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。

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，

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。

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%。

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。

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%，

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。

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，

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。

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。

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。

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，

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。

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。

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

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。

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。＊