2015考研英语阅读理解模拟试题（三十四）

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　　三十四、美国债券市场

　　As a young bond trader, Buttonwood was given two pieces of advice, trading rules of thumb, if you will: that bad economic news is good news for bond markets and that every utterance dropping from the lips of Paul Volcker, the then chairman of the Federal Reserve, and the man who restored the central bank’s credibility by stomping on runaway inflation, should be respected than Pope’s orders. Today’s traders are, of course, a more sophisticated bunch. But the advice still seems good, apart from two slight drawbacks. The first is that the well-chosen utterances from the present chairman of the Federal Reserve, Alan Greenspan, is of more than passing difficulty. The second is that, of late, good news for the economy has not seemed to upset bond investors all that much. For all the cheer that has crackled down the wires, the yield on ten-year bonds—which you would expect to rise on good economic news—is now, at 4.2%, only two-fifths of a percentage point higher than it was at the start of the year. Pretty much unmoved, in other words.

　　Yet the news from the economic front has been better by far than anyone could have expected. On Tuesday November 25th, revised numbers showed that America’s economy grew by an annual 8.2% in the third quarter, a full percentage point more than originally thought, driven by the ever-spendthrift American consumer and, for once, corporate investment. Just about every other piece of information coming out from special sources shows the same strength. New houses are still being built at a fair clip. Exports are rising, for all the protectionist crying. Even employment, in what had been mocked as a jobless recovery, increased by 125,000 or thereabouts in September and October. Rising corporate profits, low credit spreads and the biggest-ever rally in the junk-bond market do not, on the face of it, suggest anything other than a deep and long-lasting recovery. Yet Treasury-bond yields have fallen.

　　If the rosy economic backdrop makes this odd, making it doubly odd is an apparent absence of foreign demand. Foreign buyers of Treasuries, especially Asian certral banks, who had been swallowing American government debt like there was no tomorrow, seem to have had second thoughts lately. In September, according to the latest available figures, foreigners bought only $56 billion of Treasuries, compared with $25.1 billion the previous month and an average of $38.7 billion in the preceding four months. In an effort to keep a lid on the yen’s rise, the Japanese central bank is still busy buying dollars and parking the money in government debt. Just about everyboby else seems to have been selling.

　　1.The advice for Buttonwood suggests that.

　　[A] Paul Volcker enjoyed making comments on controlling inflation

　　[B] the Federal Reserve has an all-capable power over inflation control

　　[C] economy has the greatest influence upon the daily life of ordinary people

　　[D] the economic sphere and bond markets are indicative of each other

　　2. The word “passing”(Line 7, Paragraph 1) most probably means.

　　[A] instant [B] trivial [C] simple [D] negligible

　　3. Which of the following is responsible for the rapid economic growth in the US?

　　[A] Domestic consumers. [B] Foreign investments. [C] Real estate market. [D] Recovering bond market.

　　4. According to the last paragraph, most Asian central banks are becoming.

　　[A] rather regretful [B] less ambitious [C] more cautious [D] speculative

　　5. The phrase “keep a lid on”(Line 6, Paragraph 3) most probably means.

　　[A] put an end to [B] set a limit on [C] tighten the control over [D] reduce the speed of

　　答案：1.D 2.D 3.A 4.C 5.B

　　核心词汇或超纲词汇

　　(1)rules of thumb经验法则，也称ROT，通常是基于以前的经验(比如在一段时间内观察到的平均值)或者更复杂公式的简化。

　　(2)stomp(v.)迈着重重的步子走(或跳舞、移动)，重踩，重踏

　　(3)runaway(a.)逃跑的，出走的;失控的;轻易的，迅速的

　　(4)passing(a.)暂时的，瞬间的;经过的，过往的

　　(5)(just) for once仅此一次(与通常情况对比而言)，如~ he arrived on time.(只有这一次他按时到了。)

　　(6)spendthrift(a./n.)花钱无度的(人)，挥霍的(人)

　　(7)at a fast/good/fair/steady, etc. clip迅速，很快地，如Land prices will rise at a healthy clip.(土地价格将快速稳定上涨。)

　　(8)thereabouts(ad.)(通常用于or之后)(时间、数量等)大约，左右，上下

　　(9)on the face of it表面上看

　　(10)rally(n.)公众集会;(体育运动或证券交易)止跌回升

　　(11)Treasury(n.)(英、美等国的)财政部

　　(12)rosy(a.)红润的;美好的，乐观的，如The future is looking very ~ for our company.(我们公司的前景一片光明。)

　　(13)backdrop(n.)(舞台)背景幕;(事态或活动的)背景

　　(14)speculative(a.)推测的，猜测的，推断的;投机性的，风险性的

　　全文翻译

　　作为一名年轻的债券交易员，巴腾渥德得到了两条建议，如果采纳的话，它们是贸易的经验法则：一，经济方面的坏消息对于债券市场来说就是好消息;二，从美国联邦储备局前主席保罗•沃尔克口中说出的每一句话，都要比大教皇的命令还值得重视。沃尔克通过控制来势迅猛的通货膨胀重建了央行的信誉。当然，如今的交易员是一群更精明的人。但是这些建议除了有两处细微的缺陷外，看上去仍是不错的。首先，要从现任联邦储备局主席阿伦•格林斯潘嘴里听到精确而有分量的话不只是微不足道的困难。第二，最近经济的好消息似乎并没有让债券投资者很不安。尽管欢呼声已经四处响起，但是本来期待由于经济好消息而上涨的10年期债券的收益率现在是4.2%，这仅仅只比年初高了0.4个百分点，换句话说，是几乎没有改变。

　　但是到目前为止，前沿经济信息比任何人预期的都要好。在11月25日周二，修改后的数据显示，美国经济第三季度年增长率为8.2%，比人们最初设想的多了整整一个百分点。这种增长是由一直以来挥霍无度的美国消费者以及仅此一次的公司投资带来的。从特殊渠道传出的消息每隔一条就呈现这种强劲的增长势头。新房子仍在迅速地建造。尽管地方保护主义者不停地叫嚣，出口量却仍在增长。甚至曾被嘲讽为“失业型复苏”的劳动力市场，在九、十月份也增加了125000个左右的就业岗位。表面上看，公司利润的上升，信贷息差的降低，和迄今为止垃圾债券市场中最大的止跌回升，都在暗示一个全面的、持久的经济复苏。然而，国债收益率却下降了。

　　如果说大好的的经济背景使这一切变得奇怪，那么显而易见的国外需求的疲软就令其更加奇怪了。国债的外国买家，尤其是一直以来不顾后果、大举购买美国政府债务的亚洲中央银行，最近似乎变得谨慎起来。根据最新数据显示，九月份外国买家仅仅购买了56亿美国国债，与八月份的251亿美元和前四个月平均达到的387亿美元相比，实在相形见绌。为了努力限制日元的升值，日本中央银行仍在忙于购进美元并且把这些钱转为政府债务。但是其他国家几乎都在抛售。

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