Pronunciation: [pˈɛɡd dˈa͡ʊn] (IPA) 
The phrase "pegged down" is spelled as /pɛɡd daʊn/ in IPA phonetic transcription. This means that the first syllable, "peg," is pronounced with an "e" sound as in "bed," followed by a hard "g" sound. The second syllable, "ged," ends with a soft "d" sound and is pronounced with an "aʊ" diphthong as in "out." The phrase itself means to secure something firmly or to hold something in place firmly, often with a peg or a stake.
The phrase "pegged down" is an idiomatic expression that can be used in various contexts. It typically refers to a situation where something or someone is firmly secured, anchored, or fixed in a particular position or state. The term "peg" in this phrase is metaphorically used as an object used to hold or fasten something.
In a literal sense, "pegged down" may describe an action of physically attaching something by using pegs or stakes to prevent it from moving or being displaced. For instance, when setting up a tent, it is crucial to peg it down to the ground to ensure stability and prevent it from being blown away by the wind.
Figuratively, "pegged down" often implies a state of being restrained or limited. It can describe the act of fixing or restricting the movement, development, or progress of something or someone. For example, if someone's career prospects are "pegged down," it means that their career advancement or opportunities for growth are intentionally limited or hindered.
Additionally, "pegged down" can be used to describe a situation where a value or price is firmly set or attached to a specific level, often by an external authority or mechanism. For instance, if a currency is "pegged down" to the value of another currency, it means that its exchange rate is fixed against that currency and does not fluctuate. This process is usually done by monetary authorities to maintain stability in the financial markets.
The expression "pegged down" has a figurative meaning indicating being firmly established, fixed, or secured. Looking at the etymology of both words can help us understand the origin of the phrase:
1. Peg: The word "peg" dates back to the late 14th century and originally referred to a wooden pin or dowel used for fastening or securing pieces of wood or other material together. The Middle English word came from the Old English "pegge", which likely originated from a dialectal variation of a West Germanic base, possibly related to the Old High German word "bego", meaning "pickaxe".
2. Down: In this context, "down" means "to a lower position" or "into a lower position". The word comes from the Old English "dūne", meaning "offered at a lower price" or "downwards".
