評論
打印
What explains the sudden turmoil?
何以解釋這場突如其來的動蕩呢?
Perhaps investors had been used to good news for so long that they had become complacent.
也許，投資者已經習慣于好消息太久了，以致他們已經變得有些飄飄然了。
In a recent survey investors reported their highest exposure to equities in two years and their lowest holdings of cash in five.
在一份最新的調查中，投資者爆出他們兩年來在股票上的最高風險敞口和5年來在現金上的最低持有。
Another sign of potential complacency was the unwillingness of investors to pay for insurance against a market decline, something that showed up in the volatilitv or Vix index.
潛在的自滿情緒的另一個跡象是投資者對于購買市場下跌保險，即Vix波動指數所展現出來的某種東西的不情愿。
Funds that bet on the continuation of low volatility lost heavily.
把賭注壓在低波動延續上面的基金可謂是損失慘重。
The wobble may also reflect a decision by investors to rethink the economic and financial outlook.
這場動蕩也可能反映了投資者的一種要去重新思考經濟和金融前景的決策。
Ever since 2009 central banks have been highly supportive of financial markets through low interest rates and quantitativeeasing (bond purchases with newly created money).
自2009年以來，各國央行一直都是通過低利率和量化寬松(即用新印制的錢購買債券)來大力支撐金融市場。
There was much talk of an era of "secularstagnation", in which growth, inflation and interest rates would stay permanently low.
曾經存在著大量的這是一個增長、通脹和利率在期間會永遠地停留在低位的“長期停滯”時代的言論。
But the Federal Reserve and the Bank of England are now pushing up interest rates,and the European Central Bank is cutting its bond purchases.
但是，美聯儲和英格蘭銀行如今正在推高利率，并且歐洲央行也在減少債券購買。
Future central-bank policy seems much less certain.
未來的央行政策似乎少了太多的確定性。
A pickup in global economic growth may naturally lead to fears of higher inflation.
全球經濟增長的好轉可能很自然地導致對更高通脹的擔憂。
The World Bank warned last month that financial markets could be vulnerable on this front.
上個月，世界銀行曾經警告說，在這條戰線上，金融市場可能不堪一擊。
譯文來源余興宇
