Domestics spending has been growing at a solid pace.

國內消費也有穩定的成長趨勢

Our trade performance net exports is soft, but the committee judged in October that some of the downside risks had diminished,

淨出口的貿易表現趨向緩和，但聯邦公開市場委員會仍評估十月份的下行風險會降低

relating to global economic and financial developments.

隨著全球經濟以及金融發展而有所更動

I see under-utilization of labor resources as having diminished significantly since earlier in the year,

勞力資源的使用從年初至今也有所好轉

although recently we've seen some slowdown in the pace of job gains, recently.

雖然最近就業速度逐漸趨緩

So, with that sort of backdrop in mind, and of course inflation, I should say is as you mentioned,

在這樣的情況下，當然還有通貨膨脹的問題，我應該說的就如同剛剛你提到的

running considerably below our 2% objective.

要力行我們 2%通膨目標

Nevertheless, the committee judges that an important reason for that relate to declines in energy prices and the prices of non-energy imports,

然而，委員會評斷能源與非能源進口價格的下降，有個很重要的原因

and that as those matters stabilize, that inflation will move back up toward 2% target.

而這也將影響到經濟的穩固性，也就是通膨率將調回至 2%目標

So, with that sort of economic backdrop in mind, the committee indicated in our most recent statement,

在這樣的經濟環境之下，委員會最新聲明指出

that we thought it could be appropriate to adjust rates at our next meeting.

下次會談時將調整通膨率，以期達到目標

Now, no decision at all has been made on that,

關於這點尚未做出任何決議

and what it will depend on is the committee's assessment of the economic outlook at that time,

聯邦公開市場委員會將以那時的經濟展望來評估

and that assessment will be informed by all of the data that we receive between now and then.

以我們在這段時間收到的所有數據為基礎做出評定

So, what the committee has been expecting,

委員會一直以來期望的是

is that the economy will continue to grow at a pace that's sufficient to generate further improvements in the labor market,

經濟持續成長，足以使勞動市場獲得進一步的改善

and to return inflation to our 2% target over the medium term.

而後將通膨中期升至 2%目標

And if the incoming information supports that expectation, then our statement indicates that December would be a live possibility,

如果屆時的資訊能夠支持我們的預期，那樣十二月升息一事就不無可能

but, importantly, that we have made no decisions about it.

但重要的是，目前仍尚無定論

Now, it is as US, the best of timing of such a move.

對美國來說，如要採取這樣的行動，現在正是最佳時機

The committee does feel, that moving in a timely fashion,

委員會認為適時採取行動不失一種策略

if the data and the outlook justify such a move is a prudent thing to do,

如果到時現有數據及經濟展望都能證明它是相當明智的舉動

because we will be able to move for the more gradual and measured pace.

因為我們會以漸進的步調升息，一步步衡量

We fully expect that the economy will involve in such a way that we can move at a very gradual pace,

期待經濟發展能夠讓我們採取逐步升息的方式

and of course after we do so, we will be watching very carefully, with our expectations to realize.

當然在實行之後，我們會謹慎關注發展趨勢，希望達成我們的預期

So, when my colleague governor Brainard mentions that inflation is low, if we were to move, say in December,

當我的同事布蘭德理事提及通膨低迷的情況，若打算在12月升息

it would be based on an expectation, which I believe is justified,

這會建立在預期之上，而我相信有證據能支持這項論點

that with an improving labor market and transitory factors fading, that inflation will move up to 2%.

都將根據勞動市場的改善及暫時性因素的退減，通膨將升至 2%的目標

But of course, if we were to move, we would need to verify overtime that expectation was being realized,

當然，採取行動之後，我們會密切關注，檢視預期是否已經達成

and if not, adjust, adjust policy appropriately.

如果沒有，就調整，適當地改正

I think, I'd also like to emphasize that I know there is a great deal of focus on the initial move,

在此想強調，我知道有不少人聚焦在這次升息的原意

it's been a long time that interest rates have been at zero,

零利率的現象已經很久了

but markets in the public should be thinking about the entire path of policy rates overtime.

但市場應該思考的是關於整個零利率政策的走向

And the committee's expectation is that, that will be a very gradual path,

委員會預期這將會是非常循序漸進的發展方向

and of course will depend very much on the actual performance of the economy.

而且，將會以實際經濟表現來決定。