The committee said economic growth was moderate during the first half of the year. But it said the reduced availability of credit could intensify the current housing problems and restricting (restrain) economic growth. The policy makers also said that some inflation risks remain and will be watched carefully.

委员会谈到在上半年，经济仅适度增长。但是，其指出信用的可用性下降可能会加强现在的房产问题并限制经济的增长。政策制定者也谈到存在通货膨胀的风险，需要密切关注。

The Fed's action will help some homeowners and other borrowers. What is not clear, though, is how much it will do for many homeowners facing sharply higher payments. Their payments on an adjustable rate mortgages will still go up, though not as high as they would have. By the end of next year, an estimated two million or more holders of subprime loans will have their rates reset higher. These loans were made to people with week （ weak ） credit histories.

联邦的决议将帮助一些房屋拥有者和借贷者。不确定的是，其对房屋拥有者需要面对的更高的还款有和帮助。由于可调的抵押贷款率，他们的付款仍然会上涨，尽管可能不会达到他们预期的幅度。到明年底，据估计有 2 百万的次级贷款者其贷款率会被再调高。这些贷款是提供给那些信贷记录不良的人的。

The Fed also cut its discount rate for direct loans to banks by half a point, to five and one quart percent, to increase their landing ability. The traditional opinion of borrowing from the so-called discount window was that it represented a sign of weakness.

联邦同时降低了半点针对直接向银行贷款的折扣率，使其为 5.25% ，以提高他们的贷款能力。传统观点认为，从称为折扣窗口的地方借款，是一种减弱的象征。

Stock markets rose sharply after the Fed cut interest rates. But not everyone was so pleased. Some experts warned that cutting rates could raise inflation. They also say it helps those who made unwise borrowing decisions

联邦降息后，股市飙升。但是，并不是所有人都感到高兴。一些专家警告说降息可能导致通货膨胀。他们还说这帮助了那些做出不明智借款选择的人。