How much more the Federal Reserve raises interest rates this year will?hinge on?the strength of the economy — particularly the labor market.?Federal Reserve policymakers are?debating?how much further they need to raise interest rates to ensure that inflation speedily returns to a normal pace, and that?calculus?is likely to depend heavily on the job market’s strength.

美聯(lián)儲今年加多少息將取決于經(jīng)濟實力，尤其是勞動力市場。美國聯(lián)邦儲備委員會的政策制定者正在討論，他們還需要加息多少才能確保通脹迅速回歸正常水平，計算這個指標可能很大程度上取決于就業(yè)市場的強勁程度。

Officials will closely watch the employment report on Friday, the last reading on job growth that they will receive before their July 25-26 meeting, for a?hint?at how much?momentum?remains in the American economy.

聯(lián)邦政府官員將密切關注周五發(fā)布的就業(yè)報告，這是他們在7月25-26號會議之前收到的最后一份就業(yè)增長報告，可以從中看出美國經(jīng)濟還有多少增長勢能。

Fed officials have been surprised by the economy’s staying power 16 months into their push to slow it down by raising interest rates, which makes borrowing money more expensive.?While growth is slower, the housing market has begun to stabilize and the job market has remained?abnormally?strong with?plentiful opportunities?and?solid pay?growth. Fed officials worry that if?wage?growth remains unusually rapid, it could make it difficult to bring elevated inflation fully back to their 2 percent goal.

美聯(lián)儲官員一直對經(jīng)濟的持久力感到意外，他們在加息16個月后一直在努力減緩經(jīng)濟增長，加息提高了借貸成本。雖然經(jīng)濟增長放緩了，但是房地產(chǎn)市場卻開始趨于穩(wěn)定，就業(yè)市場保持反常的強勁狀態(tài)，有很多工作機會以及穩(wěn)定的薪資增長。美聯(lián)儲官員擔心，如果薪資保持異常快速增長，可能會使高通脹很難再完全回到2%的目標。

That?resilience?— and the stubbornness of quick inflation, particularly for services — is why policymakers expect to continue raising interest rates, which they have already lifted above 5 percent for the first time in about 15 years. Officials have?ratcheted up?rates in smaller?increments?this year than last year, and they skipped a rate move at their June meeting for the first time in 11 gatherings. But several policymakers have been clear that even as the pace?moderates, they still expect to raise interest rates further.

就業(yè)市場的韌性——以及快速通脹的頑固性，尤其是服務行業(yè)——是政策制定者計劃繼續(xù)提高利率的原因，他們已經(jīng)將利率提高到了5%以上，約15年來首次達到這么高。美聯(lián)儲官方今年的加息幅度小于去年，他們在6月份的會議上沒有決議加息，是11次會議以來首次沒有加息。但幾位政策制定者已經(jīng)明確表示，即使經(jīng)濟增長步伐放緩，他們預計還是會進一步加息。

Investors widely expect Fed officials to raise interest rates at their July meeting, and the strength of the labor market could help to shape the outlook after that. While policymakers will not release new economic?projections?until September, Wall Street will?monitor?how policymakers are reacting to economic developments to?gauge?whether another move this year is likely.

投資者普遍預期美聯(lián)儲官方將在7月的會議上決定加息，而就業(yè)市場的強勁表現(xiàn)可能有助于給未來的情況定下基調(diào)。雖然政策制定者要到9月才會發(fā)布新的經(jīng)濟預測，但華爾街將密切關注政策制定者對經(jīng)濟發(fā)展的反應，由此判斷今年是否有可能還會采取其他舉措。