Fears of a US recession have gripped global markets, triggering a share market rout that prompted investors across Asia, Europe and North America to all unwind their positions – at the same time.

The volatile conditions erupted after the US Federal Reserve hinted after its 31 July meeting that interest rates would soon be cut, in what was initially seen as a stimulus for shares.

But the gains quickly evaporated as investors reinterpreted the impending rate cuts as a sign the world’s biggest economy was faltering.

Several pieces of economic data, including manufacturing, durable goods and – crucially – jobs and payroll data, raised questions over the health of the US economy, with the well-regarded “Sahm Rule” signaling a recession. This indicator, which is triggered when there is a rapid rise in the unemployment rate, has correctly identified every recession since the second world war.

recession 衰退

grip 緊抓、嚴重影響

unwind 鬆開、放鬆

position 投資部位

US Federal Reserve 美國聯邦準備理事會

stimulus 振興措施

evaporate 蒸發

reinterpret 重新解讀

falter 步履蹣跚

durable goods 耐久財

payroll 薪資單

Sahm rule 薩姆定律(曾在美聯儲任職經濟學家Claudia Sahm提出了後來由她命名的薩姆規則，當美國 3 個月失業率移動平均值，減去前一年失業率低點，所得數值超過 0.5% 時，意味著經濟體正經歷衰退階段)

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