本期內容：

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: 美聯儲（簡稱The Fed）
· The European Central Bank: 歐洲央行（簡稱ECB）
conduct vt. 組織；實施，進行（organize）
· conduct an experiment/a survey: 組織進行實驗/調查
a repurchase operation: 回購操作
· 回購（repurchase）是以有價證券作抵押的短期資金融通，是金融體系的重要潤滑劑，其目的是進行短期融資，回購簽的協議就是 repurchase agreement （簡稱repo）
worth n. 價值
· 數字 + worth of + 物品: 價值多少的物品
· $ 20 worth of books: 價值20美金的書
· $ 500 worth of clothes: 價值500美金的衣服
· $ 5,000,000 worth of business: 價值五百萬美金的交易
debt instruments: 債務工具（例如國債，證券等）
benchmark interest rate: 基準利率（美國主要的貨幣政策工具）
intervention n.（市場）干預
money markets: 貨幣市場
shoot up to as high as: 飆升
· shoot-shot-shot
· shoot up: 快速增長
· Sales shot up by 9% last month.
銷售量上個月猛增了 9％。
overnight repo lending: 隔夜回購貸款
dry up: 干枯；資金短缺
short-term loans: 短期貸款
hedge funds: 對沖基金（套期保值基金，用來規避和化解投資風險）

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