So perhaps it's too much to expect in a second.

所以短時間內還不能期待太多

The Nintendo original stole the show at Apple's new product launch.

這個任天堂原創在蘋果新產品發表會上搶走了風采

So instead it was playing all Mario Draghi who turned out to brief markets

取而代之的是播放著馬里奧·德拉吉，

on the European Central Bank's latest monetary policy thinking.

他以歐洲央行最新的貨幣政策思維簡報市場情況

There was no sign of the Super Mario who was torn by charge bond markets,

沒有跡象顯示超級瑪莉被付費債券市場

with ever more exotic varieties of quantitative easing and negative interest rates.

用史前無例的多種奇特量化寬鬆政策和負利率擺了一道

It's not just European investors who hang on every word in Mr. Draghi's press conferences,

不只是歐洲投資者高度倚賴吉拉德在記者會上的話語，

plenty around the world came away disappointed when the ECB president punted on whether QE

世界上很多人對於歐洲央行行長孤注一擲於寬鬆量化政策

will be extended beyond next March or widened, to include a broader range of potential bond purchases.

是否會延期超過三月或更放寬以涵括更大範圍的潛在債券購買者感到失望

US fixed-income markets are now acutely sensitive, to pronounce mounds agreements from the ECB,

美國的固定收益市場現在非常敏感，為了實施許多從歐洲央行來的協議，

and from the Bank of Japan too.

還有來自日本銀行的

Investors are playing in an ever shallower pool of bonds of decent yields,

投資者正面臨一個前所未有的優質債券收益機會

and so they are looking all round the world for income.

所以他們正在全球尋找收益

After Mr. Draghi's non-announcement, that the end of the European trading day the yield on the ten-year treasury,

在吉拉德的空無宣告後，也就是說歐洲交易的最後一天，十年債券的收益

was up by the same amount 5 places points as the yield on the German Bund.

增加到德國公債的五個百分點

Meanwhile, as Japan's government bound yields of reserve of the past couple of months,

同時，日本政府凍結過去幾個月儲備金的收益

so the point third of the ten year is only three bases point of negative now.

所以十年中的第三點現在只有三個負基準點

Japanese investors of sold US treasuries had turned to long dated local issues.

投資美國國庫證券的日本投資者已成為長期的地方性問題

The government sold a new thirtieth bond this week to surprisingly strong local demand.

這週政府在這令人訝異的高度需求的市場賣出了新的三十年期的債券

So the threat of waning international demand has kept US yields out,

因此衰弱中的國際需求的威脅使美國收益持平

even as the odds of the September rating increased by the federal reserve have lengthened.

就算九月評比的機率可能因聯邦準備金被延長而增加

US treasury balls rebidding on yields going back lower.

美國國庫試圖重新使收益回低

Faced couple of hurdles,

面臨著許多障礙，

will the bank of Japan at its meeting later this month exhibit cold feet on negative interest rates, for example.

例如，日本銀行將在本月月底的會議中對負利率政策臨陣退縮

And has Mr. Draghi really only delayed the announcement to more bond buying as the market currently thinks,

而吉拉德真的如市場所認為的，只是為了等待更多債券購買行為而延後宣告

or might the ECB switch policy, perhaps adding equities

還是歐洲央行可能轉變政策，例如增加股權

Anything that further raises yields in Europe or Japan threatens to do the same in the US.

任何可能增加歐洲或日本的收益的事情對於美國也有相同的影響

It's not just iPhone users will be happy to see Super Mario back on their screens.

不僅僅只有iPhone使用者及會很高性看到超級瑪莉歐重回他們的手機螢幕