图片发自《经济学人》
James Carville,political adviser to Bill Clinton, the former president, famously said that the bond market so he could“intimidate everybody”. He was frustrated by the administration ' s inability to push through an economic stimulus for fear of spooking investors and pushing bond yields higher.
1.political adviser 政治顾问
2. bond market 债券市场
3.inability to do 没能力做…
4.put through完成，从事 economic stimulus 刺激
5.spook investors 使投资者惊慌 「 spook」作名词讲是鬼，间谍的意思；作动词讲是使惊慌，惊吓的意思
6.bond yield 债券收益率
In the 1990s “bond-market vigilantes”sold their holdings when they feared that countries were pursuing irresponsible fiscal or monetary policies.
7.bond-market vigilantes 债券市场的义务警察（指在通货担忧出现时通过出售债券推高债券收益率）的投资者
8.holdings 财产「尤指地产或公司的股份」
9.pursuing irresponsible fiscal or monetary policies 实行不负责任的财政政策和货币政策
This week, for example, Saudi Arabia tapped the markets for the first time,raising $17.5billion-- the largest-ever emerging -market bond issue.10.tapped the markets 开发市场 「tap」在这里作“利用，发掘，开发'（能源，资金来源等）”解
11.raising 筹集
12.largest-ever 有史以来最大的
emerging market 新兴市场
Vigilantes have become vastly outnumbered by bondholders with no real interests in maximizing the return on their portfolios.
没有兴趣在有价证券取得最大回报的证券持有者已经大大地超过了证券市场的义务警察。
13.outnumber 「在数量上胜过，比…多」
maximize 使…增加到最大限度，充分利用
portfolio 公文包；有价证券
Government bonds now seem to be a home for the rainy-day money of institutional investors.
14.rainy-day money 源于 save money for a rainy day 以备不时之需
