这是我继“特朗普国情咨文”一周三篇翻译任务的第二篇。
中英原文选自《经济学人》。《经济学人》向来以语言隽永精深，观点犀利深刻著称，十分适合作为中高级别英语进阶学习内容。
微博上经济学人官方账号会定期免费发布中英对照文章，以供大家学习参考。
所以这次我搬运了2月10日的一篇封面文章，并且标注了我认为可以借鉴的语言点。
虽然，个人以为本篇中译文更偏重于直译，翻得中规中矩。部分句式照搬英文原文，不太通畅，文采也比较欠缺，没有什么气势。个人并不是特别喜欢。
但是在翻译初期阶段，准确理解原文含义乃是当务之急，所以还是选择了这篇稿子。
我主要从英中翻译的准确角度对文章进行考察，对于我自己比较生疏的一些单词用法与翻译精妙之处做了笔记。欢迎大家与我共同学习，共同进步。
英文单词/词组释义均来自柯林斯词典。柯林斯英英词典的释义说明基本采用了十分浅显、简单的英语，非常值得参考。
另外，英语单词超链接好像是因为我直接复制词典释义而自带的，并不是我标注的语言点。然而我不知道怎么消除==，希望知道的同学能够告诉我一下，谢谢！
中英原文来自https://weibo.com/economistgroup?topnav=1&wvr=6&topsug=1&is_all=1
笔记原创，仅供学习分享之用。
Running hot
越来越热
America’s extraordinary economic gamble.
美国开始了一场奇异的经济豪赌
VOLATILITY is back.A long spell of calm, in which America’s stockmarket rose steadily without a big sell-off, endedabruptly this week. The catalyst was a report released on February 2nd showing that wage growth in America had accelerated. The S&P 500 fell by a bit that day, and by a lot on the next trading day. The Vix, an index that reflects how changeable investors expect equity markets to be, spiked from a sleepy 14 at the start of the month to an alarmed 37. In other parts of the world nerves frayed.
波动回来了。之前长久的一段平静期内，美国股市稳步上升，未曾大幅下跌。本周，这种平静戛然而止。催化剂是2日发布的一份报告，显示美国工资增长已加速。标准普尔500指数当天略微下跌，并在下一个交易日大幅下滑。反映投资者对股市变化预期的波动率指数Vix从本月初低迷的14点飙升至令人警觉的37点。世界其他地方的神经也紧绷起来。
笔记：
Spell
4.可数名词
A spell of a particular type ofweatheror a particularactivityis a short period of time during which this type of weather or activity occurs.
特定天气/活动发生的短暂期间
Sell off
To sell off things left in stock is to get rid of them, usually by selling them at very low prices.
多指股票低价抛售
原文翻译较简略
Fray
2. 动词
If yournervesor yourtemperfray, or if something frays them, you becomenervousoreasilyannoyedbecause ofmentalstrain andanxiety.
Markets later regained some of theircomposure(see article). But moreadrenalin-fuelled sessions lie ahead. That is because a transition is under way in which buoyant global growth causes inflation to replace stagnation as investors’ biggest fear. And that long-awaited shift is being complicated by an extraordinary gamble in the world’s biggest economy. Thanks to the recently enacted tax cuts, America is addinga hefty fiscal boostto juice up an expansion that is already mature. Public borrowing is set to double to $1 trillion, or 5% of GDP, in the next fiscal year. What is more, the team that is steering this experiment, both in the White House and the Federal Reserve, is the most inexperienced in recent memory. Whether the outcome is boom or bust, it is going to be a wild ride.
之后各地市场恢复了一些平静，但更多令人心跳加速的波动还等在后头。这是因为一场转变正在进行中：全球经济的蓬勃增长令通胀取代经济停滞，成为投资者最大的担忧。而这场等待已久的转变正因为全球最大经济体一次非同寻常的赌博而变得更加复杂。美国最近实施了减税政策，以巨额财政刺激来为已经成熟的经济扩张加力。在下个财年，公共债务应该会增加一倍，达1万亿美元，相当于GDP的5%。更重要的是，在白宫和美联储主导这场实验的是近期历史上最缺乏经验的团队。无论结果是繁荣或崩盘，这都将是一次疯狂的旅程。
笔记
Composure
不可数名词
Composure is theappearanceorfeelingofcalmand theabilitytocontrolyour feelings.
adrenalin
不可数名词
Adrenalin is a substance which your body produces when you areangry,scared, orexcited. It makes yourheartbeatfaster and gives you more energy.
即肾上腺素
Buoyant
2.形容词
A buoyanteconomyis asuccessfulone in which there is alotoftradeandeconomicactivity.
Juice up
动词短语
If youjuiceup a place or event, you do something to make it more lively orexciting.
Fire your engines
发动引擎
The recent equity-marketgyrationsby themselves give little cause for concern. The world economy remains in fine fettle, buoyed by a synchronised acceleration in America, Europe and Asia. The violence of the repricing was because ofnewfangled vehiclesthat had been caught out betting on low volatility. However, even as they scrambled to react to its re-emergence, the collateral damage to other markets, such as corporate bonds and foreign exchange, was limited. Despite the plunge, American stock prices have fallen back only to where they were at the beginning of the year.
最近股市的波动本身并非担忧的原因。在美国、欧洲和亚洲经济增长同步加速的推动下，世界经济仍处于良好状态。价格调整如此剧烈，是因为那些新奇的工具都押注在低波动性上，它们急于对重新出现的波动做出反应。但即便如此，公司债券和外汇等其他市场受波及的程度还是有限的。而尽管发生暴跌，美国股市也只是跌回到年初的水平。
笔记
Gyration
名词
1.
the act of gyrating;circularorspiralmotion
In fine fettle
短语
If yousaythat someone or something is infinefettle, youmeanthat they are in verygoodhealthorcondition.
Buoyed
及物动词
5.
toliftup or keep up in spirits;encourage
联系形容词buoyant
Newfangled
形容词 [ADJ n]
If someonedescribesa new idea or a new piece ofequipmentas newfangled, they mean that it is toocomplicatedor isunnecessary.
原文的“新奇工具”比较难以理解，存疑。
Yet this episode does signal just what maylie ahead. After years in which investors could rely on central banks for support, the safety net of extraordinarily loose monetary policy is slowly being dismantled. America’s Federal Reserve has raised interest rates five times already since late 2015 and is set to do so again next month. Ten-year Treasury-bond yields have risen from below 2.1% in September to 2.8%. Stockmarkets are in atug-of-warbetween stronger profits, which warrant higher share prices, and higher bond yields, which depress the present value of those earnings and make eye-wateringvaluations harder to justify.
然而，这次波动确实预示了未来可能发生的事。多年来投资者一直能依赖央行的支持，而如今极度宽松货币政策所提供的安全网正在慢慢解体。自2015年底以来，美联储已经五次加息，下一次预计发生在下个月。十年期国债收益率已从去年9月的不到2.1%升至2.8%。股市陷入更高企业盈利和更高债券收益率之间的拉锯战，更高的企业盈利能保证更高的股价，而更高的债券收益率会压低这些盈利的现值，让高得令人咂舌的估值更难令人信服。