The combination of large budget deficits and a tight monetary policy, which was being maintained to inhibit inflation, kept U.S. interest rates high relative to rates in other industrialized countries.

• 一方面是巨额预算赤字，另一方面为了控制通货膨胀而实行紧缩银根政策，这两者使得美国的利率高于其他工业国的利率。