The story seemed so simple at the start of the year. Shares were rallying on optimism about a world economic recovery; US and German bond yields were widely expected to edge higher as the Federal Reserve tapered its asset purchases, or quantitative easing. Investors positioned accordingly.
今年伊始的故事似乎很簡單。有關世界經濟復甦的樂觀情緒推動股市上漲；隨著美聯準(Fed)縮減資產購買規模，普遍預計美國和德國國債收益率將小幅走高。投資者據此調整了頭寸。
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