鮑爾賣權
According to an International Monetary Fund report, the low interest rate environment has created further incentives for investors to search for yield, leading to stretched valuations of some risky assets, including the US equity market.
根據IMF報告，低利率環境進一步激勵投資人追求報酬率，導致有些風險資產的估值過高，其中包括美國股市在內。
incentive(n.)刺激，鼓勵，動機yield(n.)報酬率risk asset 風險資產(例如股票、期貨等等)
“Equity markets appear to be overvalued in Japan and the United States,” the IMF said in its latest Global Financial Stability report.
在最近的全球金融穩定報告中IMF指出：「日本和美國股市似乎高估了。」
equity market 股票市場
It raises the possibility of sharp and sudden adjustments, as markets have stretched valuations, the report warned.
這份報告警告，股市估值過高，行情突然大幅修正的可能性增加。
sharp and sudden adjustments 突然大幅修正correction(n.)修正
The IMF said investors seem to believe that the Federal Reserve and other central banks will respond quickly to sharp tightening in financial conditions, “hence implicitly providing insurance against significant declines in stock prices.”
IMF表示，投資人似乎認為聯準會和其他央行會迅速採取行動，因應金融情勢急遽緊縮，因此為防止股票價格大幅下跌，暗中提供安全保障。
tightening(n.)緊縮;緊繃financial condition金融情勢tightening in financial conditions 金融情勢緊張implicitly(adv.)隱晦地;含蓄地explicit(adv.)清楚明白地;明確地;不含蓄地insurance (n.)保險、預防措施、安全保障
This sort of belief among investors was first called the “Greenspan put” after the October 1987 stock market crash. It has now rolled over into the “Powell put,” serving as an insurance policy against a market decline.
投資人這樣的信心稱之為「葛林斯潘賣權」，起源於1987年10月股災。如今演變成「鮑爾賣權」，當成是預防股市下跌的安全保障。
Greenspan put 葛林斯潘賣權stock-market crash 股市崩盤roll over 翻滾、翻身、貸款展延(roll over a loan)
Many investors have come to believe that the Fed has the stock market’s back, ignoring international trade tensions and uncertainty about the global economic outlook, according to the IMF.
IMF指出，許多投資人進而相信，有聯準會撐腰，於是漠視國際貿易緊張局勢和全球經濟展望的不確定因素。
have your back在有困難時，鼎力支持ignoring=and ignore 忽視;忽略
US equity prices continue to rise to all-time highs despite the fact that fundamentals-based valuations have dropped given higher uncertainty about future earnings, the report said.
報告指出，考慮到公司未來獲利不確定因素升高，以基本面衡量的投資價值已經下滑，可是美股還是持續創下新高。
rise to all-time highs 漲到歷史新高despite the fact that….儘管=in spite of the fact that…fundamentals-based valuations 依據基本面來衡量投資價值fundamental(adj.)基本的、基礎的(n.)基本面given(prep.)鑑於;考慮到earnings(n.)企業獲利
The IMF report also sounded a warning on the corporate debt market, as low interest rates are encouraging companies to take on more debt.
IMF報告還對公司債市場發出警告，因為低利率鼓勵企業承擔更多債務。
sound a warning on something 針對…提出警告corporate debt 公司債
The IMF said that almost 40% of the corporate debt in eight countries – the US, China, Japan, Germany, Britain, France, Italy and Spain – would be impossible to service if there was a global downturn half as serious as that of the 2008 financial crisis.
萬一全球經濟下滑嚴重的程度像2008年金融海嘯時的一半，那麼美國、中國、日本、德國、英國、法國、義大利、西班牙這8個國家有將近40％的公司債務恐怕無法償還。
service(v.)償還that=the global downturnfinancial vulnerability金融脆弱