Today let's take a look at how the stock market here in the US is doing compared to the rest of the world,

今天我們來看看和各國相比之下，美國股市的情形

and you can see it's a quite remarkable story.

有非常顯著的成長變化

Ever since the great financial crisis, which of course started here in New York,

自從始於紐約的金融危機以來

we have seen a huge outperformance of the rest of the world by the US.

美國和各國相比表現相當突出

Now, there are no secrets why that's been, the Federal Reserve has made life much easier for American companies,

然而這不是沒有原因的，美國聯準會致力讓當地企業發展更順暢

the dollar has strengthened and the US economy in general has been stronger,

美元幣值增加，整體來說美國經濟更加強穩

but you have to ask how much longer that will continue.

但卻不得不思考這樣的繁榮會持續多久

With a stronger dollar that makes the international earnings of S&P 500 companies a bit weaker

美元幣值的上升導致國際間標準普爾500指數盈餘的企業受到衝擊

it had helped flatter the earnings of foreign companies.

使外國企業收益更加不景氣

Also it will tend to constrict the US economy at home,

也不排除將有影響美國國內經濟的可能

with people expecting the Federal Reserve is gonna tighten this year while other big central banks won't.

因為人民預期聯準會今年將採緊縮政策，然而其他大型中央銀行則不然

That should mean that the US economy will perform generally worse.

這意味著美國經濟將普遍走下坡

Finally, of course, other countries have taken longer to emerge from the Great Recession that followed the crisis,

當然，其他國家也花費相當多時間才從經濟衰退中復甦

there has to be a good chance that they will at least start to correct that.

這對他們來說是個好機會，至少有個轉變的開始

Markets have a momentum, it's quite possible that the US great outperformance can continue a bit longer,

目前市場有股動力，因此美國優異的表現可能會再持續一段時間

but it's hard to see how it can continue.

但很難說要如何保持這樣子的表現