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Breaking the deflationary spell

机译：打破通缩咒语

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With a masterful flick of his wand, our bespectacled hero vanquishes the evil forces that threaten the world. Not Harry Potter, but Alan Greenspan, the owlish chairman of America's Federal Reserve, whom many on Wall Street believe to be an even more powerful wizard. On June 25th the Fed, seeking to ward off deflation, cut interest rates by a quarter-point to 1.0%, their lowest level in 45 years. In anticipation of such wizardry, investors had already pushed American share prices up by more than 20% above their mid-March lows. Share prices dipped after the rate cut as some investors, hoping for a half-point cut, were disappointed. But the markets still seem to believe that the Fed can not only see off deflation, but also return America to a path of robust economic growth. Unfortunately, this hope is more hogwash than Hogwarts.
机译：这位戴着眼镜的英雄精湛地挥动着魔杖，消灭了威胁世界的邪恶力量。不是哈利·波特，而是美国联邦储备委员会（African美联储）那位愚蠢的主席艾伦·格林斯潘（Alan Greenspan），华尔街的许多人认为阿里·格林斯潘是一个更加强大的巫师。 6月25日，美联储为抵制通货紧缩，将利率降低了四分之一，至1.0％，为45年来的最低水平。出于对这种魔力的预期，投资者已经将美国股价推高至3月中旬的低点上方20％以上。降息后股价下跌，一些投资者希望将其降半。但是市场似乎仍然认为，美联储不仅可以摆脱通缩，还可以使美国重返强劲的经济增长之路。不幸的是，这种希望比霍格沃茨更糟。

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