BEC考试精选阅读材料(11页).docVIP

BEC考试阅读材料精选（一） 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 market’s 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 d