2007年9月19日 美联储大幅降息至4.75%

The US Federal Reserve cut interest rates by 50 basis points yesterday, in an aggressive move designed to head off the risk of a sharp slowdown in economic growth that could culminate in recession.

美联储将基准利率下调至4.75%，降幅高于预期水平，此前数周金融市场出现了动荡，同时对于美国次级抵押贷款行业问题对经济的附带影响，投资者的担忧不断加剧。

The deeper-than-expected cut to 4.75 per cent followed weeks of turmoil in financial markets and mounting investor concern over the economic fallout from problems arising from the US subprime mortgage industry.

上述举措表明，美联储主席本?伯南克(Ben Bernanke)顶住了美联储内部一些高级官员的反对，他们担心大幅降息可能会刺激通胀。

The move suggests Ben Bernanke, Federal Reserve chairman, overcame internal resistance from some central bankers concerned about the risk of stimulating inflation by cutting rates sharply.

此前一些主要高管呼吁美联储采取果断行动。RBS宾Greenwich Capital分析师艾伦?拉斯金(Alan Ruskin)表示，此次降息的幅度表明，在美国经济前景方面存在一定程度的“恐慌”。

It follows a call from leading executives for a decisive action by the Fed. The extent of the cut suggested a degree of “panic” over the outlook for the US economy, Alan Ruskin, an analyst at RBS Greenwich Capital said.

此次降息之际，适逢雷曼兄弟(Lehman Brothers)发布第三季度业绩。该公司当季业绩好于预期水平，同时表示相信此番动荡中最糟糕的时期已经过去，这缓解了投资者对于当前信贷紧缩对投行业绩影响的担忧。

The move came as Lehman Brothers yesterday helped ease investor concern about the effect of the current credit squeeze on investment bank earnings when it reported third-quarter results that were better than expected and signalled its belief that the worst of the turmoil was over.

雷曼兄弟股价自2月份以来累计下跌30%左右，今日午盘交易中，该股上涨3%至60.51美元，尽管由于在美国次贷危机中的损失，该投行固定收益业务收入下降了7亿美元。

Lehman shares, down about 30 per cent since February, rose 3 per cent in midday trade to $60.51 even though the bank suffered a $700m fall in fixed-income revenues as a result of losses from the US subprime mortgage crisis.

上述消息提振了美国股市，市场正密切关注银行本季度的业绩情况，以便从中寻觅信号，看此次信贷紧缩是否宣告了最近一轮利润丰厚周期的终结。在美联储的行动前，上述消息推动标准普尔500指数上涨11点至1487.51点，涨幅约为1%，其他经纪类股亦告上扬。

The news cheered Wall Street, which was closely watching bank earnings this quarter for signs that the credit squeeze had brought an end to the recent run of bumper profits. The S&P 500 jumped 11 points, or about 1 per cent, to 1487.51 on the news before the Fed action, while other brokerage shares were also higher.

雷曼兄弟称，第三季度公司收益为8.87亿美元，合每股1.54美元，较上年同期的9.16亿美元，合每股1.57美元下降了3%。分析师此前预计该公司第三季度每股收益为1.47美元。

Lehman said it earned $887m, or $1.54 a share, in the third quarter, down 3 per cent from $916m, or $1.57 a share, last year. Analysts had forecast that Lehman would earn $1.47 per share.

该公司首席财务官克里斯?奥米拉(Chris O’Meara)表示，信贷状况正缓慢地恢复正常。他表示：“最糟糕的时期已经过去。”

Chris O’Meara, chief financial officer, suggested credit conditions were slowly returning to normal. “The worst is behind us,” he said.