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市場的通貨再膨脹預期減弱(Reflation in Retreat)
道瓊斯工業(yè)股票平均價格指數(shù)今年高于去年底水平的時間僅有一天，它現(xiàn)在又在忙著掉頭下行。
或許是八大工業(yè)國（G8）財政部長把本職工作干得太好了。雖然他們在日前結束的會議上沒能達成什么重要協(xié)議，但大多都對全球經(jīng)濟將迅速復蘇的樂觀情緒嗤之以鼻。亞洲和歐洲的股市聞風下跌，美國股市也步了它們的后塵。
雖然這些財政部長們幾乎未就匯率問題表態(tài)，但美元匯率還是出現(xiàn)了上揚。在經(jīng)濟增長乏力的當今世界，美國似乎仍然是最安全的投資避風港。美元上揚打擊了大宗商品價格，長期債券收益率也出現(xiàn)了下跌。換句話說，通貨再膨脹交易（譯者注：押注全球經(jīng)濟將復蘇，從而推高利率水平和大宗商品價格）的策略正在失寵，這實現(xiàn)了八大工業(yè)國財政部長們的另一個愿望，至少暫時是這樣。
牛市的出現(xiàn)需要有更多堅實的經(jīng)濟增長跡象才行，更不要說通貨再膨脹局面的出現(xiàn)了。僅靠經(jīng)濟增長的"綠芽"是不足以推動股市上漲的。周一公布的數(shù)據(jù)顯示，紐約州6月份的制造業(yè)狀況相當疲弱，這自然無助于股市上揚。
The Dow Jones Industrial Average enjoyed very little time in positive territory for 2009 （a day） and is now busy working to the downside.
Perhaps the G8 finance ministers did their job too well. While not agreeing on a great deal, most ministers pooh-poohed enthusiasm for a quick global economic recovery. Stocks in Asia and Europe took the hint and the U.S. has followed.
While the finance chiefs said almost nothing about currencies, the dollar shot higher. In a world of lackluster growth, it seems the U.S. remains the least bad place. A rising buck socked commodity prices and long-term bond yields have come down. In other words, the reflation trade is retreating, another wish of the finance ministers coming true, at least for now.
The bull case （not to mention the reflation case） requires more concrete indications of growth. Green shoots alone aren't enough to take stocks higher. This morning's Empire State survey, which came in fairly weak, didn't help matters.
責任編輯：vivien
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