The phrase, coined by Milton Friedman, a Nobel-prizewinning economist, is sophisticated shorthand for the delayed and uncertain effects of monetary policy.

这个词由诺贝尔奖得主、经济学家米尔顿·弗里德曼首创，是对货币政策的延迟和不确定效应的复杂缩写。

The key question in this discussion is what are the delayed effects of having raised interest rates so much?

这次讨论的关键问题是大幅提高利率会产生什么延迟效应？

We can't rule out the possibility that that is gonna have a delayed effect on the economy over time.

我们不能排除随着时间的推移这将对经济产生延迟影响的可能性。

To Torsten, the fact that people are falling behind on payments now is a delayed effect of the early interest rate hikes from a year ago.

对托斯顿来说，人们现在拖欠付款的事实是一年前提前加息的延迟效应。

Ad-sellers are feeling the delayed effect of Apple's change last year to the privacy settings on iPhones, which stops advertisers from tracking people's behaviour on its devices, and thus from measuring the effectiveness of digital ads.

广告销售商感受到了苹果去年改变 iPhone 隐私设置的延迟影响，这阻止了广告商跟踪人们在其设备上的行为， 从而无法衡量数字广告的有效性。