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The reflexivity between markets and central banks is starting to resemble the ancient Greek symbol of a serpent swallowing its own tail for eternity.
市場跟央行之間的反思性有點像是一個古希臘符號，那符號是一條蛇吞食自己尾巴藉以獲得不死之身。
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Markets focused on the timing of a possible interest rate rise in the U.S., the committee responsible for setting U.S. rates is focused on volatility in markets.
市場關注的是美國可能升息的時間，而委員會對於利率訂定的責任是市場上的波動性。
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The postponement of a shift in U.S. federal reserve policy in September and the decision to leave rates where they are
美國聯準會在九月的延遲升息政策以及維持原利率的決定，
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explains why money is now drifting back into riskier assets.
都解釋了為什麼金錢正流入更高風險的資產。
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Economists may still think there's a good chance of rates rising before the end of the year, but investors put the odds at less than 33%.
經濟學家可能依然認為在今年年底前還有機會能升息，但是投資客認為升息的機率小於33%。
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The consequence is a rebound in emerging markets, which are turning out to be one of the best performing assets of October.
結果就是新興市場的經濟復甦，新興市場成為十月表現最好的資產之一。
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So far this month, the MSCI index of EM equities is up 9.25%
這個月到目前為止，新興市場股票的摩根指數已經來到9.25%，
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while emerging market equity funds tracked by EPFR Global recorded their first positive inflows last week since June.
根據美國新興市場投資基金研究公司 (EPFR) 資料顯示，新興市場的自有基金在上週得到自六月以來的第一筆淨流入。
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And the risk premium demanded by investors for holding emerging market bonds instead of safer U.S. debt has dropped.
投資者持有新興市場債券而不是持有穩定的美國國債的偏好下降，也就是風險貼水的需求下降，
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But the rebound does not reflect a sudden improvement in the countries themselves.
但是新興國家的這股經濟復甦並沒有反應大幅的增長。
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Official data released by China on Monday showed better than expected growth of 6.9% between July and September.
星期一由中國發表的官方資料顯示在七月跟九月之間，經濟成長高於原先預期的6.9%成長率。
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But that marks a slowdown compared to last year and it was enough to drag down commodity prices on Monday.
但這跟去年數字比起來，成長趨於緩慢， 星期一的資料這也足以讓商品價格下跌。
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Instead, it is the expectation that the U.S. will hold off raising rates
相反的，多數人預期美國會延遲升息，
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and that other central banks will be pressurized into following suit or expanding stimulus programs that is heading up this rally.
其他國家的央行也會被施壓要仿效美國或是擴張經濟刺激計劃，也就是造成這次復甦的計畫。
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This week, the European central bank will meet to discuss whether fresh stimulus is needed to ward off the threat of deflation in the Eurozone.
這週，歐洲央行將會討論是否需要復甦計畫來阻擋歐元區通貨緊縮的威脅。
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With the latest figure showing sub-zero inflation in the Eurozone area in September,
新的數字顯示歐元區在九月的零通膨代表著
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the Euro is reversing its recent rise against the Dollar on the basis that more stimulus will put down more pressure on the Eurozone's currency.
歐元扭轉了近期對美元升值的情況下，更多的刺激措施將會帶給歐元區更多壓力。
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Our prices for Eurozone bonds are up sending yields lower. The market seems to think that an extension to Europe's QE program is all but assured.
我們的價格讓歐元區債券的利率下跌。市場似乎認為歐洲量化寬鬆政策的擴張是幾乎可以確定的。＊
