But when a recession or financial blow-up beckoned, it slashed rates and acted as a lender of last resort.
但在经济衰退或金融危机向其招手的时候，美联储便大幅下调利率，并担当起最终借款人的角色。
Meanwhile, the Bank of Japan slashed rates to ward off an export decline, and stoke up more domestic demand.
同时，日本央行削减利率以避免出口下滑，并激发更多内需。
Although the greenback has been sliding for over five years, the pace of decline stepped up as the Fed slashed rates.
尽管美元五年来一直在贬值，但是随着联储的降息贬值的速度加快了。
So grim, in fact, that on November 26th the People’s Bank of China slashed rates by more than a percentage point-the most in 11 years-to boost growth.
事实上正是因为这个原因，11月26日中国人民银行宣布降息一个百分点还多-这是11年来最大的一次降息-以刺激经济。
That is most true of the Fed, which slashed rates between 2001 and 2003, held them at 1% for a year and then raised them in slow, predictable quarter-point steps, fuelling the housing boom.
这一批评对美联储来说恰如其分：它在2001年至2003年间持续降息，使利率低到1%并维持了一年，然后一成不变地以每季度四分之一个百分比的速度缓缓加息，这无疑是对房市繁荣火上加油。
Two years after the Fed slashed rates almost to zero, ten-year Treasury-bond yields are 2-3%, around the same level as Japanese bonds reached two years after Japan's short-term rates fell to 0.5%.
在美联储把利率降低到几乎0的两年后，十年期国债收益率是2- 3%，这和日本在短期利率降至0.5%的两年之后的国债收益率近似。
The negative mood comes just a day after European central Banks slashed interest rates in the hope of stabilizing the markets.
就在这种负面情绪弥漫市场的前一天，欧洲各中央银行削减利率，希望稳定市场。
Central Banks around the world slashed interest rates in a desperate attempt to get people and businesses spending again.
世界各国央行削减利率，不顾一切地要刺激居民和企业再次扩大支出。
A once-a-day pill slashed snoring rates by almost 70% in a small US trial, Daily Mail reported.
据《每日邮报》报道，美国进行的一次小型试验中，一种药片可以减少70%的打鼾次数。
Both Banks have cumulatively slashed their key interest rates by more than the Federal Reserve and the European Central bank (see chart).
澳，挪两家央行连续降低基准利率，幅度远远超过美联储和欧洲中央银行(参见图表)。
The leaders of the euro zone had extended the maturities and slashed the interest rates on rescue loans, helping the three bailed-out countries.
欧元区各国领导人同意三个受援国延后偿还到期债务，并降低救援贷款利息，以提供帮助。
Any time a debt crisis threatened the economy, central Banks slashed interest rates.
每当债务危机威胁经济，央行就会大幅降低利率。
The average tourist this year has spent 5% less than in 2008, thanks to slashed hotel rates.
因为酒店房费打折，今年游客的平均花销比2008年降低了5%。
The Reserve Bank of Australia (RBA) was among the first rich-world central banks to start raising interest rates after virtually all countries had slashed them during the crisis.
澳大利亚储备银行是发达国家中最先从危机期间席卷全球的降息潮中走出并开始升息的国家。
Interest rates have been slashed, taxes have been cut, money has been bumped into the banking system.
利率已经大幅下调，税收已经降低，银行系统已经获得注资。
Central Banks have slashed interest rates (see chart 1); the rich world's largest ones have supplemented ultra-cheap money with a special drug, quantitative easing (QE).
各国央行大幅度调低利率(见图表1)，最大的几个经济强国还采取了“定量宽松”政策。
Most central Banks slashed interest rates.
绝大多数央行都下调了利率。
Activity was similarly boosted in the fourth quarter of 2001 after the Federal Reserve slashed interest rates in response to the terrorist attacks on New York and Washington.
2001年第四财季，为应对纽约和华盛顿遭受的恐怖袭击，美联储(the Federal Reserve)降低利率，经济活动也同样得到提振。
After the dotcom bubble burst in 2000-01, the Fed slashed short-terminterest rates to 1% by 2003.
在2000-2001年，当互联网泡沫破灭后，联储会不断消减短期利息，使短期利息在2003年降到1%。
South Africans remain reluctant to spend, despite the Reserve Bank having slashed interest rates by five percentage points since December.
尽管央行自12月起大幅降息5个百分点，南非人仍然不愿意支出。
For the third time in as many months, the European Central Bank has slashed interest rates - this time by three-quarters of a percent, the largest cut in the currency bloc's 10-year history.
欧洲中央银行在3个月里第三次降息，幅度为0.75个百分点，是欧元区成立10年来最大的降幅。
By the end of 2008 the Federal Reserve, the ECB and the Bank of England had slashed official interest rates.
在2008年末，美联储、欧洲央行和英国银行已经削减了官方利率。
Short-term interest rates have been slashed, with several big central banks in the uncharted territory of "quantitative easing".
短期利率已经下调，一些大型央行纷纷重拾“定量放松”政策。
Second, very low interest rates have slashed the cost of servicing public debts, reducing public spending.
第二，过低的利率削减了为公共债务服务的成本，降低了公共支出。
Interest rates are slashed further, to 2.5% by the summer.
到明年夏季之前，利率进一步下降至2.5%。
The Reserve Bank of India, India's central bank, has slashed its benchmark interest rates, but the cost of private loans has not fallen by as much.
印度储备银行，印度中央银行削减基准利率，但是个人贷款并没有提高。
The Reserve Bank of India, India's central bank, has slashed its benchmark interest rates, but the cost of private loans has not fallen by as much.
印度储备银行，印度中央银行削减基准利率，但是个人贷款并没有提高。
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