讀社論學 英文 Federal Reserve Chair Jerome Powell stated at the recent Jackson Hole Economic Policy Symposium that the downside risk to the US job market is rising, which may eventually manifest through a surge in layoffs and higher unemployment rates. This dovish signal of "an imminent rate cut" stands in stark contrast to his previously hawkish stance this year, leading some to interpret it as a "concession" to US President Donald Trump. Whether or not this interpretation holds , i f the Fed indeed cut s rates in September, it would certainly benefit global recovery, with both financial markets and economies standing to gain. High US interest rates hinder economy The negative impact of persistently high US interest rates is obvious. The worst is the suppression of economic activity, bringing long-term and adverse effects to almost every economy. Under the linked exchange rate system, Hong Kong interest rates, for example, inevitably follow US hikes, leading to increasingly tight conditions. SMEs face mounting repayment pressure, the middle class burdened by mortgage payments curb consumption, mainland tourists spend less in Hong Kong due to the stronger HKD, while local residents cross the border to shop due to the weaker RMB. Hong Kong's economic woes cannot be blamed solely on high interest rates as structural changes in industry ecosystems may play a bigger role. It is reasonable to say that a high-interest-rate environment is a major obstacle to recovery. As for mainland China not operating a currency peg, high US interest rates are also a nightmare, because they "severely constrain" monetary policy flexibility and limit the effectiveness of its stimulus measures. Powell's remarks have clearly boosted confidence, not only satisfying Trump but also being "well received" by financial markets, as seen in the rallies of US, Hong Kong and mainland stock markets. Looking ahead, provided that the Fed rate-cutting cycle is sustained and predictable, global recovery will gain stronger momentum. In Hong Kong, a rebound in weekend property transactions among the top ten housing estates is driven by rate cutting. Beyond real estate, sectors such as credit investment and retail consumption are also likely to see stronger support as liquidity conditions loosen. For the mainland, while officials may not openly acknowledge it, rate cuts would certainly be welcome. Firstly, a narrower Sino-US interest rate gap would encourage more foreign capi tal inf low, boosting demand for RMB-denominated assets. Secondly, Beijing would have greater room to lower reserve ratios and interest rates, which wi l l support the stock and property markets. Particularly in consumer spending, combined with expanding internal demand, this could help counter deflation. Rising inflation may halt rate-cutting cycle Of course, this outlook assumes that rate cuts will continue steadily and predictably but it carries risk. The Fed cut rates three times in September, November and December last year, totalling 100 basis points. However, Trump's election victory and the subsequent tariff wars abruptly halted the cycle. Now that rate cuts are set to resume this September, if commodity prices continue to rise over the coming months and US inflation worsens, it is difficult to rule out the Fed pausing rate cuts again at this stage. Expecting a rate cut in September based on Powell's dovish remarks should be right. However, since the risk of persistent inflation triggered by Trump's tariff policy cannot be ruled out, the Fed may cut interest rates in September and then observe subsequent data. Notably, Powell reiterated at the annual meeting that "a two per cent inflation rate over the long run is most consistent with our dual-mandate (maximum employment and price stability) goals," indicating that prices remain a key factor in the Fed decision-making. If US inflation indeed rises, an interest rate cut halt would not be surprising. At that point, the recovery globally, including in China and Hong Kong, would face some disruption. 翻譯自8月26日《星島日報》社論 （http://std.stheadline.com/） Imminent rate cuts positive, recovery still faces risk 翻譯︰George manifest (v) —— 顯示 dovish (adj) —— 鴿派的 hawkish (adj) —— 鷹派的 persistently (adv) —— 持續地 mounting (adj) —— 增長的 subsequent (adj) —— 隨後的 dual-mandate (adj) —— 雙重授權的 disruption (n) —— 干擾 Vocabulary stark contrast —— 鮮明對比 economic woe —— 經濟困局 stimulus measure —— 救市措施 basis point —— 基點 Useful Terms Federal Reserve Chair Jerome Powell on August 22 said that risks to the job market were rising. He also noted that inflation remained a threat and that a decision was not set in stone. His comments have led investors to expect a rate cut by a quarter of a percentage point at its meeting on September 16 and 17. Did you know? 1. The word _____ in the first paragraph is the opposite of "lose". 2. Persistently high US interest rates result in the _____ of economic activity. 3. In the passage, the word _____ means "growing". 4. Sustained and predictable rate cuts will give stronger _____ to global recovery. 5. According to the last paragraph, the US may halt interest rate cuts to cause _____ in China and Hong Kong's recovery. Answers 1. gain 2. suppression 3. mounting / rising 4. momentum 5. disruption & Q A 寒露 潘詠儀 元朗公立中學校友會鄧兆棠中學 榮休校長 獨特「三候」 吳澄亦將寒露分為「三候」，每五天為 一候。 第一候為「鴻雁來賓」。寒露之日，此 時大雁排成人字形的陣式，為了避寒而向 南遷飛；「賓」指的是鴻雁在旅途中暫時作 客停留。牠們在江南歇腳，旅處他鄉，故 吳澄以「鴻雁來賓」交代寒露開始時仰天所 見的自然現象。 第二候為「雀入大水為蛤」。古人看到 雀鳥在寒露時飛入大海中消失的同時，海 邊卻出現不少如海貝顏色與條紋的蛤蜊， 就以為蛤蜊是雀鳥變成的，這其實是個美 麗的錯覺。 第三候是「菊有黃華」。「華」是花，寒 露之時，正是天地間陰始盛、陽漸衰的時 候，百花已陸續凋零，獨菊花接力開放； 草木皆因陽氣而開花，獨有菊花因陰氣而 綻放，故「菊有黃華」，的確是金秋寫照。 民間習俗 1. 登高︰寒露時節，我國北方已呈現深秋 景象，南方也秋意漸濃。這個節氣往往 和重陽節相遇。自古以來，重陽節前 後，中原地區楓葉漸紅、秋高氣爽，正 是邀約親朋，登高望遠的好時節。 2. 賞菊、吃螃蟹、喝菊花酒︰寒露此刻， 秋高蟹肥，又是菊花盛開的時節。相傳 菊花酒有延年益壽的功效，故被漢代宗 貴達官奉為佳釀，現代人也會於寒露前 後賞菊、飲菊花酒、品嘗螃蟹，享受天 時所賜予人間的美景與美食。 3. 秋釣邊︰寒露之際，晝夜溫差大、氣溫 下降迅速，湖泊海洋水溫亦然。在南方 沿岸地帶，深水處太陽已曬不透，魚兒 遂游向水溫較高的淺水區活動和覓食， 大大增加了岸邊垂釣的樂趣，所以有 「秋釣邊」的做法。 文學作品 古往今來，文人墨客們在寒露時常懷 思緒，字裏行間的情思，也許是對故鄉的 思念，或者是對人生際遇的感慨、又或者 是對友人摯愛的思念。唐代元稹〈詠廿四 氣詩．寒露九月節〉便有關於寒露的經典描 寫：「寒露驚秋晚，朝看菊漸黃。千家風掃 葉，萬里雁隨陽。化蛤悲群鳥，收田畏早 霜。因知松柏志，冬夏色蒼蒼。」 首句「寒露驚秋晚」交代了寒露節氣為 地上帶來了秋意，再通過菊花漸黃、千葉 飄落、鴻雁南遷等物候特徵展現深秋景 象，又以「收田畏早霜」等農事細節反映節 氣與農耕的密切關係。尾聯「因知松柏志， 冬夏色蒼蒼」預告了金秋將快要過渡，冬日 的步伐，會透過松柏的新妝而漸漸步近。 這詩廣泛流傳，甚至被《月令七十二候集 解》等典籍引用，成為研究節氣文化的重要 根據。 養生之道 春生、夏長、秋收、冬藏，中醫的 養生觀和四季運行之道緊密相繫，因為 中醫認為，人體這系統，該和大自然互相 對應。到了秋天，白晝變短，夜晚漸長， 隨着自然運行的陽氣減弱、陰氣增加，人 體的陽氣也要內收，早睡早起可以減少體 內陽氣耗損，並儲存更多陽氣，以斂陰養 氣、準備過冬。 另外，民間有「白露身不露，寒露腳不 露」的俗語，意思是說：白露之後，穿衣服 就不能再赤膊露體；而寒露一到，更應注 重足部保暖，避免穿着短褲，因為兩腳距 離心臟最遠，血液供應較少，再加上腳的 脂肪層很薄，保溫性能差，容易「寒從足 生」。因此，人體須順應大自然法則，秋主 收引，寒露一到，需要內收陽氣，加衣保 暖。 秋季屬金，五行中白色入肺，因此中 醫相信透過食用白色食物可以調理和滋養 肺部、緩解咽喉不適、乾咳、皮膚乾燥等 症狀。白色蔬果如梨子、山藥、銀耳、百 合、白蘿蔔等，都能達潤燥滋陰、補充水 分的功效。 位處南方的香港，雖然寒露時候平 均氣溫仍有26度左右，但早晚溫差漸漸擴 大，邁向深秋，寒露此際，登高賞秋、養 生健體、品酒嘗蟹，與自然和諧共舞，實 屬人生樂事。 作者介紹 二十四節氣是中國古代農民根據 太陽運動規律及氣候變化所創立的知 識體系，以便安排農事活動。農民常 比對節氣第一天與陰曆的相對位置， 這兩者的先後次序被視為判斷年景的 重要指標。寒露和重陽的先後，是農 民經常參照的資料。以下是農民的一 些農耕智慧： 1.「重陽寒露前，必定是災年；重陽 寒露後，五穀皆豐收」︰2025年的 寒露是陽曆10月8日，重陽為10月 29日，寒露正是在重陽節之前， 如果農耕智慧準確，今年農家可 見大豐收了。 2.「重陽寒露後，冬天冷得透」︰根據 這說法，今年我們就要好好準備 保暖衣物過冬了。 3.「寒露過三朝，過水要尋橋」︰在南 方，雖然寒露不及北方的冷，但 交節不過三天，河流湖泊水溫就 會明顯下降，人們就要遠離水中 活動了。 農耕智慧 冷知識 BOX ■把酒賞菊與品蟹是寒露的合時活動。 圖為清任頤的《把酒持螫圖》。 吃蟹的季節隨着寒露而來，有一民 間傳說謂大禹有一部下名巴解，當年 被派到江南治水，在陽澄湖邊遭遇「夾 人蟲」襲擊，不少民工受傷。巴解想了 妙法，在湖邊築了一座土城，四周挖 了一條深溝，等到天黑，城上點上火 把，圍溝裏灌上開水。當「夾人蟲」再次 爬來時，紛紛跌入沸水溝內被燙死。被 燙死的「夾人蟲」渾身通紅，並發出一陣 陣襲人的香氣。巴解撈起一隻來吃，驚 覺「夾人蟲」鮮味無比。漁民於是紛紛仿 效，品嘗「夾人蟲」的美味。 為了紀念和感謝巴解，當地老百 姓就在巴解的「解」字下面加一個「虫」 字，「解、虫」成「蟹」。相傳蟹的名稱 從此就流傳至今了。 寒露說「蟹」 ■今年的寒露在 10月8日。 ■梨子具有 潤肺生津的 效果，適合 寒 露 時 食 用。 星島 教室 寒露，是二十四節氣中的第十七個節氣，一般在每年西曆的10月7至9 日，而去年的寒露則在10月8日。元代文人吳澄編著的《月令七十二候集 解》說：「九月節，露氣寒冷，將凝結也。」此時隨着太陽直射點從赤道繼 續南移，北半球地面接收到的太陽熱量不斷減少，氣溫繼續下降，露水變 冷，快結成霜，故稱「寒露」。 D6 侷芎 02.04.2026 星期三 天地人時誌 本欄，由教育評議會邀請資深中小學教師及校長撰寫。 文章以生動有趣的方式，透過國節氣氣候、各地風土民情及歷史人物故事，帶領讀者探索中國文化與歷史的奧妙。
RkJQdWJsaXNoZXIy ODc1MTYz