VOA标准英语2008年-US Central Bank Chief: Fed Will Cut Interest Ra

By Barry Wood
Washington
10 January 2008

The head of the U.S. central bank, Ben Bernanke, said Thursday that the Federal Reserve will cut interest rates if the economy weakens further.  VOA's Barry Wood reports. 

Bernanke said the housing market is continuing to weaken as problems persist with mortgage lending. Speaking to a business audience in Washington, Bernanke signaled further cuts in short-term interest rates.

"We stand ready to take substantive¹ additional action as needed to support growth and provide adequate insurance against downside risks," he said.

Financial markets are now expecting a 0.5 percent reduction in the short-term fed funds rate when the Federal Reserve policy-making committee concludes a two-day meeting on January 30. In an effort to boost economic activity, the Federal Reserve has cut interest rates three times by a cumulative² one percent since a housing-related credit crisis rattled³ global markets in August.

While acknowledging that there has been a significant slowdown, Bernanke says he does not foresee a decline.

"The Federal Reserve is not now currently forecasting a recession," he added.  "We are forecasting slow growth. And as I mentioned today, there are downside risks."

Some forecasters believe that falling house prices and higher gasoline prices have triggered a slowdown in consumer spending and that the economy may already be in recession.

1 substantive   

adj.表示实在的；本质的、实质性的；独立的；n.实词，实名词；独立存在的实体

参考例句：

• They plan to meet again in Rome very soon to begin substantive negotiations.他们计划不久在罗马再次会晤以开始实质性的谈判。
• A president needs substantive advice,but he also requires emotional succor. 一个总统需要实质性的建议，但也需要感情上的支持。

2 cumulative   

adj.累积的，渐增的

参考例句：

• This drug has a cumulative effect.这种药有渐增的效力。
• The benefits from eating fish are cumulative.吃鱼的好处要长期才能显现。

3 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。