I began to feel like I was treading water, instead of drowning in it.

我开始感觉自己是在踩水，而不是在往下沉了。

The euro, yen and pound are treading water too.

欧元、日元和英镑也在停滞不前。

It now floated up to within reaching distance of where Hiccup was treading water.

现在它漂浮到离卡嗝踩水的地方不远的地方。

Now, when you're treading water, sometimes you need to actually be breathing because you're moving.

现在，当您踩水时，有时您需要真正呼吸，因为您在移动。

Pay settlements in Italy and Spain are treading water, while wage growth in Australia, France and Germany remains well below where it was before the pandemic. Workers in these places are not really joining in with the inflationary party.

意大利和西班牙的薪资水平停滞不前，而澳大利亚、法国和德国的薪资增长仍远低于疫情前的水平。这些地方的工人并没有真正加入通胀的阵营。