时间:2018-12-05 作者:英语课 分类:商业报道2007年


英语课
Scripts:

A: The Fed has got to cut rates , there’s no question.

B: How much?

A: Er.. I think what we need to see is er, a process of cutting rates, so it’s less about how much today and about the, the holding up the hope of more rate cuts to come, what I’m expecting is a quarter point of the Fed funds rate today. Er, half of a percent of the emergency discount rate that’s where banks go when they are in difficulties. But clearly, a statement which says more is going to come. Don’t worry, guys, we’ll keep on cutting.

B: And what’s their key focus right now, is it trying to get the banks to er… reduce their inter-bank lending rate, is that the key focus right now?

A: That’s part of the process. Er… but it’s slightly wider than that , because of course what you’ve got at the moment is actually a monetary 1 policy tightening 2. You’re a consumer, your interest rate hasn’t come down 3 quarters of a point along with the Fed funds rate. If you are a consumer, the chances are your interest rate's gone up because banks are tightening credit standards, and raising the cost that they pass on to the consumer. So what the Fed is concerned to do is to stop that process of monetary policy tightening.

B: And whatever the rates are , the other problem is the fact that the banks are just reducing their lending generally, and they don’t wanna lend to anyone with any sort of risky 3 background, so that's gonna cause problem within itself. There is nothing the Fed can do about that, is there?

A: No, there is not much that the Fed can do about that. Er…, at the margin 4, we are, I think going to less credit, now, I’m, we can go back to Japan in the, in the 1990s, it doesn’t matter how much you cut rates. You cannot force banks to lend if they don’t want to. But in actual fact, one of the things that we’re concerned about is not so much new borrowers, but existing borrowers who’ve got adjustable 5 rate debt er… where the interest rates go up and down, those are the guys who are vulnerable in this current environment, and the Fed's got to try and limit the damage to them. Because of course there are far more existing borrowers than there are potential new borrowers.

B: And you mentioned that the discount er.. rates which is the rate that the, you say that the banks go to the Feds asking for money if they really need it. Er… but that’s kind of epidemic 6, isn’t it? Because once people start using or once banks start using that facility, there is a huge stigma 7 attached to that , so they are gonna avoid that , anyway, aren’ they?

A: Well, there is a stigma, and particularly here in the United Kingdom, er…borrowing from the Bank of England attaches a huge stigma. In the States it will…

B: Northern Rock was the classic example.

A: Precisely 8. In the United States it’s less so, and there has been more willingness to borrow from the discount window er in the United States. So,er…I think actually as the credits crisis of confidence continues, banks will get over the social stigma and recognize that, hold on, if here's someone prepared to lend his money. We might as well take advantage of it, and that will then help to at least smooth over some of the problems in the market...

Notes:

smooth over: To mitigate 9 or alleviate

discount rate: The discount rate is the interest rate charged to commercial banks and other depository institutions on loans they receive from their regional Federal Reserve Bank's lending facility--the discount window.



1 monetary
adj.货币的,钱的;通货的;金融的;财政的
  • 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。
2 tightening
上紧,固定,紧密
  • 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。
3 risky
adj.有风险的,冒险的
  • It may be risky but we will chance it anyhow.这可能有危险,但我们无论如何要冒一冒险。
  • He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。
4 margin
n.页边空白;差额;余地,余裕;边,边缘
  • We allowed a margin of 20 minutes in catching the train.我们有20分钟的余地赶火车。
  • The village is situated at the margin of a forest.村子位于森林的边缘。
5 adjustable
adj.可调整的,可校准的
  • More expensive cameras have adjustable focusing.比较贵的照相机有可调焦距。
  • The chair has the virtue of being adjustable.这种椅子具有可调节的优点。
6 epidemic
n.流行病;盛行;adj.流行性的,流传极广的
  • That kind of epidemic disease has long been stamped out.那种传染病早已绝迹。
  • The authorities tried to localise the epidemic.当局试图把流行病限制在局部范围。
7 stigma
n.耻辱,污名;(花的)柱头
  • Being an unmarried mother used to carry a social stigma.做未婚母亲在社会上曾是不光彩的事。
  • The stigma of losing weighed heavily on the team.失败的耻辱让整个队伍压力沉重。
8 precisely
adv.恰好,正好,精确地,细致地
  • It's precisely that sort of slick sales-talk that I mistrust.我不相信的正是那种油腔滑调的推销宣传。
  • The man adjusted very precisely.那个人调得很准。
9 mitigate
vt.(使)减轻,(使)缓和
  • The government is trying to mitigate the effects of inflation.政府正试图缓和通货膨胀的影响。
  • Governments should endeavour to mitigate distress.政府应努力缓解贫困问题。
学英语单词
acieration
acoustic resonance
agrellites
anhydritolite
arthula formosana
atrabilous
azaroles
azonitrile
be-east
biological toxicology
blurrily
boat for collection and transportation of fish
caliber rule
chapul
Chlamdothrix
chloroplastic protein
climate community
clinodactyly
colporate grain
compositional petrology
Copal-Leitz shutter
covered reservoir
data entity
diffins
drawing-master
eclamptic toxemia
Ekman dredge
epitactic
esophagogastrostomy
esophagorrhea
Farūmād
fixities
fly one's kite
foster-land
free pod
gabaldon
genitalism
genus atrichorniss
ghost-townish
GMCD
gravitational redshift
half-capacity condenser
have it your way
hemiplegia ascendens
indifferently
intuition in probability
inventor
isoveryl chloride
Jim Crowing
jonkers
judders
kola nut tree
lack of filling power
linneite
Lost Pleiad
matsumuraiella enderleini
Mayo dress fabric
Military Justice Reporter
Ministry of Foreign Trade
misadventured
monocl
multiple target system
nitzschia paleacea
noncaptive container
novelty theory
oosporous
outlet of pelvis(posterior aperture)
parasitic disturbance
penethamate
photo-retouchings
phylicia
principledly
pulmonary tuberculoses
quasi-superheavy element
Qur'an
real expression
redcaps
research and practice
residual demand curve
rope-type head
sale-goers
SAP Enterprise Support
schouwenburg
send someone to glory
series distribution system
sinoventricular conduction
socra
standard test output
strip handle
sweet nothing
T cell suppressor factor
transmission of heat by convection
trim down
Ulmus prunifolia
venabol
vicenarian
viewer-centered representation
vitevin
Waldachtal
wining-and-dining
worm-driven rear axle
zoophysics