The goldfish-like memory of investors was on show again yesterday as one piece of moderately good news, lower than expected weekly US jobless claims, led to a short-lived equity rally and a bond sell-off. Did the market forget this week’s dire housing and durable goods figures? Or the fact that this morning the most recent US GDP figures are almost certain to be revised sharply downwards? If so, its amnesia is unlikely to last.
投資者昨天再度展現了他們如同金魚般的記憶力。一條稍稍稱得上利好的訊息——美國上週申請失業金人數低於預期——引發了短暫的股票反彈和債券拋售。市場這麼快就忘記了本週可怕的住房和耐久財銷售數字了嗎?或者以下事實——美國最新GDP數字幾乎肯定要在今早大幅向下修正——也已被遺忘了嗎?如果是的話,這種健忘不太可能持續太久。
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