帮忙翻译一下这篇文章Fed Chorus Out of Tune on RatesFederal Reserve officials appear divided in assessing economic risks from the recent credit crunch and drop in employment, suggesting there may be some disagreement on whether or how much t

帮忙翻译一下这篇文章Fed Chorus Out of Tune on RatesFederal Reserve officials appear divided in assessing economic risks from the recent credit crunch and drop in employment, suggesting there may be some disagreement on whether or how much t
帮忙翻译一下这篇文章Fed Chorus Out of Tune on Rates
Federal Reserve officials appear divided in assessing economic risks from the recent credit crunch and drop in employment, suggesting there may be some disagreement on whether or how much to cut interest rates at next week's meeting of the Fed's policy committee.

A Fed governor and presidents of several regional Fed banks, speaking at events yesterday, acknowledged that tightening credit conditions could exacerbate the housing sector's decline. But many also sought to ease some worries that the economy was weakening.
Federal Reserve Bank of San Francisco President Janet Yellen expressed the most concern, noting that downside risks to the economy had risen "appreciably" because of recent credit- and housing-market turbulence. Still, she said, the extent of disruptions from such market turmoil remain uncertain and "can turn out to be surprisingly small."
"A big issue is whether developments in the relatively small housing sector will spread to the large consumption sector, perhaps through declines in house prices," Ms. Yellen said. "Should the decline in house prices occur in the context of rising unemployment, the risks could be significant."
None of the bank presidents speaking yesterday fills one of the rotating voting slots on the Federal Open Market Committee, which meets next Tuesday to decide whether to move the central bank's target for short-term interest rates. But all 12 presidents participate in the discussion. A cut of at least a quarter percentage point from the 5.25% target is widely expected. Some analysts expect a more aggressive half-point easing to prevent a sharp downturn.
At least until this past Friday, when labor statistics showed the first employment decline in four years, Fed officials had been maintaining their positive stance on the economic outlook, citing relatively strong reports on manufacturing and stronger-than-expected figures for retail and vehicle sales.

Fed governor Frederic Mishkin reiterated those positive signs of business spending last night to a New York audience. But he also warned that "all this could change noticeably if many firms were to face significantly tighter credit conditions or if business sentiment were to soften appreciably."
Household spending is holding up this quarter, but the market pullback and softness in home prices have damped household wealth and "are likely to restrain consumer outlays," Mr. Mishkin said in prepared remarks. "Moreover, at least some households are likely to find it more difficult or expensive to borrow, and consumer sentiment -- which turned down in August -- could soften further if households become more anxious about recent financial market developments."

帮忙翻译一下这篇文章Fed Chorus Out of Tune on RatesFederal Reserve officials appear divided in assessing economic risks from the recent credit crunch and drop in employment, suggesting there may be some disagreement on whether or how much t
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