本期内容：

The Federal Reserve conducted a repurchase operation Tuesday involving 53 billion dollars worth of various debt instruments as it seeks to control the level of its benchmark interest rate. It was the first major market intervention since the financial crisis more than a decade ago. Last week, the interest rates in U.S. money marketsshot up to as high as 10% after overnight repo lendingdried up. Repos are short-term loans mainly used by banks and hedge funds in their daily bond trading and brokerage businesses.

The Federal Reserve: 美联储（简称The Fed）
· The European Central Bank: 欧洲央行（简称ECB）
conduct vt. 组织；实施，进行（organize）
· conduct an experiment/a survey: 组织进行实验/调查
a repurchase operation: 回购操作
· 回购（repurchase）是以有价证券作抵押的短期资金融通，是金融体系的重要润滑剂，其目的是进行短期融资，回购签的协议就是 repurchase agreement （简称repo）
worth n. 价值
· 数字 + worth of + 物品: 价值多少的物品
· $ 20 worth of books: 价值20美金的书
· $ 500 worth of clothes: 价值500美金的衣服
· $ 5,000,000 worth of business: 价值五百万美金的交易
debt instruments: 债务工具（例如国债，证券等）
benchmark interest rate: 基准利率（美国主要的货币政策工具）
intervention n.（市场）干预
money markets: 货币市场
shoot up to as high as: 飙升
· shoot-shot-shot
· shoot up: 快速增长
· Sales shot up by 9% last month.
销售量上个月猛增了 9％。
overnight repo lending: 隔夜回购贷款
dry up: 干枯；资金短缺
short-term loans: 短期贷款
hedge funds: 对冲基金（套期保值基金，用来规避和化解投资风险）

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