate⁵, then it may be a fund that perhaps proves inadequate⁶, so it very much depends on confidence, and whether moves like that, or moves from policy makers⁷ can restore confidence in the markets, so now I think the confidence is coming back, it’s very slow and it could be set back again, but for the moment, things are probably still just heading in the right direction.

Notes:

Keep one's powder dry on sth: get prepared for sth to come

1 assessments   

n.评估( assessment的名词复数 )；评价；（应偿付金额的）估定；（为征税对财产所作的）估价

参考例句：

• He was shrewd in his personal assessments. 他总能对人作出精明的评价。 来自《简明英汉词典》
• Surveys show about two-thirds use such assessments, while half employ personality tests. 调查表明，约有三分之二的公司采用了这种测评；而一半的公司则采用工作人员个人品质测试。 来自百科语句

2 crunch   

n.关键时刻；艰难局面；v.发出碎裂声

参考例句：

• If it comes to the crunch they'll support us.关键时刻他们是会支持我们的。
• People who crunch nuts at the movies can be very annoying.看电影时嘎吱作声地嚼干果的人会使人十分讨厌。

3 interpretation   

n.解释，说明，描述；艺术处理

参考例句：

• His statement admits of one interpretation only.他的话只有一种解释。
• Analysis and interpretation is a very personal thing.分析与说明是个很主观的事情。

4 exhausted   

adj.极其疲惫的，精疲力尽的

参考例句：

• It was a long haul home and we arrived exhausted.搬运回家的这段路程特别长，到家时我们已筋疲力尽。
• Jenny was exhausted by the hustle of city life.珍妮被城市生活的忙乱弄得筋疲力尽。

5 escalate   

v.(使)逐步增长(或发展)，(使)逐步升级

参考例句：

• It would tempt Israel's neighbors to escalate their demands.它将诱使以色列的邻国不断把他们的要求升级。
• Defeat could cause one side or other to escalate the conflict.失败可能会导致其中一方将冲突升级。

6 inadequate   

adj.(for,to)不充足的，不适当的

参考例句：

• The supply is inadequate to meet the demand.供不应求。
• She was inadequate to the demands that were made on her.她还无力满足对她提出的各项要求。

7 makers   

n.制造者，制造商（maker的复数形式）

参考例句：

• The makers of the product assured us that there had been no sacrifice of quality. 这一产品的制造商向我们保证说他们没有牺牲质量。
• The makers are about to launch out a new product. 制造商们马上要生产一种新产品。 来自《简明英汉词典》