諾貝爾經濟學獎得主解析
Permission has been given by Money Weekly to publish this excerpt
理財周刊授權節錄
With hawkish sentiment sweeping across central banks around the world, policies taking a shot at fighting inflation have arisen and also given rise to the risk of worldwide economic depression.
隨著鷹派立場席捲全球央行，致力打擊通膨的政策趨向也讓全球經濟面臨衰退的風險。
hawkish(adj.)鷹派的hawk(n.)獵鷹dovish(adj.)鴿派的dove(n.)鴿子take a shot打一發、嘗試shoot(v.)射擊shot(n.)一發；一口杯inflation(n.)膨脹、通貨膨脹stagflation(n.)停滯性通貨膨脹stagnation(n.)停滯
Increasing uncertainty has also created ripples in global financial markets.
不確性增加也帶來全球金融市場的動盪。
uncertainty(n.)不確定性、不明朗
Nobel Prize winner in Economics Paul Krugman has this to say about the highest inflation to grace the Earth in four decades: Judging from the real economy side, little evidence suggests that high interest rates will be ongoing. It is predicted that the central banks in major Western powers will change the direction of their monetary policies in 2024 and return to the good old low interest times of 2019.
面對40年來最大通膨挑戰，諾貝爾經濟學獎得主保羅克魯曼表示，從實體經濟面來看，沒什麼證據支持高利率環境會持續下去，預估歐美主要國家央行可能到2024年後貨幣政策會轉向，有機會重回2019年前低利率時代。
grace(v.)光顧、臨到judging from從……來看judge(v.)判斷、評估real economy實體經濟central bank央行the good old times美好昔日歲月=the good old days
Judging from the fundamentals, Krugman says that most countries are facing strong inflation, and the reasons for these stubborn price hikes are gratuitous relief packages from governments during the pandemic, the previous plunge in production capacity, and specific external factors.
從基本面角度來看，保羅克魯曼表示，許多國家都在面臨高通膨，目前通膨居高不下是因為疫情期間政府大灑錢，加上產能之前大幅萎縮，以及一些外部特殊因素，
the fundamentals基本面stubborn(adj.)頑固的、難處理的、棘手的gratuitous(adj.)不必要的、揮霍的plunge(n.)(v.)大跌production capacity產能
There is just too much currency stacked against the few goods that are circulating in the market—the perfect recipe for inflation. However, all of these factors cannot keep inflation and high interest rates afloat forever, and will eventually lead us back to low interest rates.
太多貨幣追逐太少商品，導致出現通膨，這些因素都無法支撐高通膨、高利率，將會讓我們重回低利率環境。
stacked against堆疊、比較circulate(v.)流通the perfect recipe for sth. ……的完美食譜、不二法門afloat(adj.)浮著的、受支撐的
Krugman points out that indices show a somewhat cooled-down labor market.
克魯曼指出，目前看到勞動市場指標已經稍微降溫，
index(n.)指數 (複數 indices)
Over the past few months, the US has hiked rates; however, the effects will not start to show for several more months.
美國過去幾個月的升息，但成效要幾個月後才會反應，
But for now, it seems that Americans do not expect inflation to go up, at least not noticeably.
但目前看起來美國民眾的長期通膨預期並沒有明顯上升。
for now目前來說noticeably(adv.)明顯地
The Wealth Management Team at Standard Chartered has provided a “3D” investment strategy, a three-pronged method to protect against rising interest rates and economic depression worries:
渣打銀行財富管理團隊提出3D投資策略，可考慮採用三管齊下的方法來應對持續升息以及經濟衰退疑慮：
3D(3-dimensional)(adj.)三維的、立體的three-pronged(adj.)三叉的prong(n.)叉
(1) De-risk, or strengthen one’s cash position for the short term as a risk management move, and rebalance one’s portfolio by including investment grade corporate bonds and severely undervalued stocks;
1) 降低配置風險 （De-risk）：短期提高現金部位進行風險管理，並且重新平衡到投資等級公司債券與部分被嚴重低估的股票部位；
de-risk(v.)去風險risk management風險管理portfolio(n.)投資組合bond(n.)承諾、債券severely(adv.)嚴重地
(2) Diversify, or switch to high quality earning assets, such as investment grade corporate bonds with US dollar valuation;
2)多元化投資（Diversify）：轉向高品質收益型資產，例如美元計價投資級公司債券；
diversify(v.)(使)多元化diverse(adj.)多元的US dollar valuation美元計價
and (3) increase one’s possessed Dividends, including stocks that pay out high dividends.
3)增加對其他收入資產 （Dividend）的持有，包括高配息股票。
dividend(n.)利息、股息、分紅