It is tempting to write this off as just another cyclical peak.

人们禁不住会认为，这不过是又一个周期性顶点。

With yesterday's cut, the federal funds rate has fallen from a cyclical peak of 6.5 percent to 2 percent.

随着昨日的降息，美国联邦基金利率已自周期高点6.5%降至2%。

Growth of 9% now looks more like a cyclical peak than apermanent achievement: bottlenecks throughout the economy mean it cannot gofaster without setting off inflation.

9%的增长速度现在被视为周期性的峰值而非能长久保持的成绩：经济内部处处可见的瓶颈意味着增长速度再高就会有引发通货膨胀的风险。

As cyclical analysts we tend to think of time in terms of a window, and each pane has a certain probability of containing the peak (or trough).

作为趋势分析家的我们倾向于思考每个时间的窗口，每个窗口都很有可能包含高点与低点。