经济学人:股市震荡:投资者们受一重击(2)

 　　What explains the sudden turmoil¹? 何以解释这场突如其来的动荡呢?

　　Perhaps investors² had been used to good news for so long that they had become complacent³. 也许，投资者已经习惯于好消息太久了，以致他们已经变得有些飘飘然了。

　　In a recent survey investors reported their highest exposure to equities⁴ in two years and their lowest holdings of cash in five. 在一份最新的调查中，投资者爆出他们两年来在股票上的最高风险敞口和5年来在现金上的最低持有。

　　Another sign of potential complacency was the unwillingness⁵ of investors to pay for insurance against a market decline, something that showed up in the volatilitv or Vix index. 潜在的自满情绪的另一个迹象是投资者对于购买市场下跌保险，即Vix波动指数所展现出来的某种东西的不情愿。

　　Funds that bet on the continuation of low volatility⁶ lost heavily. 把赌注压在低波动延续上面的基金可谓是损失惨重。

　　The wobble may also reflect a decision by investors to rethink the economic and financial outlook. 这场动荡也可能反映了投资者的一种要去重新思考经济和金融前景的决策。

　　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年以来，各国央行一直都是通过低利率和量化宽松(即用新印制的钱购买债券)来大力支撑金融市场。

　　There was much talk of an era of "secularstagnation", in which growth, inflation and interest rates would stay permanently⁷ low. 曾经存在着大量的这是一个增长、通胀和利率在期间会永远地停留在低位的“长期停滞”时代的言论。

　　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，美联储和英格兰银行如今正在推高利率，并且欧洲央行也在减少债券购买。

　　Future central-bank policy seems much less certain. 未来的央行政策似乎少了太多的确定性。

　　A pickup⁸ in global economic growth may naturally lead to fears of higher inflation. 全球经济增长的好转可能很自然地导致对更高通胀的担忧。

　　The World Bank warned last month that financial markets could be vulnerable on this front. 上个月，世界银行曾经警告说，在这条战线上，金融市场可能不堪一击。

1 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

2 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

3 complacent   

adj.自满的；自鸣得意的

参考例句：

• We must not become complacent the moment we have some success.我们决不能一见成绩就自满起来。
• She was complacent about her achievements.她对自己的成绩沾沾自喜。

4 equities   

普通股，股票

参考例句：

• These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
• They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。

5 unwillingness   

n. 不愿意，不情愿

参考例句：

• Her unwillingness to answer questions undermined the strength of her position. 她不愿回答问题，这不利于她所处的形势。
• His apparent unwillingness would disappear if we paid him enough. 如果我们付足了钱，他露出的那副不乐意的神情就会消失。

6 volatility   

n.挥发性，挥发度，轻快，（性格）反复无常

参考例句：

• That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
• Yet because volatility remained low for so long,disaster myopia prevailed.然而，由于相当长的时间里波动性小，灾难短视就获胜了。

7 permanently   

adv.永恒地，永久地，固定不变地

参考例句：

• The accident left him permanently scarred.那次事故给他留下了永久的伤疤。
• The ship is now permanently moored on the Thames in London.该船现在永久地停泊在伦敦泰晤士河边。

8 pickup   

n.拾起，获得

参考例句：

• I would love to trade this car for a pickup truck.我愿意用这辆汽车换一辆小型轻便卡车。||The luck guy is a choice pickup for the girls.那位幸运的男孩是女孩子们想勾搭上的人。