Financial markets and economists were of one mind(意见一致) that the Reserve Bank of Australia (RBA) would this week announce yet another rate hike(加息), its fifth in this cycle, and they did. But it’s probably worth focusing on the fact that three of the nine monetary board members voted to keep rates on hold.(但或许值得关注的是，九名货币政策委员会成员中有三人投票支持维持利率不变。)
金融市场和经济学家一致认为，澳大利亚储备银行（RBA）本周将宣布再次加息，这是本轮周期的第五次，而他们确实也这么做了。但或许值得关注的是，九名货币政策委员会成员中有三人投票支持维持利率不变。
To be clear, it’s likely the dissenters(反对者) agreed that inflation remains too high at present: it clearly is. Underlying inflation, the best indicator of price pressures, has been outside the RBA’s target band(目标区间) (of 2% to 3%) for almost all of the past four years. The dissenters may well have been equally uncomfortable with the increase in inflationary expectations, which jumped up to 5.3% in October.(反对者可能同样对通胀预期的上升感到不安，10月份通胀预期跃升至5.3%。)
需要明确的是，投反对票的人很可能也同意目前通胀仍然过高：事实显然如此。核心通胀是衡量价格压力的最佳指标，在过去四年中几乎一直处于RBA目标区间（2%至3%）之外。反对者可能同样对通胀预期的上升感到不安，10月份通胀预期跃升至5.3%。
When people expect inflation to be higher, it can allow businesses to more easily pass on(转嫁) price increases – a vicious cycle(恶性循环).
当人们预期通胀会更高时，企业就更容易转嫁价格上涨——形成恶性循环。