A Translation Project Report Of The Coming U.S. Interest Rate Tightening Cycle:Smooth Sailing Or Stormy Waters? (Excerpts)

This is a Translation Project Report of The Coming U.S. Interest Rate Tightening Cycle: Smooth Sailing or Stormy Waters?. Released on its official website by the World Bank Group in September, 2015, the source text is a Policy Research Note(PRN). The source text analyzes the changes in global conditions since the taper tantrum, risks caused by the increasing of the U.S. interest rate and the potential influences on the emerging and frontier market economies(EFEs) and offers some policy options for these countries. The translated version of the source text in the translation project includes its executive summary, Chapter I, II and III.The difficulties in the process of translation include choosing the appropriate translation strategy and how to translate the terminologies properly because the source text is written with strong logic and in formal English. The translator overcame the aforementioned difficulties by choosing the theories of Functionalism, namely, the theory of action, the Skopos theory and the theory of text types, as the guiding theories. Guided by these theories, the translator analyzed and compared the source text and the target text before deciding on the translation project's purpose based on which the translator considered that the appropriate translation strategy should be a combination of free and literal translation and managed to translate the terminologies properly.