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      考研英语水平的进步，不仅要记单词，还需要阅读外语文献等资料。接下来，小编为2024考研者们，整理出——2024考研英语同源外刊8月:全都是泡沫，供考生参考。

2024考研英语同源外刊8月:全都是泡沫

For a certain type of investor, last year came as a relief. True, the losses were grim. But at least markets were starting to make sense. Over the previous decade, central banks had pumped out floods of new money to buy bonds. Interest rates were kept unnaturally low, or even negative. The result was an “everything bubble”, a speculative mania in which valuations surged everywhere from stocks to housing to baffling crypto assets. It was never going to end well, and in 2022 it didn’t: inflation killed off cheap money; the everything bubble popped; asset prices plunged. Some were even approaching rationality. A return to reassuringly dull investing—based on fundamentals, not hype—beckoned.

对于某一类投资者而言，去年是一种解脱。的确，损失相当惨重。但至少市场开始能让人看得懂了。过去十年里，各国央行疯狂印钱购债。利率被维持在异常低位，甚至是负值。其结果就是“万物皆泡沫”，在这场投机狂潮中，从股票到房地产，再到烧脑的加密资产，一切估值都在飙升。这注定不会有好结果，而2022年终于崩盘：通胀消灭了廉价资金;万物的泡沫被戳破;资产价格暴跌。一些资产价格甚至开始回归理性。市场似乎又将回到令人安心的枯燥无味的投资方式——基于基本面而非炒作热点。

If this sounds familiar, and you were one of these relieved investors, you may have found yourself wrong-footed by developments over the past few months. It is not just stockmarkets, though both in America and globally they have risen to within striking distance of all-time highs. It is that risky assets across the board have proved astonishingly resilient to seemingly disastrous news.

如果这听起来耳熟，而且你也是这些松了一口气的投资者之一，那么过去几个月的事态发展可能让你措手不及。美国和全球股市齐升，距离历史高位仅一步之遥，而上涨的还不仅仅是股票。事实证明，所有风险资产对看似灾难性的消息也表现出惊人的韧性。

An index of American high-yield (or “junk”) bonds compiled by Bank of America suffered a peak-to-trough loss of 15% in 2022. It has since recovered half that loss. So has a similar index for junk bonds in Europe. The housing slump already shows signs of petering out, even though global prices have fallen by just 3% from their peak, or 8-10% adjusting for inflation, after a boom in which they rose at their fastest rate ever.

美国银行编制的美国收益好的(即“垃圾”)债券指数在2022年从波峰落到波谷，下跌了 15%。自那以来，它已经收复了半数失地。欧洲一个类似的垃圾债券指数也是如此。

In other words, the everything bubble in risky assets seems to have survived the return of inflation, rising interest rates, war in Europe and the threat of recession. Can anything pop it? One often-mentioned candidate is liquidity, which is being drained from the financial system. The main exit pipes run to the Federal Reserve and America’s Treasury department. The Fed is sucking out $95bn a month by allowing some of its portfolio of Treasuries and mortgage-backed securities to mature without reinvesting the proceeds. The Treasury, by one estimate, must sell $1trn of new debt in the summer to rebuild its cash buffers after Washington’s debt-ceiling stand-off.

换言之，风险资产中的万物皆泡沫似乎经受住了通胀回归、利率上升、欧洲战争和衰退威胁。还有什么东西能把它戳破?一样常被提及的东西是流动性，目前金融体系的流动性正在逐渐消失。流失的主要出口是美联储和美国财政部。美联储持有的部分国债和抵押担保证券到期后不做再投资，每月抽走950亿美元。据一项估计，在华盛顿就债务上限问题陷入僵局后，财政部必须在夏季出售1万亿美元的新债才能重建其现金缓冲。

Most obviously, this depresses Treasury prices by increasing supply and removing the Fed as a monthly buyer. (Tellingly, government bonds are the one asset class to have barely recovered from last year’s shellacking.) By raising “safe” Treasury yields, this makes riskier assets relatively less attractive. It also means that more investors end up holding Treasuries than otherwise would have been the case, reducing their appetite to buy riskier assets, even if prices fall. The likelihood of a crash, and of it being severe, is therefore creeping up.

较明显的结果是，此举增加了美债供应，美联储也不再每月买债，从而使美债价格承压。(政府债券是仅有的没有从去年的颓势中有所复原的资产类别，就很能说明问题。)“安全”的美国国债收益率加大，这使得较大风险资产的吸引力相对降低。这也意味着，更多原本无此打算的投资者会持有美债，而缩减他们对风险资产的需求，即使其价格下跌。因此，崩盘(而且是严重崩盘)的可能性正在悄悄攀升。

 

单词：

1.grim

英 [ɡrɪm]  美 [ɡrɪm]

adj. 严肃的，坚定的;令人不快的，令人沮丧的;阴森的，凄凉的;<非正式>生病的;<英，非正式>质量低劣，糟糕;(地方)简陋的

2.pump out

抽出：用泵将液体从一个地方移动到另一个地方。

3.mania

英 [ˈmeɪniə]  美 [ˈmeɪniə]

n. 狂热，热衷;躁狂症

4.baffle

英 [ˈbæf(ə)l]  美 [ˈbæf(ə)l]

v. 使困惑，难住;抑制，控制

n. 挡板，隔板，反射板

5.kill off

消灭

6.hype

英 [haɪp]  美 [haɪp]

n. 大肆的宣传广告，炒作;(为做广告而进行的)欺骗;<非正式>皮下注射针，皮下注射;<非正式>有毒瘾者

v. (通过传媒)大肆宣传;使(人)兴奋，使(人)活跃

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