基金經理持有現金創新高
A Bank of America fund manager survey showed that fund managers have taken their cash positions to the highest level in 21 years, setting the stage for potential “big low, big rally” for the first half of 2023.
美國銀行基金經理人調查（FMS）指出，基金經理人持有現金部位已來到21年來最高水準，為2023年上半年潛在的「大低位、大反彈」奠定了基礎。
position(n.)(投資)部位set the stage for…為…鋪路、打好基礎;為…創造條件
Bank of America’s monthly FMS, conducted from October 7 to October 13, indicated cash levels in investors’ portfolios in October surged to their highest level since April 2001, rising to 6.3% – above the long-term average of 4.8%, and having already risen to 6.1% a month ago.
美國銀行從10月7日到10月13日進行的月度FMS顯示，10月份投資者投資組合中的現金水平飆升至2001年4月以來的最高水準，升至6.3％——高於4.8％的長期平均水準，並在一個月前就已上升到6.1％。
portfolio(n.)(個人或機構的)投資組合surge(v.)飆升;飆漲=shoot up
The fund managers polled cited recession fears and market stability risk metrics, which hit all-time highs on monetary and credit concerns, according to Bank of America.
美國銀行表示，接受調查的基金經理人提到了對經濟衰退的擔憂和市場穩定風險指標，由於對貨幣和信貸的擔憂，這些指標觸及歷史高點。
polled…=who were polled…metrics(n.)度量標準、指標=indicatorsall-time(adj.)前所未有的;空前的=unprecedentedreach an all-time low達到歷史最低點
The survey “screams macro capitulation, investor capitulation, start of policy capitulation,” Bank of America’s chief investment strategist Michael Hartnett wrote in a note.
美銀首席投資策略師哈奈特在一份報告中寫道，這份調查「呼喊著總經面投降、投資人投降，以及政策投降起跑」。
capitulation(n.)投降;屈服;放棄抵抗=surrendermacro-宏觀的;大的macroeconomics(n.)總體經濟學micro-微觀的;小的microecconomics(n.)個體經濟學
“Bearish sentiment reached maximum levels, reflecting the investors’ pessimism,” Hartnett added.
哈奈特補充道，看跌情緒達到頂峰，反映了投資者的悲觀。
bearish(adj.)行情看跌的、熊市的the bear market熊市the bull market牛市bullish(adj.)行情看漲的、牛市的sentiment(n.)情緒、觀點、看法reflecting…=which reflects…反映出…
“Stocks are expected to bottom in the first half of 2023 after the Federal Reserve finally pivoted away from aggressively raising interest rates to bring down inflation to cutting them instead, with the shift already in motion”, the survey remarked.
調查指出：「聯準會已採取行動，最終將從積極提高利率以降低通膨，轉向降息，預計之後股市將在2023年上半年觸底。」
bottom(v.)觸底;達到最低點the Federal Reserve聯準會=the Fedpivot away from… 調整方向不再in motion正在進行
Ｗhile Harnett predicted “big low, big rally when Fed cuts become consensus,” such a policy capitulation is yet to materialize as the US economy is still too strong for policymakers to consider cutting rates.
雖然哈奈特預測「聯準會降息成為共識時，會出現大低位、大反彈」，但由於美國經濟仍然過於強勁，政策制定者無法考慮降息，這樣的政策投降仍尚未實現。
consensus(n.) 一致的意見、共識reach a consensus達成共識materialize(v.)實現、成為現實=happen=come abouttoo adj. to RV 太…以致於不能(或無法)…
The central bank’s funds rate currently stands at a range of 3% to 3.25%.
央行的基金利率目前處於3％至3.25％區間。