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This is the VOA Special English Economics Report.
A listener from Indonesia named Efendy asks why the Federal Reserve is so important and how it works. This week offered a good example.
The Federal Reserve System is the United States central bank. Its Federal Open Market Committee, led by Fed chairman Ben Bernanke, makes monetary policy. It makes decisions that affect the cost of money and credit in the economy.
A television at the New York Stock Exchange shows the actions of the Federal Reserve
On Tuesday the committee lowered its target for the federal funds rate to four and three-quarters percent. This rate is what banks pay other banks to borrow money overnight. It was the first cut in four years.
Major banks including Bank of America, Wachovia and Wells Fargo soon followed with cuts in their prime rate. This is what banks charge their best customers.
Financial markets expected a rate cut from the Fed. But the size -- fifty basis points, or half a percentage point -- was double what many people expected. And it persuaded many that the Fed is more concerned about the possibility of a recession than about inflation.
Such concerns rose earlier this month on news that in August the economy lost jobs for the first time in four years. That added to worries about the housing finance crisis.
The committee said economic growth was moderate during the first half of the year. But it said the reduced availability of credit could intensify the current housing problems and restrain economic growth. The policy makers also said that some inflation risks remain and will be watched carefully.
The Fed's action will help some homeowners and other borrowers. What is not clear, though, is how much it will do for many homeowners facing sharply higher payments. Their payments on adjustable-rate mortgages will still go up, though not as high as they would have.
By the end of next year, an estimated two million or more holders of subprime loans will have their rates reset higher. These loans were made to people with weak credit histories.
The Fed also cut its discount rate for direct loans to banks by half a point, to five and one-quarter percent, to increase their lending ability. The traditional opinion of borrowing from the so-called discount window was that it represented a sign of weakness.
Stock markets rose sharply after the Fed cut interest rates. But not everyone was so pleased. Some experts warn that cutting rates could raise inflation. They also say it helps those who made unwise borrowing decisions.
And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Jim Tedder.
ECONOMICS REPORT - US Central Bank Moves to Ease Credit, Protect Economy
This is the VOA Special English Economics Report.
A listener from Indonesia named Efendy asks why the Federal Reserve is so important and how it works. This week offered a good example.
The Federal Reserve System is the United States central bank. Its Federal Open Market Committee, led by Fed chairman Ben Bernanke, makes monetary policy. It makes decisions that affect the cost of money and credit in the economy.
2007年9月20日经济报道：美国央行着手减轻信贷影响、保护经济。
这是VOA特别英语的经济报道。
一名叫Efendy的印尼听众问，美联储为何如此重要及其如何运作。本周提供了一个好的实例。
（美）联邦储备系统是美国的央行。由美联储主席本. 伯南克领导的（美联储）联邦公开市场委员会制定货币政策，其决定影响到经济中的货币与信贷成本。
On Tuesday the committee lowered its target for the federal funds rate to four and three-quarters percent. This rate is what banks pay other banks to borrow money overnight. It was the first cut in four years.
Major banks including Bank of America, Wachovia and Wells Fargo soon followed with cuts in their prime rate. This is what banks charge their best customers.
星期二，该委员会将联邦基金目标利率降低至4.75%，即银行从其它银行拆借时所支付的当前利率，这是四年来的首次降低。包括美洲银行、美联银行及富国银行在内的主要银行也随后降低了最惠利率，这是银行对它们最优顾客收取的利率。
Financial markets expected a rate cut from the Fed. But the size -- fifty basis points, or half a percentage point -- was double what many people expected. And it persuaded many that the Fed is more concerned about the possibility of a recession than about inflation.
金融市场预计到了美联储的降息，但其幅度，50个基点也即0.5%，是许多人预期幅度的二倍。这说明，美联储更担心（经济）衰退的可能性，而不是通货膨胀。
Such concerns rose earlier this month on news that in August the economy lost jobs for the first time in four years. That added to worries about the housing finance crisis.
此类担心源自于本月初的消息，即美国8月份的经济四年来首次出现就业（机会）减少，其加重了对房产金融危机的担心。
The committee said economic growth was moderate during the first half of the year. But it said the reduced availability of credit could intensify the current housing problems and restrain economic growth. The policy makers also said that some inflation risks remain and will be watched carefully.
该委员会说，上半年经济增长温和。但又说，可供信贷的减少会加重目前的房产问题，并抑制经济增长。决策者也说，某些通货膨胀的风险仍然存在，并且会（予以）密切观察。
The Fed's action will help some homeowners and other borrowers. What is not clear, though, is how much it will do for many homeowners facing sharply higher payments. Their payments on adjustable-rate mortgages will still go up, though not as high as they would have.
美联储的措施将有助于某些房主及其它贷款人。但是，尚不明了的是对于许多面临还款急剧上升的房主究竟有多大帮助。尽管（他们的）利率可调抵押还款不如此前那么高，但仍然在上升。
By the end of next year, an estimated two million or more holders of subprime loans will have their rates reset higher. These loans were made to people with weak credit histories.
到明年底，估计有200万或200万以上的次级房贷（/贷款）人将面临其利率上调，他们的贷款是在疲软的信贷历史条件下形成的。
The Fed also cut its discount rate for direct loans to banks by half a point, to five and one-quarter percent, to increase their lending ability. The traditional opinion of borrowing from the so-called discount window was that it represented a sign of weakness.
另外，美联储将（其）向银行直接放款的贴现率降低了半个百分点，即降到5.25%，以增加银行的贷款能力。以传统的观点来看，从此类贴现窗口的借款是疲软的迹象。
Stock markets rose sharply after the Fed cut interest rates. But not everyone was so pleased. Some experts warn that cutting rates could raise inflation. They also say it helps those who made unwise borrowing decisions.
美联储降低利率之后，股票市场大幅上升。一些专家警告说，降低利率会增加通货膨胀（率）；他们还说，这会有助于那些作出不明智借款决定者。
And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Jim Tedder.
好了，这是由Mario Ritter编写的VOA特别英语经济报道。我是Jim Tedder。
说明：前一部分是英文原文，后一部分是中英文对照翻译。这样排版觉得便于大家先自己对照全英文进行翻译，之后再与后面的做比较。 |
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