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。