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  3. As a young bond trader, Buttonwood was given two pieces of advice, trading rules of thumb, if you will: that bad economic news i

As a young bond trader, Buttonwood was given two pieces of advice, trading rules of thumb, if you will: that bad economic news i

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问题     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 central 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.

选项
答案F
解析 本题的特征词有两个utterances和Alan Greenspan，根据这两个特征词可以将该题的相关信息定位在文章第一段的第四句话：The first is that the well-chosen utterances from the presentchairman of the Federal Reserve，Alan Greenspan，is of more than passing difficulty．本句的意思是：首先，要从现任联邦储备委员会主席阿伦·格林斯潘嘴里听到精挑细选的话不是一般的困难。由此可以了解到作者的意思是，格林斯潘所说的话不是经过仔细斟酌的，所以本题的正确答案是F项“未经周到考虑而选择的”。值得注意是A项“精挑细选的”是干扰项。
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