美聯(lián)儲的歷史沿革及美聯(lián)儲加息的意義及影響（中英對照版）

1、系統(tǒng)了解美聯(lián)儲的歷史沿革及美聯(lián)儲加息的意義 及影響（中英對照版）美聯(lián)儲是美國中央銀行和國家銀行系統(tǒng)的心臟。對整個美國的經(jīng)濟(jì)起到了至關(guān)重要的作 用。The Federal Reserve is the heart of the U.S. central bank and national banking system. It plays a vital role in the entire U.S. economy.貨幣的總供給是由美聯(lián)儲管理的。錢是經(jīng)濟(jì)交流的媒介，錢作為價值標(biāo)準(zhǔn)，幫助我們?yōu)?商品和服務(wù)定價。理財(cái)?shù)墓ぷ髫泿耪呤菫榱吮Ｗo(hù)美元的購買力，同時確保有足夠 的貨幣來促進(jìn)經(jīng)濟(jì)增長。The

2、overall supply of money is managed by the Federal Reserve. Money is the medium through which economic exchanges take place, and money as a standard of value helps us to set prices for goods and services. The job of managing money-monetary policy-is to preserve the purchasing power of the dollar whil

3、e ensuring that a sufficient amount of money is available to promote economic growth.美聯(lián)儲還促進(jìn)我們辦理銀行業(yè)務(wù)的機(jī)構(gòu)的安全和穩(wěn)健。它確保我們支付的機(jī)制，無論是 以現(xiàn)金、支票或電子方式，均能順利及有效率地運(yùn)作。The Federal Reserve also promotes the safety and soundness of the institutions where we do our banking. It ensures that the mechanisms by which we make

4、payments, whether by cash, cheque, or electronic means, operate smoothly and efficiently.這些職責(zé)構(gòu)成了央行的主要職責(zé)。它的財(cái)政角色就像美國政府的銀行家。Now these duties comprise the major responsibilities of our central bank. And in its fiscal role acts as the banker for the United States government.要想了解美聯(lián)儲是如何運(yùn)作的，就必須先了解美聯(lián)儲的歷史來源。T

5、o understand how the Fed works, one must first understand the historical origins of the Fed.美聯(lián)儲的歷史沿革1907年，美國正面臨著嚴(yán)重的財(cái)政問題。在世紀(jì)之交，大多數(shù)銀行都在發(fā)行自己的貨 幣，稱為“銀行券”。問題是，在一個州值錢的貨幣在另一個州有時卻一文不值。人們開始 對他們的錢失去信心，因?yàn)樗目煽砍潭戎蝗Q于發(fā)行它的銀行。他們擔(dān)心他們的銀行會倒 閉，他們急忙把銀行券兌換成金銀。因此，造成了 1907年的恐慌。In 1907, the United States was facing severe f

6、inancial problems. At the turn of the century, most banks were issuing their own currency, called bank notes. The trouble was, currency that was good in one state was sometimes worthless in another. People began to lose confidence in their money, since it was only as sound as the bank that issued it

7、. Fearful that their bank might go out of business, they rushed to exchange their bank notes for gold or silver. By attempting to do so, they created the Panic of 1907.恐慌期間，人們涌向銀行索要存款,而銀行沒有足夠的金幣和銀幣，因此不能滿足需求。 許多銀行倒閉了，人們損失了數(shù)百萬美元，企業(yè)遭受損失，失業(yè)率上升，美國經(jīng)濟(jì)體系的穩(wěn) 定受到了威脅。During the panic, people streamed to the ban

8、ks and demanded their deposits. The banks could not meet the demand; they simply did not have enough gold and silver coin available. Many banks went under. People lost millions of dollars, businesses suffered, unemployment rose, and the stability of our economic system was again threatened.為了防止1907年

9、那樣的經(jīng)濟(jì)危機(jī)再次發(fā)生，聯(lián)邦儲備法案，當(dāng)時被稱為貨幣法案，于 1913年12月下旬，在參眾兩院通過后簽署成為法律。在白宮，12月的那個決定性的夜晚， 威爾遜總統(tǒng)簽字，向一個壟斷集團(tuán)放棄了對美國貨幣供應(yīng)的最后控制。To prevent a repeat of the economic crisis that occurred in 1907, the Federal Reserve Act, then known as the Currency Act, was signed into law in late December 1913 after passing both the House

10、and Senate. At the White House, on that fateful December night, President Wilson signed it, relinquishing final control of the U.S. money supply to a monopolistic group.但這只是勝利者告訴我們的歷史:建立一個中央銀行來控制國家貨幣供應(yīng)的修正主義觀 點(diǎn)，僅僅是一個無聊的歷史注腳。事實(shí)上，催生聯(lián)邦法案的銀行業(yè)秘密會議的故事與任何好 萊塢電影劇本一樣令人興奮和激動。But this is history as told by the

11、victors: a revisionist vision in which the creation of a central bank to control the nations money supply is merely a boring historical footnote, about as important as the invention of the zipper or an early 20th century hula-hoop craze. The truth is that the story of the secret banking conclave tha

12、t gave birth to that Federal Reserve Act is as exciting and dramatic as any Hollywood screenplay.那是1910年11月22日的晚上，美國最富有、最有權(quán)勢的一群人在新澤西州霍博肯一 個不起眼的火車站登上一輛私人火車。We pick up the story, appropriately enough, under cover of darkness. It was the night of November 22, 1910, and a group of the richest and most p

13、owerful men in America were boarding a private rail car at an unassuming railroad station in Hoboken, New Jersey.它屬于美國參議員尼爾森噢爾德里奇，洛克菲勒家族繼承人、億萬富翁小約翰.D.洛克 菲勒的岳父，他是頗具影響力的參議院財(cái)政委員會的核心人物，參議院財(cái)政委員會負(fù)責(zé)監(jiān)督 美國的貨幣政策。奧爾德里奇被媒體稱為“國家的總經(jīng)理”。The car, waiting with shades drawn to keep onlookers from seeing inside, belong

14、ed to Senator Nelson Aldrich, the father-in-law of billionaire heir to the Rockefeller dynasty, John D. Rockefeller, Jr. A central figure on the influential Senate Finance Committee, where he oversaw the nations monetary policy, Aldrich was referred to in the press as the General Manager of the Nati

15、on.和他一起的是眾多美國金融業(yè)和銀行業(yè)的精英。他們來到喬治亞州海岸外與世隔絕的杰 基爾島，在完全秘密的情況下起草一份全國銀行改革方案，用立法的方式來控制他們的行業(yè)。Joining him were many of Americas financial and banking elite. They traveled to the isolated Jekyll Island off the coast of Georgia to draft, in complete secrecy, a national banking reform program that would take cont

16、rol of their industry with legislation.他們決定將改革他們自己的產(chǎn)業(yè)，換句話說，他們將創(chuàng)建一個壟斷集團(tuán)，并賦予這個壟 斷集團(tuán)政府的權(quán)力。他們要利用這個協(xié)議，實(shí)現(xiàn)符合他們利益的自我監(jiān)管，這便被稱為“聯(lián) 邦儲備法”。然后把這個協(xié)議帶到華盛頓，并說服國會的那些“白癡們”通過他。They decided that they would reform their own industry, in other words, they would create a monopoly and give that monopoly the power of governme

17、nt. They were going to use this agreement to achieve self-regulation in their interest, which became known as the Federal Reserve Act. Then they will take this agreement to Washington and convince the idiots to adopt it.事實(shí)上，這是一個非常聰明的策略。And that basically was a brilliant strategy.從本質(zhì)上說，他們所創(chuàng)造的是一套規(guī)則，使他

18、們自己能夠監(jiān)管他們的行業(yè)。并且他們也 沒有想到國會會給予他們發(fā)行國家貨幣的權(quán)利。In essence what they had created was a set of rules that made it possible for themselves to regulate their industry, but they went even beyond that. And they never dreamed that Congress would go along and also give them the right to issue the nations money sup

19、ply.所以確切地說,這幫陰謀家在哲基爾島的秘密會議上策劃了什么？是一個計(jì)劃由銀 行自己擁有地中央銀行系統(tǒng),是一個體系將國家的銀行組織成一個對貨幣供應(yīng)本身有唯 一的控制權(quán)的私人壟斷集團(tuán)。So what, precisely, did this conclave of conspirators devise at their Jekyll Island meeting? A plan for a central banking system to be owned by the banks themselves, a system which would organize the nations

20、 banks into a private cartel that would have sole control over the money supply itself.但最終，杰基爾島上的這一幕只是這段歷史的一個部分，要想了解美聯(lián)儲歷史的全貌, 我們還得再回到過去。But ultimately, this scene on Jekyll Island, too, is just one part of this history. To get the full picture of the history of the Federal Reserve, we have to travel

21、 backward in time.故事開始于17世紀(jì)晚期的歐洲，九年戰(zhàn)爭正在席卷歐洲大陸。英國國王威廉三世，在 一次海戰(zhàn)中慘敗，命他的政府致力于重建英國海軍。只有一個問題：錢。由于戰(zhàn)爭，政府的 金庫已被耗盡同時威廉的信用也正在枯竭。The story begins in late 17th century Europe. The Nine Years War is raging across the continent. King William III of England, devastated by a stunning naval defeat, commits his court

22、to rebuilding the English navy. Theres only one problem: money. The governments coffers have been exhausted by the waging of the war and Williams credit is drying up.受一位英格蘭銀行家想法的影響，1694年英格蘭銀行的誕生創(chuàng)造了一個樣板，這個樣 板將在世界上一個又一個國家重復(fù)：一個用憑空印出來的錢，以利息貸款給政府的私人控制 的中央銀行。Influenced by the ideas of an English banker, t

23、he birth of the Bank of England in 1694 is the creation of a template that will be repeated in country after country around the world: a privately controlled central bank lending money to the government at interest, money that it prints out of nothing.在許多方面，美國的歷史就是美國人民與希望控制他們的錢的銀行家斗爭的歷史。，In many imp

24、ortant respects, the history of the United States is the history of the struggle of the American people against the bankers that wish to control their money.1781年，美國陷入金融危機(jī)。大陸紙幣，由大陸會議發(fā)行以支付戰(zhàn)爭費(fèi)用的紙幣，已 經(jīng)因?yàn)E發(fā)和英國偽造而崩潰。由于不顧一切地想辦法資助戰(zhàn)爭地最后階段，國會求助于羅伯 特莫里斯，一名富有地航運(yùn)商人。他從1781年到1784年擔(dān)任美國的“財(cái)政總管”，被認(rèn)為 是美國親賜與華盛頓將軍地最有權(quán)勢的人

25、。In 1781 the United States is in financial turmoil. The Continental, the paper currency issued by the Continental Congress to pay for the war, has collapsed from overissue and British counterfeiting. Desperate to find a way to finance the end stages of the war, Congress turns to Robert Morris, a wea

26、lthy shipping merchant who was investigated for war profiteering just two years earlier. Now, as Superintendent of Finance of the United States from 1781 to 1784, he is regarded as the most powerful man in America next to General Washington.以他作為財(cái)政總管的身份，莫里斯主張建立一家私營的中央銀行，模仿的就是英格蘭銀 行，于是國會默許并特許北美銀行成為美國第

27、一家中央銀行。In his capacity as Superintendent of Finance, Morris argues for the creation of a privately- owned central bank deliberately modeled on the Bank of England .And the congress .acquiesces and charters the Bank of North America as the nations first central bank.戰(zhàn)爭結(jié)束時，莫里斯失去了政治上的支持而北美銀行的貨幣未能贏得持懷疑態(tài)

28、度的公眾 的支持。北美銀行從國家中央銀行降級為賓夕法尼亞州特許的私人商業(yè)銀行。By the end of the war, Morris has fallen out of political favor and the Bank of North Americas currency has failed to win over a skeptical public. The B.N.A. is downgraded from a national central bank to a private commercial bank chartered by the State of Penns

29、ylvania.但銀行家們并沒有放棄，由亞歷山大漢密爾頓領(lǐng)導(dǎo)的一群人已經(jīng)在為新成立的美利堅(jiān)合 眾國籌備下一家私營央行了。But the bankers have not given up yet. Before the ink is even dry on the Constitution, a group led by Alexander Hamilton is already working on the next privately-owned central bank for the newly formed United States of America.1791年，美國第一家銀行

30、被特許成立，幾乎完全按照英國央行和北美銀行的模式。The First Bank of the United States is chartered in 1791 and follows the pattern of the Bank of England and the Bank of North America almost exactly.到1811年銀行的營業(yè)執(zhí)照到期續(xù)期的時候，因?yàn)殂y行背后的貨幣利益，形勢已經(jīng)發(fā)生 了變化，漢密爾頓在與亞倫伯爾的決斗中被擊斃。支持銀行的聯(lián)邦黨已經(jīng)大權(quán)旁落。最重要 的是，在和平時期，沒有看到中央銀行的意義。因此，特許執(zhí)照的續(xù)期在參議院被否決而這 家銀行在

31、1811年倒閉。By the time the banks charter comes due for renewal in 1811, the tide has changed for the money interests behind the bank. Hamilton is dead, shot to death in a duel with Aaron Burr. The bank-supporting Federalist Party is out of power. The public are wary of foreign ownership of the central

32、bank, and whats more dont see the point of a central bank in time of peace. Accordingly, the charter renewal is voted down in the Senate and the bank is closed in 1811.不到一年之后，美國再次與英國開戰(zhàn)。經(jīng)過兩年的艱苦斗爭，美國的公共債務(wù)幾乎增加 了兩倍.由于貿(mào)易停滯，物價飛漲，通貨膨脹加劇，債務(wù)增加，1816年，麥迪遜總統(tǒng)特許創(chuàng) 建了另一間中央銀行，美國第二家央行，本質(zhì)與前兩家銀行一樣，20年的銀行執(zhí)照將于1836 年到期。Le

33、ss than a year later, the US is once again at war with England. After two years of bitter struggle, the public debt of the US has nearly tripled. With trade at a standstill, prices soaring, inflation rising and debt mounting, President Madison signs the charter for the creation of another central ba

34、nk, the Second Bank of the United States, in 1816. Just like the two central banks before it而新上任的總統(tǒng)杰克遜明確地表達(dá)了他對這家銀行的反對意見。人們支持杰克遜。1833 年，他宣布政府將停止使用央行并將付清其債務(wù)。1835年1月，杰克遜總統(tǒng)成功地還清了 債務(wù)，這也是歷史上第一次也是唯一一次美國擺脫銀行家地債務(wù)束縛。1836年，美國第二 家央行執(zhí)照到期這家銀行失去了作為美國中央銀行地地位。And newly inaugurated President Jackson made his oppositi

35、on to this bank clear.The people side with Jackson.In 1833 he announces that the government will stop using the bank and will pay off its debt.On January 8,1835, President Jackson succeeds in paying off the debt, and for the first and only time in its history the United States is free from the debt

36、chain of the bankers. In 1836 the Second Bank of the United States charter expires and the bank loses its status as Americas central bank.美國央行一倒閉，他們收縮貿(mào)易，從美國撤資，要求所有出口商品以硬通貨支付，并收 緊信貸。這導(dǎo)致了一場被稱為1837年恐慌地金融危機(jī)。整個十九世紀(jì)晚期美國受到銀行業(yè) 恐慌地沖擊。到20世紀(jì)初，美國經(jīng)濟(jì)中的大部分資金都集中在一小群工業(yè)巨頭手中，每個 都幾乎壟斷了一個經(jīng)濟(jì)領(lǐng)域。Immediately upon the death

37、of the bank, the banking oligarchs in England react by contracting trade, removing capital from the US, demanding payment in hard currency for all exports, and tightening credit.Throughout the late 19th century the United States is rocked by banking panics. By the dawn of the 20th century, the bulk

38、of the money in the American economy has been centralized in the hands of a small clique of industrial magnates, each with a near-monopoly on a sector of the economy.他們形成了一個金融利益和機(jī)構(gòu)的網(wǎng)絡(luò)主要圍繞著一個人，銀行業(yè)的傳人在沒有央行時, 愈發(fā)成為美國的非正式中央銀行家，約翰皮爾龐特摩根。And in this capacity, they form a network of financial interests and

39、institutions that centered largely around one man, banking scion and increasingly Americas informal central banker in the absence of a central bank, John Pierpont Morgan.正是摩根在1907年引發(fā)了這場危機(jī)，最終促成了美聯(lián)儲的成立。And it is Morgan who, in 1907, sets in motion the crisis that leads to the creation of the Federal R

40、eserve.為了更清楚地明白美聯(lián)儲在當(dāng)今經(jīng)濟(jì)領(lǐng)域地作用，首先要明白關(guān)于錢，我們被教育要把 錢看作是在政府印鈔機(jī)里的紙或者是由政府鑄造的硬幣。但實(shí)際上，超過90%的貨幣供應(yīng) 是由私人銀行創(chuàng)造的作為貸款并向銀行支付利息。In order to understand more clearly the role of the Federal Reserve in todays economy, it is important to first understand .We are taught to think of money as the pieces of paper printed in g

41、overnment printing presses or coins minted by government mints. But in fact , over 90% of the money supply is in fact created by private banks as loans that are payable back to the banks at interest.而美聯(lián)儲有能力創(chuàng)造貨幣，或者讓貨幣消失。因?yàn)樗褪强梢杂脩{空印出來的錢，以利 息貸款給政府。The Federal Reserve has the ability to create money, or

42、 make it disappear. Because it is the money that can be printed out of thin air and loaned to the government at interest.而當(dāng)今的美聯(lián)儲,美聯(lián)儲系統(tǒng)是一個故意混淆的大雜除，由公共和私人利益、儲備銀行、 董事會和委員會組成，集中在華盛頓，分散在美國各地。The Federal Reserve System is a deliberately confusing mishmash of public and private interests, reserve banks, bo

43、ards and committees, centralized in Washington and spread out across the United States.美聯(lián)儲如此不遺余力的使自己的組織架構(gòu)盡可能混亂的原因是為了掩蓋這個體系的核 心利益沖突。事實(shí)上，聯(lián)邦儲備系統(tǒng)是由一個理事會、12家地區(qū)銀行和一個公開市場委員 會組成的。每家聯(lián)邦儲備銀行的私有銀行對儲備銀行的大多數(shù)董事進(jìn)行投票，而董事會投票 選舉聯(lián)邦公開市場委員會成員由他們決定貨幣政策。更重要的是，華爾街擁有一個主要席位， 按慣例，擁有強(qiáng)大影響力的紐約聯(lián)邦儲備銀行行長擔(dān)任聯(lián)邦公開市場委員會副主席并被任命 為常任委員。實(shí)際上，

44、私人銀行是管理整個經(jīng)濟(jì)的聯(lián)邦公開市場委員會組成的決定性因素。The reason that the Federal Reserve goes to such great lengths to make its organizational structure as confusing as possible is to cover up the massive conflicts of interest that are at the heart of that system. The fact is that the Federal Reserve System is comprised o

45、f a Board of Governors, 12 regional banks, and an Open Market Committee. The privately-owned member banks of each Federal Reserve Bank vote on the majority of the Reserve Banks directors, and the directors vote on members to serve on the Federal Open Market Committee, which determines monetary polic

46、y. Whats more, Wall Street is given a prime seat at the table, with tradition holding that the president of the powerful New York Federal Reserve Bank be given the vice chairmanship of the FOMC and be made a permanent committee member. In effect, the private banks are the key determinants in the com

47、position of the FOMC, which regulates the entire economy.但無論如何，最重要的就是要理解美聯(lián)儲本身不是一家銀行，而是一個系統(tǒng)。這一體系 系統(tǒng)化、制度化、監(jiān)督并鞏固一種被稱為部分準(zhǔn)備金銀行制度的銀行形式。其中，銀行被允 許借出的錢比它們實(shí)際存在金庫的錢還要多。But anyway, its first important to understand that the Federal Reserve is not a bank, but a system. This system codifies, institutionalizes, ov

48、ersees, and undergirds a form of banking called fractional reserve banking, in which banks are allowed to lend out more money than they actually have in their vaults.美聯(lián)儲加息的意義及影響關(guān)于要解釋美聯(lián)儲加息或降息背后的原理，首先要引進(jìn)一個概念，美國聯(lián)邦基金利率。 美國聯(lián)邦基金利率是央行管理經(jīng)濟(jì)的主要工具。美國聯(lián)邦基金利率的調(diào)整會影響一系列借貸 成本，從你的信用卡利率到房貸。Regarding to explain the rat

49、ionale behind the Feds interest rate hikes or cuts, it is important to first introduce a concept, the U.S. Federal Funds Rate. The U.S. federal funds rate is the central banks primary tool for managing the economy. Adjustments in the U.S. federal funds rate affect a range of borrowing costs, from yo

50、ur credit card rates to your mortgage.而美聯(lián)儲加息或降息實(shí)際上指的就是提高或降低美國聯(lián)邦基金利率。And a Fed rate hike or rate cut actually means raising or lowering the U.S. federal funds rate.然而，美國聯(lián)邦基金利率不是由美聯(lián)儲直接設(shè)定的，所以為了影響他，美聯(lián)儲使用了一 些其他的工具來設(shè)定一個目標(biāo)區(qū)間。這些工具是美聯(lián)儲作為“銀行的銀行“所能調(diào)控的利率。 其設(shè)定上限和下限，目標(biāo)是將有效聯(lián)邦基金利率保持在兩者之間。上限由存款準(zhǔn)備金率 (IORB)決定，他指的是銀行從存

51、放在聯(lián)邦儲備銀行中的“存款準(zhǔn)備金”中獲得的利率。下 限由隔夜逆回購率決定，這是一種類似短期國庫券的證券，由美聯(lián)儲向銀行提供。However, the U.S. federal funds rate is not set directly by the Fed, so in order to influence it, the Fed uses a number of other tools to set a target range. These tools are the interest rates that the Fed can regulate as a bank of banks.

52、 It sets a ceiling and a floor, with the goal of keeping the effective federal funds rate somewhere in between. The upper limit is determined by the reserve requirement ratio, which refers to the rate banks receive from the reserves held at the Federal Reserve Bank. The lower limit is determined by

53、the overnight reverse repo rate, which is a short-term Treasury-like security that the Federal Reserve provides to banks.美聯(lián)儲進(jìn)行這些調(diào)整的幅度相當(dāng)小。預(yù)計(jì)2022年的加息幅度每次只會改變約0.25到 0.5個百分點(diǎn)。那么，美聯(lián)儲如何通過這些微小的調(diào)整給整個經(jīng)濟(jì)降溫呢？The magnitude of these adjustments by the Fed is quite small. It is expected that the rate hikes in 2022

54、 will only change by about 0.25 to 0.5 percentage points each time. So how will the Fed cool the entire economy with these tiny adjustments?隨著銀行貸款成本的提高，它們將向客戶收取更多的費(fèi)用，從而影響到現(xiàn)有貸款的成本 和對新增貸款的需求。提高這些利率的目的是壓低需求。當(dāng)供給和需求失衡時，通貨膨脹就 會發(fā)生。美聯(lián)儲無法通過任何措施來增加供應(yīng)量，供給側(cè)是他們無法改變的，但他們可以通 過壓縮需求側(cè)來影響供需之間的平衡。As banks increase the

55、cost of lending, they will charge customers more, which will affect the cost of existing loans and the demand for new loans. The purpose of raising these rates is to depress demand. Inflation occurs when there is an imbalance between supply and demand. The Fed cannot increase supply through any meas

56、ures, the supply side is something they cannot change, but they can influence the balance between supply and demand by compressing the demand side.下面將簡要分析利率如何影響需求和通貨膨脹。通貨膨脹有很多的原因，但其中最重要 的是有太多的錢。美聯(lián)儲可以通過電子方式向系統(tǒng)注入資金來調(diào)整貨幣供應(yīng)，或者從經(jīng)濟(jì)中 撤出資金。The following is a brief analysis of how interest rates affect deman

57、d and inflation. There are a lot of different causes of inflation, but one of the most important is too much money. The Fed can adjust the money supply by injecting money into the system electronically, or by withdrawing money from the economy.當(dāng)利率降低時，更多的企業(yè)主可能會去申請貸款，對商品和服務(wù)的更多需求以及更低的 利率，促使企業(yè)主需要招募更多的職位

58、來滿足需求，并提高工資以吸引潛在員工。之后，消 費(fèi)者們把工資用于購買商品和服務(wù)，這反過來又會帶來就業(yè)機(jī)會和工資收入的增長。反之，當(dāng)利率較高時，越來越少的人申請貸款，就業(yè)增速放緩，支出減少。更高的利率 可能也會增加儲蓄的吸引力。隨著供需平衡，通脹逐漸放緩。雖然利率可以有效降低膨脹, 但加息可能需要一段時間才能產(chǎn)生效果。When interest rates are lower, more business owners are likely to apply for loans. The increased demand for goods and services and lower inte

59、rest rates drive the need for business owners to recruit more jobs to meet demand and raise wages to attract potential employees. Later, consumers spend their wages on goods and services, which in turn leads to job creation and wage income growth.Conversely, when interest rates are higher, fewer peo

60、ple apply for loans, employment growth slows, and spending decreases. Higher interest rates may also increase the attractiveness of saving. Inflation gradually slows as supply and demand balance. While interest rates can be effective in reducing inflation, it may take time for interest rate increase