Banks' base case seems to be broadly in line with that of the Federal Reserve.

银行的基本预期似乎与美联储的大体一致。

This is called the " base case" of the recursion.

这称为递归的“基本情况” 。

Since our base case expects global prices to stay below $90, that would not make much difference to the price of Russian oil, which currently trades at a 20-30% discount.

由于我们的基本情景预计全球价格将保持在 90 美元以下，这对俄罗斯石油的价格不会有太大影响，俄罗斯石油目前的交易价格有 20-30% 的折扣。

Guan added that in the base case scenario, in which the United States achieves a soft landing while the Fed continues rate cuts, foreign institutions may continue to boost holdings in renminbi-denominated bonds, especially treasury bonds.

管涛补充，在美国实现软着陆而美联储继续降息的基本情况下，境外机构可能会继续增持人民币债券，尤其是国债。