Here’s what happened: the Fed decided to squeeze inflation out of the system through a monetary contraction.

当时之事如此这般：美联储决定通过紧缩货币将通货膨胀从体系中排解出去。

Central banks in Brazil and Turkey have already faced the unenviable task of tightening policy to squeeze inflation out of economies heading into recession.

巴西和土耳其的央行已经面临一个艰难使命：在经济正在步入衰退之际收紧货币政策、挤掉通胀。