商务英语中级阅读资料.docx

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.This has framed the markets 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.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.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.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.Last Fridays 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.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.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.对市场而言，降息犹如毒品。它们能让人兴奋，但也能导致依赖。就像瘾君子一样，市场需要越来越大的剂量，才能达到同样的效果。这就为美联储(Fed)圈定了市场可能会有的症状。今天，美联储将开会决定货币政策。当它今年9月降息50个基点时，曾引发市场大幅上扬。但是，由于10月仅降息25个基点，导致市场故态复萌：美国股市下跌，信贷再次紧缩。由于美联储官员承认流动性紧缩有所加剧，交易员猜测会出现经济衰退，因此，市场认为美联储将再次降息50个基点。这引发了最近的上涨。不过，这种猜测正在渐渐降温：期货价格显示市场预计降息25个基点、而非50个基点。为什么呢?各国央行上周听起来还很强硬。英国央行(Bank of England)降低了利率，但发出了通胀警告。按兵不动的欧洲央行(European Central Bank)听起来更像要加息，而不是降息。然而，最重要的是就业数据。美联储受命实现完全就业，因此，糟糕的就业数据可以为大幅降息提供很好的借口。上周五公布的非农就业数据无法提供这个借口。就业人数增加了9.4万人，高于此前预测的8万人。这样的数据显示，经济没有滑入衰退区间。通过调查家庭而非调查企业汇编的家庭调查甚至显示，就业增速还略有上扬。美联储可以依据这个数据做出诊断吗?追踪企业税项拨备的公司警告称，这种就业增长似乎已经停止。不过，美联储并不想在市场上诱导“瘾君子文化”，也不想表现出自己害怕经济衰退。看起来，美联储最可能开具的药方是：联邦基金利率降低25个基点，并可能更大幅度降低其贷款给各银行所依据的较高的贴现率。还有商务英语口语问题。商务英语主要是在外企工作或者需要与国外公司有业务往来的人士学习英语口语及相关商务英语知识。而商务英语口语多用于商务谈判或在职场中进行的商务性的交流与沟通，相比较日常英语口语涉及到的商务词汇更多一些，语句表达也更专业些。在商务洽谈中，讲一口流利的商务英语口语是非常必要的。很多职场精英为了能说一口流利的商务英语口语可是费了不少功夫，英语学习材料堆积如山，每日不停的念叨，一段时间下来，读写能力是有了显著的提高，但是在商务会谈中，依然是听不懂也不会说，面对国外客户沟通有障碍，而错失合作机会。汉普森给大家一点提示，学习商务英语口语有几方面是需要注意的。 第一忌，沉默是金。商务英语口语学习最重要的是要敢于说出口。经过长期的积累、学习，关键在于实践中的运用。经过反复的实践锤炼，终将熟能生巧、脱口而出了。 第二忌，不懂装懂。当你没听懂，却又好意思让别人重复, 就总在点头微笑. 那样什么也学不到。其实不会有人介意, 因为每个人都是从初学者一步一步走过来的，必然能理解初学者的困难。只要你肯开口问，就一定会得到满意的答案。在商务交谈中，不懂装懂更会酿成大错，所以，职场精英切记为了颜面犯此大忌，不懂就要问！一直换到听懂为止! 第三忌，由始至终查单词。有的人特认真, 碰到生词不弄清楚誓不罢休. 于是从交谈开始就一直忙着查词典, 把商务