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The second divide exists within the ranks of advanced economies. Rich countries seem to be gently slowing, with one big exception: America.
第二個差異存在于發達經濟體之間。發達國家經濟似乎都在放緩，但有一個例外：美國。
There, growth has sped up dramatically, exceeding an annualised rate of 4% in the second quarter of 2018.
美國經濟增長速度大大加快，超過2018年第二季度4%的年度增長率。
America is the only large advanced economy in which the IMF projects activity will expand more quickly this year than it did last year.
在IMF預計的經濟活動中，美國是唯一一個經濟擴張比去年更加迅速的大型發達經濟體。
This acceleration is because of President Donald Trump's tax cuts.
美國經濟增長加速是由于特朗普·唐納德的減稅政策。
In September the unemployment rate fell to 3.7%, the lowest since 1969; wage growth is slowly but surely rising. Rampant demand is pushing up interest rates.
9月，其失業率下降至3.7%，是自1969年以來最低水平；工資增長緩慢卻堅定。龐大的需求推動了利率的上漲。
The Federal Reserve has raised short-term rates by two percentage points since it started tightening monetary policy in 2015.
自2015年開始推行緊縮的貨幣政策以來，美聯儲的短期利率上調了兩個百分點。
This week Mr Trump described the Fed's policy as "crazy". The yield on ten-year Treasury bonds has risen by more than in most other rich countries.
本周，特朗普稱聯邦儲備局的政策“很瘋狂”。十年長期國庫券收益的增長比其他大部分富裕國家都多。
It now stands at over 3.2%, higher than at any time since 2011.
如今該增長率超過3.2%，比自2011年起的任何時候都要高。
These different growth paths could yet separate further, because many of the immediate economic risks threaten countries other than America.
這些不同的增長途徑可能會進一步分離，因為很多緊迫的經濟風險會對美國之外的國家造成了威脅。
One emanates from Italy, where bond yields are also rising rapidly—and not because of a robust economy.
其中一個風險源自意大利，意大利債券市場利息率也在迅速增長—而且這并不是因為其經濟強健。
Instead, an extravagant budget put forward by its populist coalition government has sparked a confrontation with the European Commission
相反，其平民主義聯合政府提出的奢侈預算刺激了和歐洲委員會之間的沖突，
and reignited fears about the sustainability of the country's huge public-debt burden.
也再次激起了對國家巨大國債負擔持續性的恐懼。
The spread between yields on Italian and German ten year bonds now stands at around three percentage points, its widest in over five years.
意大利和德國十年期債券收益率之間的差價現在達到了約三個百分點，是這五年來的最大差價。
Those rises will chill the Italian economy. Rising yields have not so far spread beyond Italy's borders,
那些增長將讓意大利經濟遭遇寒冬。收益上漲目前還沒有傳播出意大利邊界，
but further increases could mean that crisis engulfs the euro zone again. Such fears will do no favours to European business confidence, which has already softened this year.
但是進一步的增長可能意味著危機會再一次吞沒歐元區。這種恐懼不利于歐洲業界信心的增長，今年商業界信心已經有所減弱。
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