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2017年中級(jí)商務(wù)英語閱讀精選講義
把學(xué)問過于用作裝飾是虛假;完全依學(xué)問上的規(guī)則而斷事是書生的怪癖。以下是小編為大家搜索整理的2017年中級(jí)商務(wù)英語閱讀精選講義，希望能給大家?guī)韼椭?更多精彩內(nèi)容請(qǐng)及時(shí)關(guān)注我們應(yīng)屆畢業(yè)生考試網(wǎng)!
對(duì)市場(chǎng)而言，降息猶如毒品。它們能讓人興奮，但也能導(dǎo)致依賴。就像癮君子一樣，市場(chǎng)需要越來越大的劑量，才能達(dá)到同樣的效果。
for the markets, rate cuts are like a drug. they can inspire euphoria, but can also induce dependency. markets, like addicts, need bigger and bigger doses to get the same effect.
這就為美聯(lián)儲(chǔ)(fed)圈定了市場(chǎng)可能會(huì)有的癥狀。今天，美聯(lián)儲(chǔ)將開會(huì)決定貨幣政策。當(dāng)它今年9月降息50個(gè)基點(diǎn)時(shí)，曾引發(fā)市場(chǎng)大幅上揚(yáng)。但是，由于10月僅降息25個(gè)基點(diǎn)，導(dǎo)致市場(chǎng)故態(tài)復(fù)萌：美國股市下跌，信貸再次緊縮。
this has framed the market’s prognosis for the federal reserve, which today meets to decide on monetary policy. when it cut by 50 basis points in september, it sparked a huge rally. but cutting by only 25bp in october prompted a relapse, as us stocks fell and credit tightened once more.
由于美聯(lián)儲(chǔ)官員承認(rèn)流動(dòng)性緊縮有所加劇，交易員猜測(cè)會(huì)出現(xiàn)經(jīng)濟(jì)衰退，因此，市場(chǎng)認(rèn)為美聯(lián)儲(chǔ)將再次降息50個(gè)基點(diǎn)。這引發(fā)了最近的上漲。不過，這種猜測(cè)正在漸漸降溫：期貨價(jià)格顯示市場(chǎng)預(yù)計(jì)降息25個(gè)基點(diǎn)、而非50個(gè)基點(diǎn)。
with fed governors admitting that the liquidity squeeze had intensified and traders betting on a recession, markets decided that another 50bp cut must be forthcoming. that sparked the latest rally. but that speculation is dimming: futures are pricing a cut of 25bp not 50bp.
為什么呢?各國央行上周聽起來還很強(qiáng)硬。英國央行(bank of england)降低了利率，但發(fā)出了通脹警告。按兵不動(dòng)的歐洲央行(european central bank)聽起來更像要加息，而不是降息。
why? central banks sounded hawkish last week. the bank of england cut the bank rate but warned on inflation, and the european central bank, which was on hold, sounded closer to raising rates than cutting them.
然而，最重要的是就業(yè)數(shù)據(jù)。美聯(lián)儲(chǔ)受命實(shí)現(xiàn)完全就業(yè)，因此，糟糕的就業(yè)數(shù)據(jù)可以為大幅降息提供很好的借口。
most important, however, is employment data. the fed is mandated to pursue full employment, so bad jobs numbers provide great cover for a big rate cut.
上周五公布的非農(nóng)就業(yè)數(shù)據(jù)無法提供這個(gè)借口。就業(yè)人數(shù)增加了9.4萬人，高于此前預(yù)測(cè)的8萬人。這樣的數(shù)據(jù)顯示，經(jīng)濟(jì)沒有滑入衰退區(qū)間。通過調(diào)查家庭而非調(diào)查企業(yè)匯編的家庭調(diào)查甚至顯示，就業(yè)增速還略有上揚(yáng)。
last friday’s non-farm payrolls did not provide it. the number employed rose by 94,000, compared with forecasts of 80,000. this data refuses to slip into recession territory. the household survey, compiled by polling households rather than companies, even shows jobs growth picking up slightly.
美聯(lián)儲(chǔ)可以依據(jù)這個(gè)數(shù)據(jù)做出診斷嗎?追蹤企業(yè)稅項(xiàng)撥備的公司警告稱，這種就業(yè)增長似乎已經(jīng)停止。 can the fed rest its diagnosis on this data? firms tracking the money companies withhold for tax purposes warn that job growth seems to have stopped.
不過，美聯(lián)儲(chǔ)并不想在市場(chǎng)上誘導(dǎo)“癮君子文化”，也不想表現(xiàn)出自己害怕經(jīng)濟(jì)衰退�？雌饋�，美聯(lián)儲(chǔ)最可能開具的藥方是：聯(lián)邦基金利率降低25個(gè)基點(diǎn)，并可能更大幅度降低其貸款給各銀行所依據(jù)的較高的貼現(xiàn)率。
but the fed does not want to induce a dependency culture in the markets, and it does not want to signal that it is scared of a recession. a 25bp cut in the fed funds rate, possibly with a steeper cut to the higher discount rate, at which it lends to banks, looks the most likely prescription.
part 2
女巫的超前思維
親愛的經(jīng)濟(jì)學(xué)家：
dear economist,
有一個(gè)關(guān)于古羅馬末代君王塔爾坎(tarquin)的傳說。一位老女巫走到塔爾坎面前，提出以高昂的價(jià)格賣給他9本預(yù)言書。塔爾坎對(duì)這一提議不以為然。女巫燒毀了其中的3本書，然后提出以原價(jià)賣給他剩下的6本。塔爾坎再次拒絕了。
there is a legend about the last king of the romans, tarquin. an old witch came to tarquin, and offered to sell him nine books of prophecy at an exorbitant price. tarquin laughed at the offer. the witch burned three of the books, and then offered to sell him the remaining six for the original price. tarquin refused again.
女巫又燒毀了3本，然后同樣以最初9本的價(jià)格向塔爾坎出售剩下的3本。這一次，塔爾坎擔(dān)心自己可能會(huì)錯(cuò)失一些寶貴的東西，于是以女巫索要的價(jià)格買下了剩余3本書。這反映了什么樣的需求曲線呢?
the witch burned three more books and offered to sell tarquin the three books that were left for the original price that she had demanded for nine. this time tarquin was scared that he might be losing something precious, and bought the remaining three books for the price that the witch asked. what sort of demand curve is that?
克里斯o麥克馬洪(chris mcmahon)通過電子郵件發(fā)送
chris mcmahon, by e-mail
親愛的麥克馬洪：
dear mr mcmahon,
忘掉需求曲線吧;這是一個(gè)關(guān)于經(jīng)濟(jì)盈余分配的兩方談判。塔爾坎始終愿意出高價(jià)，但同時(shí)希望能夠還價(jià)。女預(yù)言家("女巫"聽上去讓人不太舒服)則用限制供應(yīng)的方法來應(yīng)對(duì)，意在推升價(jià)格。
forget the demand curve; this is a two-player negotiation over the division of economic surplus. tarquin was always willing to pay a high price but hoped to get a bargain. the sibyl ("witch" is such an uncouth label) responded with a supply constriction designed to drive up the price.
塔爾坎可能會(huì)認(rèn)為，這個(gè)女預(yù)言家只有一位競(jìng)爭(zhēng)性買家，如果每位買家都只想要3本書的話，這將形成供過于求的`局面。而一旦出現(xiàn)兩位買家只有3本書可買的情況，塔爾坎明白，他正面臨嚴(yán)峻的局面，因而搶先報(bào)出了價(jià)格。
tarquin might have thought that the sibyl had just one rival buyer, and if each buyer wanted only one trilogy, that would be a supply glut. once there was only one trilogy available for two buyers, tarquin knew he was in a serious auction and made a pre-emptive offer.
還有一種可能性是，女預(yù)言家正在解決一個(gè)所謂的持久壟斷的問題。塔爾坎知道，女預(yù)言家可能會(huì)以高價(jià)向他出售3本書，然后再回頭以低價(jià)出售另外3本或6本。而通過燒毀6本書，女預(yù)言家讓自己能夠提出一個(gè)真正要不要隨你的出價(jià)。這是一種超前思維，但話說回來，她本來就是在推銷預(yù)言。
another possibility is that the sibyl was dealing with the so- called durable monopoly problem. tarquin knew that the sibyl might sell him an expensive trilogy, and then come back later with a cut- price offer to buy a second or third. by destroying two trilogies, the sibyl enabled herself to make a credible, take-it-or-leave-it offer. forward-thinking stuff, but then, she was flogging prophecies.
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