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在这历史性的一年，出现了让人眼花缭乱的各种字母代号。这些字母代号描述着市场与经济可能呈现的反弹形态。
Photo credit:FTChinese
全文共 463 个词，by Katie Martin
Visual aid used to communicate expectations of the pandemic’s effect on markets and growth
*型复苏：一种视觉辅助，用以展示疫情对市场和增长影响的预期
Alphabet soup has been on the menu in this historic year. Central banks fired volleys of acronym-laden financial assistance at the collapse in economic activity when lockdowns kicked in, from Europe’s PEPP to the Bank of England’s TFSME and the US’s dizzying mix of Ls, Fs, Pc, Cs and Ms. （Only purists know their MMLF from their MSLP.）
在这历史性的一年，出现了各种字母代号。在封锁开始、经济活动崩溃之际，各国央行出台了一连串以首字母缩略词表示的财政援助，从欧洲的新冠疫情紧急资产购买计划（PEPP）到英国央行（BoE）的中小企业定期融资计划（TFSME），还有美国令人眩晕的大杂烩：一大堆L，F，P，C和M。只有力求正统的人才分得清美国主街贷款计划（MSLP）与美国货币市场共同基金流动性便利（MMLF）。
Markets proved powerless to resist this relentless barrage of letters and, despite an economic crisis unmatched in modern peace time, embarked on a V-shaped recovery.
事实证明，市场无力抵抗这种层出不穷的字母代号。而且，尽管爆发了一场在现代和平时期无可匹敌的经济危机，但V型复苏已经开始。
In the US, home of the global benchmarks of financial ebullience, the S&P 500 index is on track to end the year with a gain of around 14 per cent, a recovery from the March low of nearly 70 per cent — extraordinary by any standard but particularly for a year of such grotesque disruption.
在金融繁荣全球基准的发源地美国，标准普尔 500 指数（S&P 500）到去年年底实现 14%左右的涨幅，相对于 3 月的低点上涨了近 70%——这以任何标准来衡量都非同寻常，尤其是在如此离奇混乱的一年。
Photo credit:Getty Images
Tech stocks in the US, meanwhile, can boast gains of around 40 per cent on the year, measured through the lens of the main Nasdaq indices. These stocks suffered more mildly from the pandemic in the first place and then offered outstanding revenue growth in the breakthrough year for working, playing and shopping from home. Their rally of close to 90 per cent since March diverges sharply from the fate of stocks in beaten-up sectors such as banking, leading to claims of a K-shaped rebound. The UK’s FTSE 100, still bumping along at 12 per cent weaker on the year, may need its own new letter.
与此同时，以纳斯达克（Nasdaq）主要股指衡量，美国科技股去年的涨幅达到 40%左右。这些股票起初受大流行的影响较轻微，随后在居家办公、娱乐和购物取得突破性进展的一年里，这些股票实现了出色的收入增长。这些股票在 3 月以后实现了近 90%的涨幅，它们的命运与银行业等受重创板块的股票大相径庭，导致将出现K型反弹的说法。而去年下跌 12%的英国富时 100 指数（FTSE 100）或许需要属于自己的新字母代号。
The alphabet has been a key way to get all this across to the general public. Central bankers patiently explained how we could all hope for rapid V-shaped recoveries, but slovenly Us, bumpy Ws or even flatlining Ls remain a clear possibility. It should be little surprise that forward-looking markets are more V- or at least W-like than underlying economies, which will need longer to heal.
字母代号一直是让公众了解这一切的关键途径。央行家们耐心地解释，在我们衷心企盼迅速的V型复苏的同时，散漫的U型复苏、颠簸的W型复苏或甚至趋缓的L型复苏仍显然有可能出现。不足为奇的是，有前瞻性的市场比基础经济更可能呈V型复苏或至少是W型复苏，因为后者需要更长的时间才能复原。