美國聯準會的長官們有個習慣，每年８月底在美國傑克森洞舉行的全球央行年會中，他們會伺機釋出貨幣政策新方向。在各界熱議美國９月是否升息的此際，今年的傑克森洞會議更受矚目；但這一回，代表出席的聯準會副主席費雪，卻說了一番讓升息派與反升息派都能各取所需的模糊答案。且看他是怎麼說的……。
There is a good reason to believe that inflation will move higher as the forces holding down inflation dissipate further…. With inflation low, we can probably remove accommodation at a gradual pace. Yet, because monetary policy influences real activity with a substantial lag, we should not wait until inflation is back to 2 percent to begin tightening. Should we judge at some point in time that the economy is threatening to overheat, we will have to move appropriately rapidly to deal with that threat. The same is true should the economy unexpectedly weaken.
有很好的理由相信隨著抑制通膨的力量將遞減。⋯⋯低通膨情況下，我們或許可以逐漸解除貨幣寬鬆政策。因為貨幣政策的影響和真實情況存在顯著的時間差，我們不該等到通膨回升到２％時才開始緊縮。如果我們等到經濟開始過熱時才下決定，到時就必須快速調整以對應經濟過熱的威脅。同理，當經濟比預期疲弱時，也不宜升息。
hold down 抑制、降低
例句：Please hold the noise down.
請降低音量。
dissipate (v.) /ˋdɪsə͵pet/ 減少、驅散
例句：His explanation didn't dissipate everyone's doubt.
他的解釋，無助驅散眾人的質疑。
substantial (a.) /səbˋstænʃəl/ 顯著的、真實的
例句：Her SOP made a substantial improvem
ent on the work efficiency.
她制定的標準作業流程，顯著地改善工作效率。
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