A good indicator of the awfulness of the downturn is the market for junk bonds, which surely deserve the name again after nearly two decades of attempts to rebrand them as safer-sounding “high-yield debt”. At the end of May 9.2% of high-yield debt issues (globally, but dominated by American paper) had defaulted during the previous 12 months, compared with less than 1% in the year to December 2007. The failure rate is on course to hit 13.8% in the fourth quarter of this year, according to Moody's, a credit-rating agency, after which it should start to decline. That would be slightly higher than in the two previous recessions, when the percentage of defaults peaked at 10.9% (in January 2002) and 12.8% (in June 1991), but below the all-time high of around 16.3% in 1933.
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Stock and high yield debt markets have mounted strong advances around the world, especially in emerging markets, including those in East Asia.
世界各地区的股市和高收益债市涨势可观，尤其是包括东亚在内的新兴市场。
This unsustainably high yield for Italian debt is the market's way of telling Rome and Brussels: We still don't believe you.
意大利债券不可持续的高收益率无疑是在告诉罗马和布鲁塞尔：市场还是不相信你们。
That suggests it will take a long time before American house prices surge again, or before spreads on high-yield corporate debt get down to the lows seen earlier this year.
这也就是说，离美国房价的再次暴涨，或者说，在再次看到今年初高收益公司债券利差降到低点的情况之前，还有很长一段时间。
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