标题很直接，Interest-rate，利率，这是英国最近最热门的话题。BOE，Bank of England的缩写，是英国的央行。
The Bank of England said the arguments in favor of an interest-rate increase are growing stronger for some officials as the economy recovers and the risk of financial imbalances mounts.
上调利率的呼声越来越高（in favor of 同意，支持），原因是英国经济复苏，金融失衡（imbalance）的风险在增加（mount这里做动词用）。
In the minutes of their first meeting since the initial phase of forward guidance ended, the nine members of the Monetary Policy Committee said decisions were becoming “more balanced” for some of them. However, all agreed they needed to see “more evidence of slack reducing” before it would be time to increase the key interest rate from a record low. The MPC voted unanimously to keep the rate at 0.5 percent this month.
Officials are divided over the amount of spare capacity in the economy, which has become a key measure under Governor Mark Carney’s push to keep borrowing costs low. Previously, Carney’s guidance focused on unemployment, though that version was replaced after the jobless rate fell faster than expected.
失业率（jobless rate）下降快于预期，所以失业不再是问题的核心。Mark Carney’ 何许人也？BOE总裁。他现在用的关键衡量标准（key measure）是经济剩余产能（spare capacity），而恰恰是在这一点上，官员们存在分歧（divide over）。
The panel noted the risk of financial imbalances, especially in the housing market, saying that such threats would first be tackled by the BOE’s Financial Policy Committee. An easing in mortgage approvals and signs of a shortage of property for sale were “noteworthy” in the context of “continuing buoyancy” in house prices, particularly in London.
panel这个词，在电脑里是控制面板的意思，这里指全体陪审员。他们担心的金融失衡，主要是在房地产市场（housing market）。得到贷款（mortgage approval）的容易程度，以及房产供应的紧缺（shortage），导致房价持续徘徊在高位（continuing buoyancy）
The pound rose for a fifth day after the minutes were published and data showed retail sales surged 1.3 percent in April, more than economists forecast. Sterling advanced 0.4 percent to $1.6897 as of 10:19 a.m. London time.
会议记录（minute，这里的意思不是分钟）发布后，英镑连续第五天上涨，零售销售（retail sale）4月激增1.3%，远超经济学家预期（forecast）。Sterling是英镑的另一种称呼，英镑的标准全称是 Great Britain Pounds Sterling。这里的retail sale相当于物价指数，跟通货膨胀是息息相关的。1.3%都被叫做激增，看来腐国人民真没体验过在中国猪肉3个月涨价270%的神话。
The minutes reiterated comments by officials in recent weeks that that once rate increases start, the moves will be gradual and that borrowing costs are likely to remain below the historical average for some time.
The central bank said the MPC has a range of views about slack in the labor market and in companies, and that policy makers have a “variety” of opinions on the appropriate path of monetary policy.
“It could be argued that the more gradual the intended rise in bank rate, the earlier it might be necessary to start tightening policy,” the MPC said in the minutes of its May 7-8 meeting. “Against that, if productive potential were in part related to the level of demand, then the earlier policy was tightened, the greater the risk of incurring a substantial loss in foregone output.”
一种观点是，利率上调越缓慢，必要的紧缩政策（tightening policy）将开始地越早。紧缩政策，是指银行紧缩银根，把市场上流通的货币更多地收回银行。这样做相当于抽出市场上过多的钱，有利于抑制物价上涨。与这种观点相反的是，如果生产潜力（productive potential）在一定程度上（in part）与需求（demand）量相关，那么紧缩政策越早施行，那么招致（incur）未来产出（foregone output）持续损失（substantial loss）的风险将越高。这种观点也有一定的道理，即政策紧缩导致市场缺钱，缺钱也就是缺少购买需求，需求减少将影响生产力的发展，因为它们多多少少是关联的。
Investors are pricing in a rate increase in the first half of 2015, a view shared by economists in Bloomberg’s monthly survey of economists, published yesterday. Thirty-five percent of 46 respondents predict the BOE will increase rates in the first quarter of 2015 and 35 percent said it will wait until the three months ending June.
On the economy, the committee said recovery looks “less fragile” and the global backdrop is “benign,” notwithstanding risks such as tensions in Ukraine. Officials said it remains to be seen how much the softening in mortgage approvals was due to new lending rules and prospective home sellers delaying marketing in the hope of getting a higher price. The panel said the FPC will consider the issues at its June meeting.
According to forecasts published last week, the BOE sees the U.K. growing 3.4 percent this year and 2.9 percent in 2015. It forecasts that inflation will average 1.8 percent in both years, below its 2 percent goal.
Sterling has gained more than 11 percent against the dollar in the past year. While the committee said this would put downward pressure on inflation over the next couple of years, it said there was a case to “look through” the temporary effects of exchange-rate movements.