题目内容：

英语翻译
Market spreads taking account of credit and liquidity risk had arguably become too compressed pre-August 2007,and are now wider than they should be long-term.But it is not clear what the appropriate level should be（直接用软件翻译的不给分）

优质解答

2007年八月以前,由于考虑到了信用与流动的风险,市场推广明显显得压力过大,而就长期而言,目前市场要比想象中开阔一些,但是尚不明确其实际水平.