来自《耶鲁大学开放课程：金融市场第26集第26集》

The Fed steps on the brakes;

美联储采取调控措施
depending on how hard the Fed steps on the brakes,

取决于其调控实施的难易程度
the recession's duration is uncertain.

而经济衰退的持续时间则难以确定
At a certain point, when it is satisfied that

在某个确定时点当美联储对
sufficient disinflation has taken place

充分的反通胀效果感到满意时
or when it feels that other imperatives take precedence,

或者它认为有别的要紧事需要优先处理时
the Fed removes its foot from the brakes,

美联储就会停止进行调控
allows short-term interest rates to decline,

允许短期利率下降
and eventually the economy expands.

最终经济出现扩张
There's no great mystery about it.

这都很好理解
The length and depth of the recession

经济衰退影响的范围和严重程度
is closely tied to the strength, force, and length

与美联储调控的强度和执行力