If the financial markets were a jumbo jet, lights would be flashing in the cockpit and the pilot would be consulting the manual. After surging out of their post-Lehman Brothers nadir, markets are showing serious signs of stress. Measures of volatility are rising across asset classes. So are measures of investor fear, such as European bond spreads over German bunds. Libor rates are under pressure, as even the largest international banks find that the cost of unsecured funding may be about to move higher indefinitely.
如果把目前的金融市场比作一驾大型喷气式客机，那么客机驾驶舱内的警示灯肯定在闪个不停，飞行员肯定在查阅飞行手册。市场从雷曼兄弟(Lehman Brothers)倒闭后的谷底一路攀升，如今呈现出明显的承压征兆。各资产类别的波动性指标都在攀升。衡量投资者恐慌情绪的指标——例如欧洲债券相对于德国国债的息差——亦是如此。伦敦银行间同业拆借利率(Libor)正面临上行压力，因为连那些规模最大的跨国银行都发现，无担保融资成本可能会长期走高。
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