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美联储的量化紧缩计划
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美联储将其主要利率提高了0.75个百分点，达到1.5%-1.75%的目标区间，这是自1994年以来的最大增幅。
双语精读
The Federal Reserve raised its main interest rate by three-quarters of a percentage point, to a target range of 1.5% to 1.75%, the biggest increase since 1994.
美联储将其主要利率提高了0.75个百分点，达到1.5%-1.75%的目标区间，这是自1994年以来的最大增幅。
It was thought the central bank would lift the rate by half a point, but a few days before its decision data showed that America's annual inflation rate, as measured by the consumer-price index, increased to 8.6% in May, higher than had been expected.
人们原以为美国中央银行会将利率提高0.5个百分点，但就在央行做出决定的几天前，数据显示，以消费者价格指数衡量的美国5月份的年度通货膨胀率上升到了8.6%，高于预期。
Grocery prices were up by an average 11.9%, the biggest increase since 1979. The average price of a gallon of petrol in America has now breached $5 for the first time, up by 50% since January.
食品杂货价格平均上涨了11.9%，这是自1979年以来的最大涨幅。美国目前每加仑汽油的平均价格首次突破5美元，自1月份以来上涨了50%。
Financial markets also had to digest the Fed's quantitative-tightening programme, which began this week. The Fed is unwinding the balance-sheet of assets it accumulated since the start of the pandemic at a much faster pace than the last time it commenced such an undertaking in 2017.
金融市场也不得不消化美联储本周开始的量化紧缩计划。美联储正在以比上一次（在2017年）还要快得多的速度消耗自疫情开始以来积累的资产。
The European Central Bank held an emergency meeting after government-bond yields rose sharply across the currency bloc. The pressure on government debt came after the ECB outlined an end to stimulus measures and confirmed it would start raising interest rates next month.
欧洲央行在欧元区各国政府债券收益率大幅上升后召开了紧急会议。欧洲央行表明将会取消刺激性措施，并确定将于下月开始加息，政府债务压力也随之而来。
Italy's bonds were under the most duress. The yield on the ten-year note rose above 4%. Japan's finance ministry and central bank issued a statement that they are concerned by the weak yen.
意大利债券受到的压力最大，十年期国债收益率上升到4%以上。日本财务省、日本央行发表声明表示，他们对日元疲软感到担忧。
Despite that the Bank of Japan intervened to expand its bond-buying programme when the yield on the ten-year note again breached its 0.25% cap. The policy has driven the yen to a 24-year low against the dollar.
尽管如此，当十年期国债收益率再次突破0.25%的上限时，日本银行进行了干预，扩大了债券购买计划。该政策已将日元兑美元汇率压至24年来的最低点。
The S&P 500 dropped by 3.9% in a day. That meant the index was down by 22% since its record high on January 3rd, making that stretch of trading a bear market (a fall of 20% or more from the most recent peak).
标准普尔500指数在一天内下跌了3.9%。这意味着该指数自1月3日的历史高点以来下跌了22%，使这段时间的交易成为熊市（从最近的高点下跌了20%或更多）。
The current bear market has lasted over 160 days. That is longer than the bearish 33 days over February and March 2020, but still some way behind the 517 days that ran from October 2007 to March 2009.
目前熊市已经持续了160多天，这比2020年2月和3月期间的33天要长，但仍低于2007年10月至2009年3月的517天。
Cryptocurrency markets were in turmoil as more signs emerged of problems with the infrastructure underpinning digital assets. Celsius, a platform that enables its users to lend their crypto tokens for a return, stopped customers withdrawing funds.
越来越多的迹象显示支撑数字资产的基础设施出现问题，加密货币市场也随之陷入动荡。Celsius是一个允许用户借出他们的加密代币以换取收益的平台，该平台叫停了客户提款服务。
Bitcoin shed over a fifth of its price over a few days. The value of the overall crypto market has fallen from a peak of 1trn.
比特币的价格在几天内下跌了五分之一以上。整个加密货币市场的价值已经从11月3.2万亿美元的峰值蒸发到不足1万亿美元。
词汇预习
current [高考]
美[ˈkɜːrənt] | 英[ˈkʌrənt]
n. 趋势；(水、气、电)流 adj. 现在的；流通的
peak [高考]
美[piːk] | 英[piːk]
n. 山顶；顶峰；山峰；尖端；帽檐；极值 v. 达到高峰；达到最高值 adj. 最高的；高峰期的；最大值的 【名】（Peak）（英）皮克（人名）
sharply [高考]
美[ˈʃɑrpli] | 英[ˈʃɑ:pli]
adv. 锐利地；严厉地；厉害地；轮廓清晰、线条分明地
overall [高考]
美[ˌoʊvərˈɔːl , ˈoʊvərɔːl] | 英[ˌəʊvərˈɔːl , ˈəʊvərɔːl]
adj. 全部的；总体的；全面考虑的 adv. 总的来说；总共 n. 罩衫；工作服
stretch [高考]
美[stretʃ] | 英[stretʃ]
v. 伸展；延伸；伸出；舒展 n. 伸展；弹性；舒展；一片 adj.有弹力的
infrastructure [高考]
美[ˈɪnfrəstrʌktʃər] | 英[ˈɪnfrəstrʌktʃə(r)]
n. 基础；基础设施
data [高考]
美[ˈdeɪtə] | 英[ˈdeɪtə]
n. 数据；资料
rate [高考]
美[reɪt] | 英[reɪt]
n. 比率；速度；价格；费用；等级 v. 认为；估价；定等级；值得；怒斥；责骂
range [高考]
美[reɪndʒ] | 英[reɪndʒ]
n.范围; 射程; 类别; （山脉，房屋等的）排列 vi.搜索; 变化; 延伸; 漫游 vt.排列; （按一定位置或顺序）排序; 把…分类; 徘徊 adj.牧场的，放牧区的
target [高考]
美[ˈtɑːrɡɪt] | 英[ˈtɑːɡɪt]
n. 目标；对象；靶 vt. 把 ... 作为目标；瞄准
pace [高考]
美[peɪs] | 英[peɪs]
n. 速度；步伐；(一)步 v. 踱步；(用步)测；(马)溜蹄走 prep. 用在人名前(礼貌的表达不同意见)
sheet [高考]
美[ʃiːt] | 英[ʃiːt]
n. 被单；纸；(薄)片；一片 n. [船]帆脚索 v. 铺盖；使成片 adj. 片状的
annual [高考]
美[ˈænjuəl] | 英[ˈænjuəl]
adj. 每年的；年度的；一年生的 n. 年刊；一年生植物
percentage [高考]
美[pərˈsentɪdʒ] | 英[pəˈsentɪdʒ]
n. 百分比，百分率；部分，比例；利润分成，提成；[非正式]利益，好处
expand [高考]
美[ɪkˈspænd] | 英[ɪkˈspænd]
v. 使 ... 膨胀；详述；扩张；增加；张开
emergency [高考]
美[iˈmɜːrdʒənsi] | 英[iˈmɜːdʒənsi]
n. 突发事件；紧急状态 adj. 应急的；紧急的；备用的
bond [高考]
美[bɑːnd] | 英[bɒnd]
n. 债券；结合；协定；联系；情谊；黏合剂 vt. 使结合；为 ... 作保 vi. 连结；粘合
debt [高考]
美[det] | 英[det]
n. 债务；恩情；负债状态；义务；罪
platform [高考]
美[ˈplætfɔːrm] | 英[ˈplætfɔːm]
n. 平台，站台，月台，讲台，(政党的)政纲 v. 把…放在台上；起草政纲；站在讲台上演说
ministry [高考]
美[ˈmɪnɪstri] | 英[ˈmɪnɪstri]
n. (政府的)部；内阁；(全体)牧师
finance [高考]
美[ˈfaɪnæns] | 英[ˈfaɪnæns]
n. 金融；财政；资金 vt. 给 ... 提供资金；负担经费
digest [高考]
美[daɪˈdʒest , ˈdaɪdʒest] | 英[daɪˈdʒest , ˈdaɪdʒest]
n. 摘要 vt. 消化；理解 vi. 消化
petrol [高考]
美[ˈpetrəl] | 英[ˈpetrəl]
n. [英]汽油
currency [高考]
美[ˈkɜːrənsi] | 英[ˈkʌrənsi]
n. 货币；流通
gallon [高考]
美[ˈɡælən] | 英[ˈɡælən]
n. 加仑(容量单位)
yield [高考]
美[jiːld] | 英[jiːld]
v. 生产；获利；屈服；弯下去 n. 投资收益；生产量
would [高考]
美[wʊd , wəd] | 英[wʊd , wəd]
aux. 将；可能；大概；总会；愿意；will的过去式
shed [四级]
美[ʃed] | 英[ʃed]
vt. 除掉；使脱落；使流出；使清晰 n. 小屋；车棚
index [四级]
美[ˈɪndeks] | 英[ˈɪndeks]
n. 指数；索引；(刻度盘上的)指针 v. 指出；编索引
inflation [四级]
美[ɪnˈfleɪʃn] | 英[ɪnˈfleɪʃn]
n. 通货膨胀；膨胀
stimulus [四级]
美[ˈstɪmjələs] | 英[ˈstɪmjələs]
n. 刺激；刺激品；激励
pressure on [四级]
美 | 英
对...的压力
concerned [四级]
美[kənˈsɜːrnd] | 英[kənˈsɜːnd]
adj. 担忧的；关心的；关切的；有关的
quantitative [六级]
美[ˈkwɑːntəteɪtɪv] | 英[ˈkwɒntɪtətɪv]
adj. 数量的；定量的
Celsius [六级]
美[ˈselsiəs] | 英[ˈselsiəs]
adj. 摄氏的 n. 摄氏
tightening [专四]
美['taɪtnɪŋ] | 英['taɪtnɪŋ]
n. 上紧；固定；紧密
turmoil [专四]
美[ˈtɜːrmɔɪl] | 英[ˈtɜːmɔɪl]
n. 混乱；骚动
Federal [考研]
美[ˈfedərəl] | 英[ˈfedərəl]
adj. 联邦制的；联邦政府的；同盟的 n. 联邦主义者；同盟盟友
less than [雅思]
美[les ðən] | 英[les ðən]
不到； 少于
重点讲解
The Federal Reserve raised**** its main**** interest**** rate**** by**** three-quarters**** of**** a percentage**** point,**** to**** a target**** range of**** 1.5%**** to**** 1.75****%, the biggest increase**** since 1994****.****
美联储将其主要利率提高了0.75个百分点，达到1.5%-1.75%的目标区间，这是自1994年以来的最大增幅。
It**** was thought the central bank**** would lift**** the rate**** by**** half**** a point,**** but a few days**** before**** its decision**** data**** showed**** that**** America's annual**** inflation rate****,**** as**** measured**** by**** the consumer****-price index,**** increased to**** 8.6%**** in**** May,**** higher**** than**** had been**** expected****.****
人们原以为美国中央银行会将利率提高0.5个百分点，但就在央行做出决定的几天前，数据显示，以消费者价格指数衡量的美国5月份的年度通货膨胀率上升到了8.6%，高于预期。
Grocery prices were up by an average 11.9%, the biggest increase since 1979. The average price of a gallon of petrol in America has now breached $5 for the first time, up by 50% since January.
食品杂货价格平均上涨了11.9%，这是自1979年以来的最大涨幅。美国目前每加仑汽油的平均价格首次突破5美元，自1月份以来上涨了50%。
breach n. & v.
1. 作名词
1）（对法规等的）违背，违犯
【例】a breach of contract/copyright/warranty 违犯合同／侵犯版权／违反保证
2）（关系中的）裂痕
【例】Their actions threatened a serious breach in relations between the two countries.
他们的行动有威胁两国关系分裂的危险。
2. 作动词，违反，破坏
【例】The government is accused of breaching the terms of the treaty.
政府被控违反条约中的规定。
Financial markets also had to digest the Fed’s quantitative-tightening programme, which began this week. The Fed is unwinding the balance-sheet of assets it accumulated since the start of the pandemic at a much faster pace than the last time it commenced such an undertaking in 2017.
金融市场也不得不消化美联储本周开始的量化紧缩计划。美联储正在以比上一次（在2017年）还要快得多的速度消耗自疫情开始以来积累的资产。
unwind v.
1. 解开，打开，松开（卷绕之物）
（英文释义：to undo sth that has been wrapped into a ball or around sth）
【例】He unwound his scarf from his neck.
他从脖子上解下围巾。
2. 放松；轻松
（英文释义：to stop worrying or thinking about problems and start to relax）
【例】Music helps me unwind after a busy day.
音乐使我在忙碌一天后得以放松。
undertake v.
1. 承担；从事；负责
【例】University professors both teach and undertake research.
大学教授既要教学又要从事研究工作。
2. 承诺；允诺；答应
【例】He undertook to finish the job by Friday.
他答应星期五或之前完成这一工作。
The European Central Bank held an emergency meeting after government-bond yields rose sharply across the currency bloc. The pressure on government debt came after the ECB outlined an end to stimulus measures and confirmed it would start raising interest rates next month.
欧洲央行在欧元区各国政府债券收益率大幅上升后召开了紧急会议。欧洲央行表明将会取消刺激性措施，并确定将于下月开始加息，政府债务压力也随之而来。
concerned adj.
1. 担心的；忧虑的
【搭配】be concerned about/ for sth, be concerned that... 担心／担忧...
【例】The President is deeply concerned about this issue.
总统对这个问题深感担忧。
2. 感兴趣的；关切的；关注的
【搭配】be concerned about/ with sth 对... 感兴趣
【例】They were more concerned with how the other women had dressed than in what the speaker was saying.
她们对别的妇女的衣着打扮比对发言人的讲话更加感兴趣。
Italy's bonds were under the most duress. The yield on the ten-year note rose above 4%. Japan's finance ministry and central bank issued a statement that they are concerned by the weak yen.
意大利债券受到的压力最大，十年期国债收益率上升到4%以上。日本财务省、日本央行发表声明表示，他们对日元疲软感到担忧。
concerned adj.
1. 担心的；忧虑的
【搭配】be concerned about/ for sth, be concerned that... 担心／担忧...
【例】The President is deeply concerned about this issue.
总统对这个问题深感担忧。
2. 感兴趣的；关切的；关注的
【搭配】be concerned about/ with sth 对... 感兴趣
【例】They were more concerned with how the other women had dressed than in what the speaker was saying.
她们对别的妇女的衣着打扮比对发言人的讲话更加感兴趣。
Despite that**** the Bank**** of**** Japan intervened**** to**** expand**** its bond****-buying**** programme when**** the yield on**** the ten-year**** note**** again breached**** its 0.25****%**** cap.**** The policy**** has driven**** the yen to**** a 24****-year**** low against the dollar****.****
尽管如此，当十年期国债收益率再次突破0.25%的上限时，日本银行进行了干预，扩大了债券购买计划。该政策已将日元兑美元汇率压至24年来的最低点。
The S&P 500 dropped by 3.9% in a day. That meant the index was down by 22% since its record high on January 3rd, making that stretch of trading a bear market (a fall of 20% or more from the most recent peak).
标准普尔500指数在一天内下跌了3.9%。这意味着该指数自1月3日的历史高点以来下跌了22%，使这段时间的交易成为熊市（从最近的高点下跌了20%或更多）。
record high 破纪录的高点，打破纪录
（英文释义：the highest amount or level that something has ever reached）
【例】The Dow Jones index closed at a record high on Monday.
道琼斯指数周一收于历史新高。
stretch v. & n.
1. 作动词，
1）拉紧；拉直；绷紧
【例】Stretch the fabric tightly over the frame.
把布在架子上绷紧。
2）伸展；舒展
【例】He stretched and yawned lazily.
他伸了伸懒腰，打了个哈欠。
stretch your legs （久坐之后）散散步，活动活动腿脚
2. 作名词
1）土地、水域的一段
【例】an unspoilt stretch of coastline
一段未破坏原貌的海岸线
2）（连续的）一段时间
【例】She used to read for hours at a stretch （= without stopping）.
她以前看书常常连看几小时。
The current bear market has lasted over 160 days. That is longer than the bearish 33 days over February and March 2020, but still some way behind the 517 days that ran from October 2007 to March 2009.
目前熊市已经持续了160多天，这比2020年2月和3月期间的33天要长，但仍低于2007年10月至2009年3月的517天。
turmoil n. 混乱，骚乱
【例】She lived through the turmoil of the French Revolution.
她经历过法国大革命的混乱之后仍旧活着。
emotional/mental/political turmoil 纷乱的情绪；精神上的混乱；政治动乱
【例】Her mind was in (a) turmoil.
她心乱如麻。
underpin v. 加强，巩固，构成（…的基础等）
【例】The report is underpinned by extensive research.
这份报告以广泛的研究为基础。
Cryptocurrency markets were in turmoil as more signs emerged of problems with the infrastructure underpinning digital assets. Celsius, a platform that enables its users to lend their crypto tokens for a return, stopped customers withdrawing funds.
越来越多的迹象显示支撑数字资产的基础设施出现问题，加密货币市场也随之陷入动荡。Celsius是一个允许用户借出他们的加密代币以换取收益的平台，该平台叫停了客户提款服务。
turmoil n. 混乱，骚乱
【例】She lived through the turmoil of the French Revolution.
她经历过法国大革命的混乱之后仍旧活着。
emotional/mental/political turmoil 纷乱的情绪；精神上的混乱；政治动乱
【例】Her mind was in (a) turmoil.
她心乱如麻。
underpin v. 加强，巩固，构成（…的基础等）
【例】The report is underpinned by extensive research.
这份报告以广泛的研究为基础。
Bitcoin shed**** over**** a fifth of**** its price over**** a few days****.**** The value of**** the overall crypto**** market**** has fallen**** from**** a peak**** of**** 1trn.****
比特币的价格在几天内下跌了五分之一以上。整个加密货币市场的价值已经从11月3.2万亿美元的峰值蒸发到不足1万亿美元。
课后练习
What did the Federal Reserve do?
A. It lifted interest rate higher than expected.
B. It made the wrong prediction of inflation.
C. It released latest data about the economy.
D. It devised new policy to control high prices.
What is the influence of the Fed’s quantitative-tightening programme?
A. It has expanded fiscal deficit at a fast pace.
B. It has increased the yield of government bonds.
C. It has caused fluctuation in European stock market.
D. It has undermined the confidence in Italy’s economy.
According to the S&P 500, the stock market is ____.
A. stable
B. thriving
C. recovering
D. gloomy
The measure taken by Celsius shows that ____.
A. the digital currency market lacks regulation
B. the cryptocurrency is experiencing chaos
C. there is widespread suspicion about Bitcoin
D. the crypto market is likely to break down