1. Federal Open Market Committee

2. Fed: Economic Activity Has ‘Picked Up' http://money.cnn.com/2009/09/23/new s/economy/fed_decision/index.htm?po stversion=2009092318 2009\09\23 蔡秋莲 07 商务英语 A 班 20070311255

3. NEWS  NEW YORK (CNNMoney.com) -- The Federal Reserve kept interest rates near zero on Wednesday and said the economy is improving. But the Fed also pointed out ongoing job losses could dampen a recovery.

4. NEWS  At the conclusion of its two-day meeting Wednesday, the Federal Open Market Committee said that the government's stimulus and economic rescue actions have helped to stabilize the financial markets, which will help generate economic growth in the future.

5. NEWS  Meanwhile, the Fed said consumer spending is stabilizing, but that rampant job loss and tight credit has restrained overall household consumption. The Fed added that although the housing sector has begun to make a comeback, home sales and new home construction are coming off of historic lows.

6. NEWS  As a result, the Fed kept its federal funds rate, an overnight lending rate that guides rates on various consumer and business loans, in a range of 0% to 0.25%. Rates have been at that level since December.  Stocks initially rose following the Fed's announcement but headed lower by the end of the day. Bonds were also mixed. The dollar pulled back, nearing a one-year low. StocksBondsdollar

7. NEWS  Nonetheless, the Fed said it would extend one of its rescue programs, the $1.45 trillion of mortgage-backed securities and debt purchases from Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500), into the first quarter of 2010.FNMFortune 500FREFortune 500  But the Fed didn't renew the program as some economists had expected.

8. NEWS  In addition, many economic forecasts have unemployment reaching its peak at the end of first quarter, and Fed programs will likely be needed to help support the economy through that period of job loss. Ben bernanke

9. NEWS  Still, the central bank continues to oversee dozens of economic rescue programs that have added about $1 trillion to its balance sheet. The Fed said those programs have helped the economy rebound, but many experts believe the initiatives could contribute to out-of-control inflation if they are not pared back in time  The Fed did note recent commodity price increases in its statement but added that it saw little threat of inflation in the near term.

10. Words and Expressions  interest rate: 利率  dampen ： to make sth. slightly wet 使 ··· 潮湿（打击）  financial market: 金融市场  rampant ： （ of sth. bad) existing or spreading everywhere in a way that can not be controlled 泛滥的  housing sector ： 住房市场  comeback: become popular again 再度受青睐，东山再起

11. Words and Expressions  pull back: 回落  peak: the point when sth. Is best, most successful 顶峰  oversee: to watch sth. and make sure that a job or activity is done correctly 监督，监视  rebound: to rise again after they had fallen 回升，反弹  balance sheet ： 资产负债表  pare back in time ： 及时缩减

12. Background  美国联邦储备系统（英语： The Federal Reserve System 或 者 Federal Reserve ，非正式称为 The Fed ）简称美联储，负 责履行美国的中央银行的职责。这个系统是根据《联邦储备 法》 (Federal Reserve Act) 于 1913 年成立的。这个系统主要 由联邦储备委员会，联邦储备银行及联邦公开市场委员会等 组成。美国联邦储备系统由位于华盛顿特区的中央管理委员 会和 12 家分布全国主要城市的地区性的联邦储备银行组成。 本 · 伯南克为现任美联储管理委员会主席。作为美国的中央银 行，美联储从美国国会获得权利。美联储声称没有人拥有 它 —— 它是一个政府部门内部的独立实体。中央银行华盛顿 联邦储备区域

14. Thank you!