2006年VOA标准英语-Worries Over Inflation Send US Stocks Tumbling
时间：2019-01-11 作者：英语课 分类：2006年VOA标准英语（六月）
By George Dwyer
Washington, DC
09 June 2006
watch Inflation report
Stock market analysts 1 say worries over inflation and interest rates are behind the steep sell-offs seen on Wall Street this week. The Dow Jones Industrial Average fell Wednesday to its lowest point in months. Concern is also focusing on what the U.S. Central Bank, or "Fed," plans to do next.
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Stocks fell sharply on Wall Street this week after Federal Reserve Chairman Ben Bernanke told an audience of bankers he is uneasy about so-called "core inflation" levels in the economy.
Ben Bernanke
Bernanke said, "Core inflation, measured over the past three to six months, has reached a level that, if sustained, would be at or above the upper end of the range that many economists 2, including myself, would consider consistent with price stability and promotion 3 of maximum long-run growth."
Market experts may have become jittery 4 because core inflation figures are believed to provide a clearer indication of an economy's performance than do measurements of overall inflation.
Peter Morici (file photo)
Peter Morici, business professor at the University of Maryland, said, “Core inflation is the consumer price index less changes in energy prices and food prices. Historically, energy prices and food prices, while they drift upward with other prices, show a great deal of month-to-month variation.” He said, “They are very erratic 5 numbers as you can see looking at the gas pump."
Although oil prices are up by about a third in just the past year, economists say the United States has absorbed those increases fairly well so far. As former Fed Chairman Alan Greenspan told Congress this week, that situation cannot go on indefinitely.
"Rising prices per se need not have an effect on American economic growth if the rise is gradual and the adjustment process is able to take place,” he said. “But a shock has got to be absorbed in one form or another and in this particular stage we don't have a backup other than the strategic petroleum 6 reserve and our flexibility 7; we’ve got to find more ways to deal with this problem."
In the meantime, Wall Street worries that the Fed will respond to the latest core inflation data by raising interest rates yet again, which is a concern, says Morici, that is not unfounded.
"If inflation is stoking up, the Fed will want to slow the economy. It will raise interest rates,” he said. “Higher interest rates tend to dampen the stock market – not long term, but over a period of several months it drags lower, temporarily."
How long "temporarily" will last remains to be seen
- City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
- I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。
- The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
- Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》
- The teacher conferred with the principal about Dick's promotion.教师与校长商谈了迪克的升级问题。
- The clerk was given a promotion and an increase in salary.那个职员升了级，加了薪。
- However, nothing happened though he continued to feel jittery. 可是，自从拉上这辆车，并没有出什么错儿，虽然他心中嘀嘀咕咕的不安。 来自汉英文学 - 骆驼祥子
- The thirty-six Enterprise divebombers were being squandered in a jittery shot from the hip. 这三十六架“企业号”上的俯冲轰炸机正被孤注一掷。
- The old man had always been cranky and erratic.那老头儿性情古怪,反复无常。
- The erratic fluctuation of market prices is in consequence of unstable economy.经济波动致使市场物价忽起忽落。
- The Government of Iran advanced the price of petroleum last week.上星期伊朗政府提高了石油价格。
- The purpose of oil refinery is to refine crude petroleum.炼油厂的主要工作是提炼原油。
- Her great strength lies in her flexibility.她的优势在于她灵活变通。
- The flexibility of a man's muscles will lessen as he becomes old.人老了肌肉的柔韧性将降低。