If the financial markets were a jumbo jet, lights would be flashing in the cockpit and the pilot would be consulting the manual. After surging out of their post-Lehman Brothers nadir, markets are showing serious signs of stress. Measures of volatility are rising across asset classes. So are measures of investor fear, such as European bond spreads over German bunds. Libor rates are under pressure, as even the largest international banks find that the cost of unsecured funding may be about to move higher indefinitely.
如果把目前的金融市場比作一駕大型噴射客機，那麼客機駕駛艙內的警示燈肯定在閃個不停，飛行員肯定在查閱飛行手冊。市場從雷曼兄弟(Lehman Brothers)倒閉後的谷底一路攀升，如今呈現出明顯的承壓徵兆。各資產類別的波動性指標都在攀升。衡量投資者恐慌情緒的指標——例如歐洲債券相對於德國國債的息差——亦是如此。倫敦銀行間同業拆借利率(Libor)正面臨上行壓力，因爲連那些規模最大的跨國銀行都發現，無擔保融資成本可能會長期走高。
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