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Rising concerns about the global economy triggered a “flash crash” in US Treasury yields yesterday, as losses spread across stock markets and a new wave of investors appeared to give up on their bullish bets.
对全球经济日益增加的担忧情绪昨日引发美国国债收益率出现“闪电崩盘”，与此同时，各股票市场纷纷下跌，又一批投资者似乎放弃了他们的看涨押注。
The yield on a 10-year Treasury, a key barometer of the strength of the US economy, fell below 2 per cent for the first time since the Federal Reserve began talking about removing its monetary stimulus in May 2013.
美国经济态势的关键晴雨表——10年期美国国债收益率，在美联储(Fed) 2013年5月开始讨论停止货币刺激政策以来，第一次跌至2%以下。
Dealing desks scrambled to make sense of the scale of the drop. Yields fell from 2.19 per cent to 2 per cent in the hour after the release of weak US retail sales, and then plunged to 1.86 per cent within moments. They had rebounded to 1.95 per cent later in New York.
交易机构手忙脚乱地试图弄明白为何出现如此幅度的下跌。在有关方面发布疲弱的美国零售业销售数据后，10年期美国国债收益率在1小时内从2.19%降至2%，此后即刻跌至1.86%，晚些时候在纽约又回升至1.95%。
The gyrations in the US bond market followed steep falls in European share prices. The FTSE Eurofirst 300 dropped 3.2 per cent, the index’s biggest one-day fall since late 2011.
在美国债券市场波动之前，欧洲股票价格暴跌。富时Eurofirst 300指数(FTSE Eurofirst 300)下跌了3.2%，这是2011年末以来该指数单日跌幅最大的一次。
The US S&P 500 was off 2.8 per cent at 1,825 at lunchtime in New York. It has fallen 9.9 per cent from its September peak, putting it within a few points of an official 10 per cent correction, and has given up all its gains for the year. Investors are reassessing their expectations for global growth amid concerns of deflation in the eurozone, weakness in emerging markets and falling oil prices.
纽约午盘时段，美国标普500指数(S&P 500)跌去2.8%，至1825点。该指数已从9月峰值下跌9.9%，与官方所称10%回调幅度近在咫尺，抹去了今年以来全部涨幅。在欧元区通缩、新兴市场疲软以及油价下跌引发担忧之际，投资者开始重估他们对全球增长的预期。
Iain Stealey, fixed-income portfolio manager at JPMorgan Asset Management, said: “Fed quantitative easing is ending, expectations about global growth and inflation are falling, and so people want risk-free assets, which means ‘buy US Treasuries’.” Treasuries had their biggest single-day swing since the depths of the credit crisis in 2009.
摩根大通资产管理(JPMorgan Asset Management)的固定收益投资组合经理伊恩•史泰利(Iain Stealey)表示：“美联储的量化宽松(QE)正在终结，全球增长与通胀预期正在下降，所以人们希望持有无风险资产，这意味着‘买美国国债’。”美国国债收益率呈现出了自2009年信贷危机最严重时以来的最大单日波幅。
“We were watching in astonishment,” said Adrian Miller, director of fixed-income strategy at GMP Securities. “Having the 10-year note trade at these levels, back where we were before the Fed taper talk, it’s extraordinary. There is no place to hide if you are pro-risk.”
“看到此等行情让我们感到震惊，”GMP证券(GMP Securities)的固定收益策略总监亚德里安•米勒(Adrian Miller)表示，“10年期美国国债收益率达到如此水平，回到美联储谈论退出QE之前的情形，真令人大跌眼镜。如果你还拥抱风险的话，你将无处可藏。”
