VOA慢速英语(翻译+字幕+讲解):美国或将跌入负利率
日期:2019-11-14 18:16

(单词翻译:单击)

fMRlIFrYv4vM6

听力文本

^YeiR_jzy2l%NJp

Negative US Interest Rates? Not Likely, Say Investors
Important interest rates in Europe and Japan have been negative for several years. The moves, however, could provide a warning about what happens when central banks' efforts to support growth create problems instead.
That is the idea expressed last week by finance officials and others at the Reuters Global Investment Outlook 2020 Summit. They argue that the effects of below-zero interest rates are long-lasting and harmful.
Interest rates are negative when lenders – not borrowers – must pay interest.
Critics say negative rates punish people who save money, cause problems for big banks and lead people to take bigger risks to get a small amount of interest.
About $12.5 trillion of the world's bonds, about 30 percent of the debt of countries in the developed world, pay negative interest. The Bank of Japan and the European Central Bank want economic growth and a small amount of inflation, so they have cut their interest rates to below zero.
However, a negative interest rate policy helps keep other interest rates, like the ones banks pay savers, low.
That means older people saving for retirement or in retirement are losing money, explained a recent blog post by BlackRock.
Blackrock and other investors say the U.S. Federal Reserve under Chairman Jerome Powell has been closely watching the situation in Europe and Japan. They say Powell wants to avoid negative rates in the United States.
"When you listen to Powell and other representatives of the Fed, they don't want to takes rates negative," said Dan Ivascyn. He is an investment officer at bond seller Pacific Investment Management Co.
"It will be well down the list of the tools that they will use," he said.
The moves by Europe and Japan's central banks have raised a question about what tools others, such as the U.S. Federal Reserve, have to fight a slowing economy.
The U.S. central bank last month cut its overnight lending rate by a fourth of a percentage point to a target somewhere between 1.5 percent and 1.75 percent.
U.S. President Donald Trump has suggested that the Federal Reserve push interest rates into negative numbers as a way to permit the U.S. government to refinance its $22 trillion in debt.
That is unlikely to happen, some of the financial experts at the meetings said.
"Never say never, but there is a real hesitancy here in the U.S. to take rates below (zero)," said Greg Peters. He is with the investment company, PGIM Fixed Income.
"I think the U.S. has had the benefit of seeing the (effects) of negative rates elsewhere," he added.
Negative interest rates do not always lead to an increase in lending and growing business investment.
Negative rates can cause financial organizations to earn less. If their profits are affected they might stop lending altogether and that would hurt the economy.
Anne Mathias supervises investing at Vanguard. She is an expert in worldwide interest rates. She said negative interest rates are unlikely.
"If we go into a recession...we will just go back to quantitative easing and expand the balance sheet again," she said.
Andrew Hsu is a manager of the DoubleLine Total Return Bond Fund. He warned about the effects of negative rates.
"If we had negative rates for the next 10-20 years... no one in this room will be able to retire," he said.
I'm Susan Shand.

重点解析

1.negative rates 负利率

)2]Z1oo8ITq9C8.Pdq!H

After all, all the Fed has to do is create some inflation to generate negative rates.
毕竟美联储所要做的就是制造通胀从而使实际利率为负[kqN#5B98pV|

2.interest rates 利率

!TA1B8IS-DxBU+@.)Dl

Low interest rates are bad news for savers.
低利率对于储蓄者来说是个坏消息m^=)^AWmZH-SBnwwJB

3.long-lasting 持久的;长期的

ZLKh!oUnYIvg[z

Solving the pollution problem is a long-lasting battle.
解决污染问题是一场旷日持久的战役n62Cfz6OOpXWt

4.balance sheet 资产负债表

rtFPl+en9vaAI

You can see that in the Balance Sheet.
你可以在资产负债表上看到这些数字n4M^7ilVtaja

5."If we go into a recession...we will just go back to quantitative easing and expand the balance sheet again," she said.

go back to 返回

6gcevUj+f2zvF,q

Let me just go back to the point I was making.
请允许我再回到我刚才所提的观点46Q&A*5my|Z~pm(iSF
Should I go back to the motel and wait for you to telephone?
我要回汽车旅馆等你电话吗?

6."If we go into a recession...we will just go back to quantitative easing and expand the balance sheet again," she said.

go into a recession 陷入衰退

#KC~Q|=0)n=31Juu

The US and world economy did not go into a recession in either case.
在上述两次案件中,美国和全球经济都未陷入衰退-[u|IUdMo1Gkm9)rB
That situation may still be reversed if the US were to go into a double-dip recession.
如果美国陷入双底衰退,这种情况有可能会逆转s9T,#bpbD;Alhb*zE

参考译文

d71@DUuuXL

美国或将跌入负利率
欧洲和日本几年来一直维持负利率3Wzp3(|Z8K3g#]O1。然而,这些举措可能为人们提供一个警告,即当各国央行支持经济增长的措施产生问题时,会发生什么&=elUUG;8=
这是上周在《路透全球投资展望2020峰会》,各国财政官员等人士表达的观点[qo[6360;O.E|。他们认为,负利率的影响是长期且有害的mlbFDCO#b*=ivqO[
负利率是指贷款方(而非借款方)必须支付利息IW[b7xKMTu*ci&K__
批评人士表示,负利率会惩罚储户,给大型银行带来麻烦,导致人们冒更大风险来获得小额利息S*0W(TGDR68EI9n
全球约有12.5万亿美元的债券是负利率,占发达国家债务的30%3Aiav57g#=O1_Z=WcO。日本央行和欧洲央行希望维持经济增长和小幅通胀,因此将利率降为负利率7dw;~IoA2bcOiw
然而,负利率政策有助于其它利率保持较低水平,如银行付给储户的利率mKV5%mu=j.k0NvwX

L^3RBjbXFXzOG)XL+

美国或将跌入负利率.jpg
贝莱德集团在最近的一篇博客文章中解释道,这意味着存钱等退休或者已经退休的老年人正在赔钱U2QwBaR]()F-ai89s[V
贝莱德集团等投资方表示,美联储主席鲍威尔一直在密切关注欧洲和日本的局势b0YLOx_E]DdY%(nx2m。他们称鲍威尔希望避免美国出现负利率[,0m7iAxFvDQmck-.
丹·伊瓦辛表示:“根据鲍威尔和美联储其他代表的说法,他们不想采取负利率pHQxe+m.q~1VHcZOxdm8。”伊瓦辛是债券承销商太平洋资产管理公司的投资官员5c(e51AOg#C7_D](3
他说:“美联储采用这一方法的概率很小5c.LF8OXoxsd53LR。”
欧洲和日本央行的举动引发了一大疑问,即美联储等其它机构会采取什么手段应对经济放缓%T7_~heY|G(5
美联储上个月将隔夜借贷利率下调了0.25个百分点,降至1.5%到1.75%之间的目标水平K&0nD;j##;^|L@jG
美国总统特朗普曾建议美联储将利率下调至负利率,以允许美国政府为其22万亿美元债务进行再融资FlwX3k*VjXvu1ycQ
一些与会的金融专家表示,这种情况不太可能会发生K#iwEdBHn60LIQU9;8,
格雷格·彼得斯表示:“说话留一线,但是美联储的确在采取零利率政策上非常犹豫不决-Wx;T_.Nm*tJ6-~COs。”他就职于PGIM固定收益投资公司u4[~xRMG!TgZP
他补充说:“我认为美国已经从观望其它地区负利率影响中受益(9p8lzUVX_UK。”
负利率并不总是会导致贷款增加和商业投资增长ekZdjsZV*I
负利率会导致金融机构的收入减少k~X,g[tbxN。如果金融机构的利润受到影响,他们可能会完全停止放贷,这将会损害经济~spXICB-p@
安妮·马蒂亚斯在Vanguard集团负责投资d&9,kq.jR-。马蒂亚斯是一名全球利率专家a8YXX9EfY,Y。她指出,美国不太可能实施负利率YMzyk)^ZH5Km
她说:“如果我们陷入衰退,我们将再次回到量化宽松政策并扩大资产负债表~.up@uss_aIgx_。”
安德鲁·许(Andrew Hsu)是DoubleLine Total Return Bond Fund的经理xSw.uK#MH;)*ngzDC。他对负利率影响发出警告iO.Bc@f8JOXjY_
他说:“如果在未来10到20年实施负利率,那在座的各位谁都别想退休了Ss9xr*OLQJ8EjVd。”
苏珊·尚德为您播报%%SZH[+CF!

译文为可可英语翻译,未经授权请勿转载!

k-cX+zG4K;t1*inq@m(G.Ws(4d+JLjiBmkSg
分享到