Frankly, although I do not see the five-year-old global expansion coming to an end yet, there is no question that risks are on the rise, with output in the United States having slowed sharply in the third quarter, and central banks’ hands tied by inflation risks. Further ahead, it is not hard to imagine geopolitical instability – possibly emanating from Iran, Iraq, or North Korea – unsettling markets.
坦率地说，尽管我并不认为长达五年的全球增长已经走到了尽头，但是毫无疑问风险正在加大，美国第三季度的产量就大大放缓了，而中央银行正在极力消除通货膨胀的危险。