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What explains the sudden turmoil?
何以解释这场突如其来的动荡呢?
Perhaps investors had been used to good news for so long that they had become complacent.
也许，投资者已经习惯于好消息太久了，以致他们已经变得有些飘飘然了。
In a recent survey investors reported their highest exposure to equities in two years and their lowest holdings of cash in five.
在一份最新的调查中，投资者爆出他们两年来在股票上的最高风险敞口和5年来在现金上的最低持有。
Another sign of potential complacency was the unwillingness of investors to pay for insurance against a market decline, something that showed up in the volatilitv or Vix index.
潜在的自满情绪的另一个迹象是投资者对于购买市场下跌保险，即Vix波动指数所展现出来的某种东西的不情愿。
Funds that bet on the continuation of low volatility lost heavily.
把赌注压在低波动延续上面的基金可谓是损失惨重。
The wobble may also reflect a decision by investors to rethink the economic and financial outlook.
这场动荡也可能反映了投资者的一种要去重新思考经济和金融前景的决策。
Ever since 2009 central banks have been highly supportive of financial markets through low interest rates and quantitativeeasing (bond purchases with newly created money).
自2009年以来，各国央行一直都是通过低利率和量化宽松(即用新印制的钱购买债券)来大力支撑金融市场。
There was much talk of an era of "secularstagnation", in which growth, inflation and interest rates would stay permanently low.
曾经存在着大量的这是一个增长、通胀和利率在期间会永远地停留在低位的“长期停滞”时代的言论。
But the Federal Reserve and the Bank of England are now pushing up interest rates,and the European Central Bank is cutting its bond purchases.
但是，美联储和英格兰银行如今正在推高利率，并且欧洲央行也在减少债券购买。
Future central-bank policy seems much less certain.
未来的央行政策似乎少了太多的确定性。
A pickup in global economic growth may naturally lead to fears of higher inflation.
全球经济增长的好转可能很自然地导致对更高通胀的担忧。
The World Bank warned last month that financial markets could be vulnerable on this front.
上个月，世界银行曾经警告说，在这条战线上，金融市场可能不堪一击。
译文来源余兴宇
