指標接近「賣出信號」
Bank of America strategists cautioned that a bubble is forming in asset prices, fueled by the policies out of Washington DC.
美國銀行策略師警告，受到華府政策的刺激，資產價格正形成泡沫。
strategist(n.)策略師strategy(n.)策略caution(n.)謹慎;小心;慎重(v.)告誡;警告;提醒fuel(n.)燃料(v.)刺激;引起asset(n.)資產liability負債
“DC’s policy bubble is fueling Wall Street’s asset price bubble,” strategists led by Michael Hartnett wrote in a note. “When those who want to stay rich start acting like those who want to get rich, it suggests a late-stage speculative blow-off.”
由哈奈特帶領的策略師在報告中寫道，華府的政策泡沫引發華爾街的資產價格泡沫，那些想要維持富裕的人行事風格開始像那些想要致富的人一樣時，這就顯示投機末升段的噴出行情。
late-stage 後期;末期late stage of cancer 癌症末期speculative (adj.)投機性的;投機買賣的、猜測的;推測的;推斷的、speculative risk 投機風險blow-off 市場在上漲了一段後，最後一段急漲行情blow off sth.沒有執行預定要做的事blow off sb. 不理會、對某人爽約
Bank of America refers to the monetary policies out of the Fed, and fiscal stimulus policies from Congress. The Fed’s balance sheet has expanded to record levels since the COVID-19 pandemic, as they continue to buy government and mortgage-backed securities. The Fed also cut short-term interest rates to near zero.
美國銀行指的是聯準會的貨幣政策和國會的財政刺激政策。自新冠肺炎疫情以來，聯準會的資產負債表已經擴大到紀錄高點，因為聯準會繼續購買公債和不動產抵押貸款證券，還將短期利率調降到接近於零的水準。
refer to 提到；指的是…monetary policies(聯準會的)貨幣政策fiscal stimulus policies財政刺激政策stimulus(n.)刺激物;刺激因素;刺激balance sheet 資產負債表mortgage-backed securities(MBS)不動產抵押貸款證券mortgage(n.)房屋抵押貸款a monthly mortgage payment每月償還的抵押貸款
Meanwhile, Congress has rolled out a wave of stimulus spending, including stimulus checks and expanded unemployment insurance, to help speed up economic recovery from the COVID-19 pandemic.
同時，美國國會推出一波刺激支出，其中包括發放經濟振興支票和擴大失業保險，以加快經濟從新冠肺炎疫情中復甦的腳步。
roll out=launch(v.)推出(新産品、服務等);實行(新制度)expanded(adj.)擴大的speed up 加快速度
It is expected that the spending policies out of DC are not going to stop anytime soon. The Biden administration is pushing ahead with a $1.9 trillion stimulus plan and has prepared an infrastructure spending package to spur the US economy.
預計華府的支出政策短期內不會停止。拜登政府正在推動1.9兆美元的刺激計畫，並已準備推行基礎設施支出計畫來刺激美國經濟。
push ahead 推動;推行infrastructure 基礎建設spending package支出計畫spur(v.)激勵;鞭策;促進
These efforts will lead the Fed balance sheet to reach 42% of US GDP this year, while the country’s budget deficit will hit 33% of GDP, according to Bank of America.
美國銀行指出，這些行動將使得聯準會的資產負債表今年達到美國GDP的42％，而美國預算赤字將達到GDP的33％。
budget deficit 預算赤字
The bank noted that the bubble can’t go on forever. The strategists predict a market correction in the first quarter, with its Bull & Bear Indicator closing in on a “sell signal.”
美國銀行表示，泡沫不可能永遠持續下去。策略師預測，隨著多空指標接近「賣出信號」，市場將在第一季修正。
market correction 市場修正
Hartnett’s view echoes similar warnings from some Wall Street banks.
哈奈特的觀點呼應了某些華爾街銀行的類似警告。
echo(v.)回響;發出回聲、(引申)呼應
“We must acknowledge that the risk reward of the US equity market has deteriorated materially and the market is ripe for a drawdown,” said Mike Wilson, chief US equity strategist at Morgan Stanley.
摩根士丹利首席美國股票策略師威爾遜說：「我們必須承認，美國股市的風險報酬嚴重惡化，市場下跌的時機已經成熟。」
acknowledge(v.)承認(事實、局面等)risk reward風險報酬equity market=stock market股市deteriorate(v.)惡化;變壞drawdown 股市下跌dip(n.)下跌