At the height of the summer, the mood was optimistic in the world’s financial capitals. Powered by the AI revolution, the US stock market had rallied(反弹，回升) to a fresh all-time high(历史最高点), as investors bet the multitrillion-dollar investment spree(狂热，无节制的行为) would overshadow(使黯然失色，盖过) the hit from the Iran war.
盛夏时节，全球金融中心弥漫着乐观情绪。在AI革命的推动下，美国股市一路攀升至历史新高，投资者押注数万亿美元的投资热潮将盖过伊朗战争带来的冲击。
Now the warning lights are flashing red(警示灯亮起红灯). As the fighting in the Middle East intensifies without clear sign of a resolution, financial markets have been thrown into renewed turmoil(再度陷入动荡). A slowdown looms(逼近，隐现) in the AI arms race, and tinderbox(火药桶，一触即发的局势) conditions in the market for government debt are fuelling(加剧，助长) alarm.
如今，警示灯已亮起红灯。随着中东战事不断升级且看不到明确的解决迹象，金融市场再度陷入动荡。AI军备竞赛面临放缓，政府债券市场的“火药桶”状态正在加剧恐慌。
In the past week the US government’s borrowing costs climbed to the highest level since 2007, with knock-on(连锁的，连带引发的) consequences for the finances of households, businesses, and other governments worldwide. The fear is that Donald Trump’s war is igniting(点燃，引发) higher levels of inflation. The president’s tax and spending plans – driving Washington’s debt levels above $40tn (£29.9tn) – also have investors worried.(总统的税收和支出计划——推动华盛顿的债务水平突破40万亿美元（29.9万亿英镑）——也让投资者忧心忡忡。)
过去一周，美国政府的借贷成本攀升至2007年以来的最高水平，对全球家庭、企业和其他政府的财政产生连锁反应。人们担心特朗普发动的战争正在点燃更高水平的通胀。总统的税收和支出计划——推动华盛顿的债务水平突破40万亿美元（29.9万亿英镑）——也让投资者忧心忡忡。