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Alex911
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Alex911
2022-12-24
$ContextLogic Inc.(WISH)$
[财迷] [财迷]
Alex911
2022-11-15
$DOYU 20230120 2.5 CALL$
$DOYU 20230120 2.5 CALL$
Alex911
2022-11-17
$蜗牛游戏(SNAL)$
Alex911
2022-11-16
$ContextLogic Inc.(WISH)$
Alex911
2022-11-16
$ContextLogic Inc.(WISH)$
Alex911
12-09
$好未来(TAL)$
Alex911
12-09
$好未来(TAL)$
Alex911
12-08
$好未来(TAL)$
Alex911
05-03
[财迷] [财迷] [财迷] [财迷]
Alex911
05-03
[得意]
Alex911
2023-10-11
$好未来(TAL)$
Alex911
2022-12-29
$好未来(TAL)$
[流泪] [流泪] [流泪] [流泪]
Alex911
2022-12-09
$Westgold Resources(WGX.AU)$
Alex911
2022-08-29
$好未来(TAL)$
Alex911
2022-08-29
$好未来(TAL)$
Alex911
2021-08-21
OMG
Sorry, the original content has been removed
Alex911
2021-06-20
wow
决议后市场竟然这么走!美联储想到了吗?
Go to Tiger App to see more news
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style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-08-21 14:20</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p> 近日,朝阳公安分局接高瓴天成(北京)投资咨询有限公司报案,反映有人在网上散布其公司高管张某被限制出境的不实信息,对张某名誉和公司经营造成严重损失。接报后,警方依法开展调查,将涉案嫌疑人萧某春(男,50岁)抓获。经查,该人以炒股为业,为显示消息灵通、博取他人关注,编造上述虚假信息在网络社交平台发布,后被大量转发。目前,萧某春已被朝阳公安分局依法刑事拘留,案件正在进一步工作中。</p>\n<p><img src=\"https://static.tigerbbs.com/7ce643802e40c1bdeb72e7ba2eb90dd8\" tg-width=\"869\" tg-height=\"619\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/890dd2dfb205aa8aa1d140672304b3c8","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129913656","content_text":"近日,朝阳公安分局接高瓴天成(北京)投资咨询有限公司报案,反映有人在网上散布其公司高管张某被限制出境的不实信息,对张某名誉和公司经营造成严重损失。接报后,警方依法开展调查,将涉案嫌疑人萧某春(男,50岁)抓获。经查,该人以炒股为业,为显示消息灵通、博取他人关注,编造上述虚假信息在网络社交平台发布,后被大量转发。目前,萧某春已被朝阳公安分局依法刑事拘留,案件正在进一步工作中。","news_type":1},"isVote":1,"tweetType":1,"viewCount":80,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164321230,"gmtCreate":1624173031320,"gmtModify":1703830154097,"author":{"id":"3556629806395125","authorId":"3556629806395125","name":"Alex911","avatar":"https://static.tigerbbs.com/dcc8c7e1aab79181f56cb41fd82abb9b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556629806395125","authorIdStr":"3556629806395125"},"themes":[],"htmlText":"wow","listText":"wow","text":"wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/164321230","repostId":"2144709321","repostType":4,"isVote":1,"tweetType":1,"viewCount":203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9922497911,"gmtCreate":1671812744633,"gmtModify":1676538598494,"author":{"id":"3556629806395125","authorId":"3556629806395125","name":"Alex911","avatar":"https://static.tigerbbs.com/dcc8c7e1aab79181f56cb41fd82abb9b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556629806395125","authorIdStr":"3556629806395125"},"themes":[],"htmlText":"<a 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13:46","market":"us","language":"zh","title":"决议后市场竟然这么走!美联储想到了吗?","url":"https://stock-news.laohu8.com/highlight/detail?id=2144709321","media":"智通财经网","summary":"德银首席外汇策略师George Saravelos认为,从收益率曲线平坦化可以看出,美联储犯了一个重大的政策错误,市场表明了对中性利率r*的极度悲观态度。","content":"<p>美联储决议后的市场表现,无论从什么角度来看都非比寻常:美元指数自去年3月新冠疫情席卷全球以来创下单日最大涨幅,长端美债收益率跌至2月以来最低,部分商品价格跌至去年3月以来新低,但纳斯达克指数却创下历史新高。</p>\n<p>市场为何出现如此出乎意料的表现?<a href=\"https://laohu8.com/S/DB\">德意志银行</a>首席外汇策略师George Saravelos在报告中表示,从收益率曲线平坦化可以看出,美联储犯了一个重大的政策错误。而这归结为市场对中性利率r*的极度悲观看法,“换句话说,这与我们六年前预测的,美联储加息周期将以灾难结束时的论点相同。”<img src=\"https://static.tigerbbs.com/531c16b22c4764b6f441ed19bd04fd96\" tg-width=\"500\" tg-height=\"271\" referrerpolicy=\"no-referrer\">为何市场会有如此意外走势?德银分析师一一给出分析:</p>\n<p>美元大涨:美元大涨的表现完全符合传统观点,即对美元指数影响最大的是前端实际利率。美联储2023年收紧货币政策的预期已经被重新定价,支撑近期美元强势的表现。即便10年期美债收益率没有创下新高,美元指数强势反弹也并不让人惊讶。<img src=\"https://static.tigerbbs.com/55140d5c720ec904810eff37a21a9a99\" tg-width=\"500\" tg-height=\"423\" referrerpolicy=\"no-referrer\">商品暴跌:不应低估美联储在推升商品价格方面起到的作用,或许我们从目前美元与基金属价格之前非常高的相关性中可以看出。德银此前的报告也表明,美联储资产负债表、商品价格和通胀预期之间存在强关联性,2013年缩表也标志着当时的通胀预期顶。<img src=\"https://static.tigerbbs.com/16ddc2ef3dd4221af38423d4be2d5b54\" tg-width=\"500\" tg-height=\"404\" referrerpolicy=\"no-referrer\">而多项基于调查的指标,比如密歇根大学通胀预期指数也表明商品价格与通胀预期的高关联性。上述的论据都表明,美联储通过美元和商品影响通胀预期的能力远超一般人想象。</p>\n<p>最后,也是最重要的,债券和中性利率的部分。从下图可以看出,在过去48小时内,债券市场出现明显的扭曲平坦化,在美联储甚至还没开始加息的时候出现这种情况非比寻常。</p>\n<p>重演2015年至2019年美联储加息周期,尽管市场对2023年和2024年加息定价已经上升,但这两个时间点之后的收益率开始下降,主要因市场认为美联储最多能做到的也只有在不到两年时间内加息。<img src=\"https://static.tigerbbs.com/9df9859d8bd5aaac81db8c1c1d9764e2\" tg-width=\"500\" tg-height=\"254\" referrerpolicy=\"no-referrer\">这也与通胀预期的明显下降相吻合。事实上,美联储甚至在盈亏平衡通胀率达到2014年正常区间水平前就出现了鹰派的转变。而现在市场对中性利率r*采取了极其悲观的看法。<img src=\"https://static.tigerbbs.com/9676f27f16093d1d7ed45606d48f0913\" tg-width=\"500\" tg-height=\"248\" referrerpolicy=\"no-referrer\">换句话说,如果美联储决定提前行动,那么市场的声音表示,在通胀和增长达到速度极限前,美联储无法走得很远,这也导致市场对美联储第一次加息后的利率预期下降。</p>\n<p>债券市场之外的其他市场也反映出对中性利率r*的悲观,全球投资者对收益率的巨大需求推动美元走强,并产生比预期来得更快的去通胀(通胀放缓,disinflation)影响。换句话说,全球中性利率的低迷将美国中性利率推得更低了。</p>\n<p>而低中性利率与股市走强是相一致的,特别是严重依赖中期贴现利率的成长股。过去两天美股走势反映的是从罗素2000到纳斯达克指数的巨大相对轮动,但德银分析师警告,这其实是2010年到2019年长期停滞十年定价的2.0版本。<img src=\"https://static.tigerbbs.com/b8d22b5805d705bf59b246a7ea496732\" tg-width=\"500\" tg-height=\"270\" referrerpolicy=\"no-referrer\">虽然一两天的价格表现并不能构成趋势,但市场发出的奇怪信号不应被忽略。德银分析师在过去几周一直强调,从V型复苏到后新冠时代的稳定状态,还有许多问题有待解决,包括新冠疫情对私营部门储蓄率,以及新均衡实际利率水平留下的结构性损伤。可以想象,没有财政刺激措施之后经济的悲惨情形——没有每年数万亿美元的新财政刺激措施,美国是否能维持正的GDP增长率?而如果美联储被迫在通胀之火熄灭前就降息,通胀率会怎样?这些都是市场在未来几个月内不得不考虑的问题。</p>\n<p>美联储当前面临的最大问题在于是否可能重蹈1937年覆辙,当时美联储认为美国经济已经好转,并开始启动加息,但结果是美国经济重新陷入困境,最终是二战时期的大规模财政再通胀挽救了一切。</p>\n<p>但问题在于,目前美国的债务和赤字都已经升至二战时的水平,没有战争,美国政府还能如何证明每年几万亿美元的财政刺激措施合理?当2024年物价继续上涨,经济再度陷入衰退,时任的美联储主席要如何抗击通胀?</p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n决议后市场竟然这么走!美联储想到了吗?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-20 13:46 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/497227.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>美联储决议后的市场表现,无论从什么角度来看都非比寻常:美元指数自去年3月新冠疫情席卷全球以来创下单日最大涨幅,长端美债收益率跌至2月以来最低,部分商品价格跌至去年3月以来新低,但纳斯达克指数却创下历史新高。\n市场为何出现如此出乎意料的表现?德意志银行首席外汇策略师George Saravelos在报告中表示,从收益率曲线平坦化可以看出,美联储犯了一个重大的政策错误。而这归结为市场对中性利率r*的...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/497227.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/85333027402a432a97137c9e6d12fcdc","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SSO":"两倍做多标普500ETF","IVV":"标普500指数ETF","SPXU":"三倍做空标普500ETF","SQQQ":"纳指三倍做空ETF","DJX":"1/100道琼斯","SDOW":"道指三倍做空ETF-ProShares","SPY":"标普500ETF","OEF":"标普100指数ETF-iShares","QQQ":"纳指100ETF","DXD":"道指两倍做空ETF","SDS":"两倍做空标普500ETF","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","QID":"纳指两倍做空ETF","OEX":"标普100","QLD":"纳指两倍做多ETF","UDOW":"道指三倍做多ETF-ProShares",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","TQQQ":"纳指三倍做多ETF","DDM":"道指两倍做多ETF","SH":"标普500反向ETF","DOG":"道指反向ETF","PSQ":"纳指反向ETF"},"source_url":"http://www.zhitongcaijing.com/content/detail/497227.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2144709321","content_text":"美联储决议后的市场表现,无论从什么角度来看都非比寻常:美元指数自去年3月新冠疫情席卷全球以来创下单日最大涨幅,长端美债收益率跌至2月以来最低,部分商品价格跌至去年3月以来新低,但纳斯达克指数却创下历史新高。\n市场为何出现如此出乎意料的表现?德意志银行首席外汇策略师George Saravelos在报告中表示,从收益率曲线平坦化可以看出,美联储犯了一个重大的政策错误。而这归结为市场对中性利率r*的极度悲观看法,“换句话说,这与我们六年前预测的,美联储加息周期将以灾难结束时的论点相同。”为何市场会有如此意外走势?德银分析师一一给出分析:\n美元大涨:美元大涨的表现完全符合传统观点,即对美元指数影响最大的是前端实际利率。美联储2023年收紧货币政策的预期已经被重新定价,支撑近期美元强势的表现。即便10年期美债收益率没有创下新高,美元指数强势反弹也并不让人惊讶。商品暴跌:不应低估美联储在推升商品价格方面起到的作用,或许我们从目前美元与基金属价格之前非常高的相关性中可以看出。德银此前的报告也表明,美联储资产负债表、商品价格和通胀预期之间存在强关联性,2013年缩表也标志着当时的通胀预期顶。而多项基于调查的指标,比如密歇根大学通胀预期指数也表明商品价格与通胀预期的高关联性。上述的论据都表明,美联储通过美元和商品影响通胀预期的能力远超一般人想象。\n最后,也是最重要的,债券和中性利率的部分。从下图可以看出,在过去48小时内,债券市场出现明显的扭曲平坦化,在美联储甚至还没开始加息的时候出现这种情况非比寻常。\n重演2015年至2019年美联储加息周期,尽管市场对2023年和2024年加息定价已经上升,但这两个时间点之后的收益率开始下降,主要因市场认为美联储最多能做到的也只有在不到两年时间内加息。这也与通胀预期的明显下降相吻合。事实上,美联储甚至在盈亏平衡通胀率达到2014年正常区间水平前就出现了鹰派的转变。而现在市场对中性利率r*采取了极其悲观的看法。换句话说,如果美联储决定提前行动,那么市场的声音表示,在通胀和增长达到速度极限前,美联储无法走得很远,这也导致市场对美联储第一次加息后的利率预期下降。\n债券市场之外的其他市场也反映出对中性利率r*的悲观,全球投资者对收益率的巨大需求推动美元走强,并产生比预期来得更快的去通胀(通胀放缓,disinflation)影响。换句话说,全球中性利率的低迷将美国中性利率推得更低了。\n而低中性利率与股市走强是相一致的,特别是严重依赖中期贴现利率的成长股。过去两天美股走势反映的是从罗素2000到纳斯达克指数的巨大相对轮动,但德银分析师警告,这其实是2010年到2019年长期停滞十年定价的2.0版本。虽然一两天的价格表现并不能构成趋势,但市场发出的奇怪信号不应被忽略。德银分析师在过去几周一直强调,从V型复苏到后新冠时代的稳定状态,还有许多问题有待解决,包括新冠疫情对私营部门储蓄率,以及新均衡实际利率水平留下的结构性损伤。可以想象,没有财政刺激措施之后经济的悲惨情形——没有每年数万亿美元的新财政刺激措施,美国是否能维持正的GDP增长率?而如果美联储被迫在通胀之火熄灭前就降息,通胀率会怎样?这些都是市场在未来几个月内不得不考虑的问题。\n美联储当前面临的最大问题在于是否可能重蹈1937年覆辙,当时美联储认为美国经济已经好转,并开始启动加息,但结果是美国经济重新陷入困境,最终是二战时期的大规模财政再通胀挽救了一切。\n但问题在于,目前美国的债务和赤字都已经升至二战时的水平,没有战争,美国政府还能如何证明每年几万亿美元的财政刺激措施合理?当2024年物价继续上涨,经济再度陷入衰退,时任的美联储主席要如何抗击通胀?","news_type":1},"isVote":1,"tweetType":1,"viewCount":203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}