商业报道:英央行降息

First to the Bush plan. Oh, it does seem that it excludes more people than it includes?

That's right. I mean that if you look at who the plan's aimed at, it is really borrowers who are, seem to be solvent¹ not more than thirty days behind payment or sixty days throughout the course of the year with regards to their payments. So I think the in(itial), the original indication that it will help about 1.2, or 1, over 1 million subprime borrowers seems to be a bit mislaid if you like. And I think if when the market digests the full implications of the plan, there may be a bit of a reassessment thanks to its reaction to it.

Oh, really, so, because we did see the markets rally yesterday. So you think that was just a knee-jerk reaction that we are seeing something.

You also, you always see a knee-jerk reaction. I think what the plan did suggest or does suggest is that the actual extent of the subprime fallout from foreclosures. I mean if foreclosures do accelerate through a resetting² of mortgage rates. What that's likely to do is put further pressure on house prices which is good for nobody. Home builders or the consumer. So that the initial reaction is to say, hey, this is gonna actually stand that impact and it is seen as er, US positive. I think going forward, as the plan is actually further analyzed³. I think the obstacle will be more evident.

And here in the UK, we saw interest rates cut yesterday. Now is this also a response to the credit crisis in a way?

I think more, it is, the credit crisis has backed a lot of central banks into a corner. I mean there's no doubt within the UK that we are seeing, we have seen a softening⁴ picture within the economy house prices are at falling floor three months in a row. I think that the consumer sentiment and consumer activities softened⁵ and zoomed⁶ out considerably⁷. But I think most analysts⁸ were really expecting the Bank of England to start their interest rate cutting cycle towards the, at the start of next year. So to see the move this early does suggest that the credit market impact is, was a big factor.

It's one of the reasons that perhaps brought it forward a little bit.

Definitely, I mean , I think you can't discount the impact of the Northern Rock, er, fiasco. The Bank of England was, has been one of the least active in terms of providing liquidity⁹ in the face of this credit turmoil¹⁰ so, I think they don't want to give the impression that they weren't sensitive to what was going on in the banking¹¹ sector¹².

Now to be proactive . And of course speaking of interest rates, what's gonna happen with the FED next week.

Well, I think a 25 basis point cut is being pretty priced in by the market and analysts have been, increasingly have been talking about a 50, 50 basis point cut. I think if you look at the situation in the US, we are still seeing little evidence from the actual real economy to justify¹³ rate cuts. All of these responses are definitely related to the credit market and what's happening within the financial sector. I think if we see a 25 basis point cut from the dollar's point of view because it has been pretty priced in. I don't see that as a dollar negative mood whereas if we do see a 50 basis point cut next week, that could lend a bit of pressure against the dollar.

Notes:

Fiasco: A complete failure

Knee-jerk reaction: an automatic response

1 solvent   

n.溶剂；adj.有偿付能力的

参考例句：

• Gasoline is a solvent liquid which removes grease spots.汽油是一种能去掉油污的有溶解力的液体。
• A bankrupt company is not solvent.一个破产的公司是没有偿还债务的能力的。

2 resetting   

v.重新安放或安置( reset的现在分词 )；重拨（测量仪器指针）；为（考试、测试等）出一套新题；重新安置，将…恢复原位

参考例句：

• Range represents the maximum strain which can be recorded without resetting or replacing the strain gage. 量程表示无需重调或重装应变计就能记录到的最大应变。 来自辞典例句
• Adding weight to the puddle jumper by resetting its inertial dampeners. 通过调节飞船的惯性装置来增加重量。 来自电影对白

3 analyzed   

v.分析( analyze的过去式和过去分词 )；分解；解释；对…进行心理分析

参考例句：

• The doctors analyzed the blood sample for anemia. 医生们分析了贫血的血样。 来自《简明英汉词典》
• The young man did not analyze the process of his captivation and enrapturement, for love to him was a mystery and could not be analyzed. 这年轻人没有分析自己蛊惑著迷的过程，因为对他来说，爱是个不可分析的迷。 来自《简明英汉词典》

4 softening   

变软，软化

参考例句：

• Her eyes, softening, caressed his face. 她的眼光变得很温柔了。它们不住地爱抚他的脸。 来自汉英文学 - 家（1-26） - 家（1-26）
• He might think my brain was softening or something of the kind. 他也许会觉得我婆婆妈妈的，已经成了个软心肠的人了。

5 softened   

（使）变软( soften的过去式和过去分词 )； 缓解打击； 缓和； 安慰

参考例句：

• His smile softened slightly. 他的微笑稍柔和了些。
• The ice cream softened and began to melt. 冰淇淋开始变软并开始融化。

6 zoomed   

v.（飞机、汽车等）急速移动( zoom的过去式 )；（价格、费用等）急升，猛涨

参考例句：

• Traffic zoomed past us. 车辆从我们身边疾驰而过。
• Cars zoomed helter-skelter, honking belligerently. 大街上来往车辆穿梭不停，喇叭声刺耳。 来自《简明英汉词典》

7 considerably   

adv.极大地；相当大地；在很大程度上

参考例句：

• The economic situation has changed considerably.经济形势已发生了相当大的变化。
• The gap has narrowed considerably.分歧大大缩小了。

8 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• 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。

9 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

10 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

11 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

12 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

13 justify   

vt.证明…正当(或有理)，为…辩护

参考例句：

• He tried to justify his absence with lame excuses.他想用站不住脚的借口为自己的缺席辩解。
• Can you justify your rude behavior to me?你能向我证明你的粗野行为是有道理的吗？