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09:07","market":"hk","language":"zh","title":"CICC Comments on FOMC: The Federal Reserve's \"middle course\"","url":"https://stock-news.laohu8.com/highlight/detail?id=2321910577","media":"华尔街见闻","summary":"中金指出，加息终点临近，但降息路径仍有变数。在通胀回落和银行问题造成信用收缩的情况下，下半年可能逐步开启降息的大门。","content":"<p><html><head></head><body>CICC pointed out that the end of the rate hike is approaching, but there are still variables in the path of interest rate cuts. With inflation falling and credit contraction caused by banking problems, the door to interest rate cuts may be gradually opened in the second half of the year. The much-watched March FOMC meeting came to an end. This meeting may have attracted more attention than any other, because just two weeks before the meeting, the market experienced a huge swing of thinking that rate hike might be re-accelerated by 50bp in March, and thinking that it might not be rate hike or even cut interest rates soon after the risk exposure of European and American banking systems. The Federal Reserve is faced with a tightrope-like choice between fighting inflation and preventing risks, and the market is also looking forward to more answers from the Fed's meeting on how policy will respond in the future.</p><p>Judging from the results,<b>The Federal Reserve chose the \"middle route\" this time: continuing the rate hike of 25bp to 4.75 ~ 5%, but at the same time hinting that the rate hike may gradually come to an end.</b>At the same time, the prediction of economic data and future rate hike path in the dot plot (dot plot) has not changed much. Perhaps, faced with the difficult balance between rate hike and risk prevention, and neither of them is yet to take urgent action,<b>The \"middle route\" of standing still can also be regarded as an option, because any excessive response will trigger unexpected market reverse games. At the same time, excessive changes in the path of rate hike can easily lead the Fed itself into a passive situation with no room for maneuver</b>For example, if the Federal Reserve overemphasizes financial system risks and stops rate hike this time, the market may begin to worry about whether there are unknown greater risks after a short period of excitement.</p><p>All kinds of assets reacted greatly to this result. US Treasury yields and the U.S. dollar fell, gold rose, and U.S. stocks swung repeatedly and eventually closed down sharply (but mainly because Treasury Secretary Yellen did not rescue all bank savings at the Senate hearing. statement),<b>This fully shows that the market is also trying to digest the information of this meeting and find consensus from it.</b>However, according to historical experience, the short two-hour trading after the meeting day does not have much predictive significance for the subsequent market trend, and it will even reverse again most of the time.</p><p>Regarding the specific content of this meeting, we further comment as follows for investors' reference.</p><p>1. rate hike path: The end is approaching, but there are still variables in the path of interest rate cuts</p><p>The meeting decided to continue the rate hike of 25bp to 4.75 ~ 5%, which was completely within the expectation that the market had already fully traded (the pre-meeting CME interest rate futures implied that the probability of rate hike 25bp at the March FOMC meeting was as high as 85%).</p><p><b>On the future rate hike path that the market is more concerned about, the Federal Reserve is gradually hinting that the end of the rate hike may gradually approach.</b>Reflects several wording changes, such as deleting \"ongoing increase\", add \"closely monitor incoming information and assess the implications for monetary policy\", Emphasize the tightening effect of current banking problems on current credit conditions and more.</p><p><b>However, the Federal Reserve did not \"lock itself up\".</b>For example, the dot plot and the rate hike end point given by the FOMC in December and the path of interest rate cuts in 2024 have hardly changed (the rate hike high remains at 5.125% and 4.25% at the end of 2024), although it is expected that \"the mountain has passed\" during this period. At the same time, at the press conference, Powell also said that cutting interest rates within the year is not the basic assumption of Fed officials.</p><p><b>Looking ahead, we think it is relatively certain that the end of rate hike is approaching</b>(Powell has repeatedly emphasized that the current banking problems will cause a credit crunch, which in turn will also have a restraint effect on growth and inflation),<b>However, there are still many variables in the path of interest rate cuts, depending on the deduction of inflation and current financial system risks</b>, excessive expectations of interest rate cuts actually implied concerns that the banking system may face risks in the future.<b>This means that unless systemic risks further escalate, the 10-year US Treasury yields has relatively limited room for further decline at its current position.</b></p><p>Chart 1: Federal Reserve dot plot long-term target rate estimate</p><p><img src=\"https://static.tigerbbs.com/baf52ae457ebc0c3d370c50deafe7a79\" tg-width=\"756\" tg-height=\"457\" referrerpolicy=\"no-referrer\"/></p><p>Source: Bloomberg,<a href=\"https://laohu8.com/S/601995\">CICC</a>Research Department</p><p>Chart 2: March 2023 FOMC dot plot</p><p><img src=\"https://static.tigerbbs.com/c7bd33613964ce130e9c34c6f08a5984\" tg-width=\"755\" tg-height=\"438\" referrerpolicy=\"no-referrer\"/></p><p>Source: Bloomberg,<a href=\"https://laohu8.com/S/03908\">CICC</a>Research Department</p><p>Chart 3: CME interest rate futures implied rate hike probability</p><p><img src=\"https://static.tigerbbs.com/7d63ac6da9e20062794e29fa72fc8e05\" tg-width=\"743\" tg-height=\"313\" referrerpolicy=\"no-referrer\"/></p><p>Source: CME, CICC Research</p><p>Chart 4: The Federal Reserve's economic forecast at different meeting points</p><p><img src=\"https://static.tigerbbs.com/79c18a676d21b952864041c7d53c1604\" tg-width=\"743\" tg-height=\"462\" referrerpolicy=\"no-referrer\"/></p><p>Source: Bloomberg, CICC Research</p><p>2. Is the policy sufficient to respond to banking problems? At present, the whole situation is still \"prescribing the right medicine\"</p><p>Powell mentioned at this meeting that recent bank risks are an outlier, and the U.S. financial system as a whole remains sound and resilient.</p><p>The meeting still maintains the previous shrinking balance sheet rhythm, that is, the monthly upper limit is US $95 billion (US $60 billion Treasury Bond + US $35 billion MBS). Since the Federal Reserve started its shrinking balance sheet in June last year, the size of the Federal Reserve's balance sheet once dropped from US $8.9 trillion in the middle of last year to US $8.3 trillion.</p><p>Since the bank risk exposure, the market has been very concerned about the Fed's policy response and further possible policy preparations.<b>We believe that whether the policy is effective depends mainly on whether it \"prescribes the right medicine\"</b>For example, in 2020, the final direct purchase of credit bonds was the right medicine because the problems at that time were mainly concentrated in non-financial enterprises rather than the financial system. Looking back at the present,<b>At present, the core of the problem lies in the liquidity problem of small and medium-sized banks. On the one hand, the possible run of depositors, on the other hand, the liquidity gap caused by a large number of uncashed investment losses</b>。</p><p>Regarding the former, the Ministry of Finance and the FDIC can have a certain effect on the deposit protection of some banks that have already had problems, but it is difficult to cover banks that have not had problems in a forward-looking manner (this is why the U.S. stock market did not consider fully supporting the deposit protection of banks in late trading today because of Yellen's statement. The reason why all bank savings plummeted). For the latter, the Federal Reserve's BTFP project has provided relatively sufficient support in terms of term and collateral conditions. The collateral can apply for a one-year loan at par value rather than market value, and the interest rate is one-year OIS+10bp (currently 4.69%). Therefore, from this perspective, the Fed's policy is still \"prescribing the right medicine\".</p><p><b>But this cannot be simply and unilaterally understood as the Fed is restarting QE.</b>The recent sharp expansion of the balance sheet is not a traditional QE-style asset purchase, but a short-term<a href=\"https://laohu8.com/S/FISI\">Financial institution</a>In order to cope with borrowing when liquidity is tight (the Fed's holdings of Treasury Bond and MBS continue to shrink, indicating that the shrinking balance sheet continues; the increase is mainly loans, including primary credit, other credit support and BTFP), the two are purchased There are very different ways, transmission paths and ways of influence.</p><p>Different from QE, under the current background of tight liquidity, it can be expected that financial institutions will most likely be more cautious about balance sheets and credit expansion. Therefore, we are worried that it may be difficult for financial institutions to make large-scale credit derivation and transmit this part of liquidity.</p><p>Chart 5: Changes in the main components of the Fed's asset side</p><p><img src=\"https://static.tigerbbs.com/7b80f7267e97edf79f74ff682c7f467b\" tg-width=\"762\" tg-height=\"460\" referrerpolicy=\"no-referrer\"/></p><p>Source: Bloomberg, CICC Research</p><p>Chart 6: Changes in the main components of the Fed's debt side</p><p><img src=\"https://static.tigerbbs.com/584b4611b3207d9060ea843795203e3f\" tg-width=\"736\" tg-height=\"465\" referrerpolicy=\"no-referrer\"/></p><p>Source: Bloomberg, CICC Research</p><p>3. Growth and inflation: growth resilience at the beginning of the year vs. the effect of credit contraction caused by bank problems</p><p>The Fed's forecast for inflation and growth has not changed much this time, and only made some minor adjustments, such as GDP from 0.5% in December to 0.4%, unemployment rate from 4.6% to 4.5%, and core PCE from 3.5% to 3.6%.% etc.</p><p>On the one hand, the economic data in the past month or two has indeed shown strong resilience; On the other hand, the impact of the latest banking system problems on growth and inflation through credit contraction may take time to gradually appear. Powell mentioned that there is still the possibility of a soft landing, but it seems that the confidence in it is gradually decreasing.</p><p>However, our overall forecast is that the growth of the United States is likely to gradually slow down or even move towards recession, and if further banking system problems increase the pressure of recession, it will not be a bad thing from the perspective of suppressing inflation, because although M2 has turned negative growth, the credit growth rate is still too high, which may also explain that inflation has been declining slowly.</p><p>Looking forward, the current low savings rate of U.S. residents and the excess savings in stock are more in the hands of high-income people, all of which pose the risk of certain nonlinear changes in the current seemingly resilient service-oriented consumption. We predict that the U.S. CPI and core CPI will drop to around 3% and 4% year-on-year respectively by the end of the second quarter.</p><p>Chart 7: U.S. industrial and commercial loans vs. M2</p><p><img src=\"https://static.tigerbbs.com/1152d63a8c60ed94a9be31a0fcbf3ea9\" tg-width=\"757\" tg-height=\"465\" referrerpolicy=\"no-referrer\"/></p><p>Source: Bloomberg, CICC Research</p><p>Chart 8: U.S. inflation and rate hike path forecast</p><p><img src=\"https://static.tigerbbs.com/b6328451ff1154e976da40131aa03310\" tg-width=\"773\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/></p><p>Source: Bloomberg, CICC Research</p><p>4. Market impact: Short-term interest rate cut expectations are too much included, but the possibility of medium-term interest rate cuts has increased</p><p>In terms of incremental information, this FOMC meeting confirmed that the end of the rate hike is approaching, but did not give more loose guidance at the current position. On the one hand, it is also because the current inflation has not yet returned to a more comfortable position for the Fed. At the same time, banking problems are not always spiraling downward.<b>In other words, the Fed's current middle course, if it encounters greater risk escalation, is still likely to provide timely policy support. But until then, too much expectation of interest rate cuts may not be necessary.</b></p><p><b>We believe that if the short-term market sentiment is stable, it will help to ease panic and cover the expectation of excessively steep interest rate cuts. In the medium-term dimension, whether we expect inflation to still fall, or the credit contraction caused by the current banking problems, it is possible that the door to gradually open interest rate cuts in the second half of the year will still exist.</b></p><p><b>► U.S. stocks: The current valuation and profit mix is still not completely comfortable.</b>The valuation is still on the high side (the 12-month dynamic valuation of the S&P 500 index is 17.6 times, which is close to one standard deviation above the average), and profits may continue to be under pressure (the current market expects that the profit growth rate of the S&P 500 index in 2023 has fallen back to 2.3%, we estimate that it may further fall back to-5.6%), so we maintain the judgment of \"rising first suppressing\", but we are not pessimistic about the prospect of U.S. stocks rebounding again after inflation gradually falls in the second half of the year.</p><p><b>► US Treasury yields: Excessive expectations for interest rate cuts are included in the short term, and there is limited room for further sharp downside unless there is an escalation of systemic risks.</b>Recently, rate hike is expected to fall, and long-term US Treasury yields has fallen significantly. At the end point of the current rate hike may be at 5 ~ 5.25%, combined with the historical inversion degree of the 3m10s spread (the average inversion of the 3m10s spread since the 1960s is ~ 150bp), the 10-year US Treasury yields may fluctuate around 3.5%. The key factors to pay more attention to next include a cooling of labor market heat and a faster decline in inflation after 5%.</p><p><b>► USD: Support level is 100, resistance level is 103, and then look at 106; The inflection point of the trend looks at China's growth in the second half of the year.</b>Against the background of the recent rapid decline in US Treasury yields,<a href=\"https://laohu8.com/S/USDindex.FOREX\">The US Dollar Index</a>The changes are relatively small. This is because although the liquidity tightening and risk aversion caused by the risk exposure of European and American banks can be supported, the rapid cooling of rate hike expectations has also played a certain role in hedging. Looking back, combined with our own \"cheap money\" indicator, we think that the support level of the US Dollar Index is 100, and the resistance level is 103 and then 106. The real trend inflection point depends on China's growth in the second half of the year.</p><p><b>► Gold: The next round of opportunities comes from rising expectations of recession and interest rate cuts after the second quarter.</b>The recent risk aversion caused by bank risk exposure has indeed supported the performance of gold. If the short-term risk aversion improves, it will be somewhat overdrawn. The confirmation of recession and interest rate cut expectations may become the next opportunity.</p><p>Chart 9: The current valuation of US stocks is still high</p><p><img src=\"https://static.tigerbbs.com/cbfa035ffd1ea2c10296e4c424912ba7\" tg-width=\"749\" tg-height=\"462\" referrerpolicy=\"no-referrer\"/></p><p>Source: Bloomberg, CICC Research</p><p>Chart 10: We maintain our judgment that U.S. stocks \"want to rise first suppress\"</p><p><img src=\"https://static.tigerbbs.com/e7fb61588f17c2daf48f86e004f07fac\" tg-width=\"762\" tg-height=\"458\" referrerpolicy=\"no-referrer\"/></p><p>Source: Bloomberg, CICC Research</p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>CICC Comments on FOMC: The Federal Reserve's \"middle course\"</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\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: 12.5px; color: #7E829C; margin: 0;}\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\">\nCICC Comments on FOMC: The Federal Reserve's \"middle course\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2023-03-23 09:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>CICC pointed out that the end of the rate hike is approaching, but there are still variables in the path of interest rate cuts. With inflation falling and credit contraction caused by banking problems, the door to interest rate cuts may be gradually opened in the second half of the year. The much-watched March FOMC meeting came to an end. This meeting may have attracted more attention than any other, because just two weeks before the meeting, the market experienced a huge swing of thinking that rate hike might be re-accelerated by 50bp in March, and thinking that it might not be rate hike or even cut interest rates soon after the risk exposure of European and American banking systems. The Federal Reserve is faced with a tightrope-like choice between fighting inflation and preventing risks, and the market is also looking forward to more answers from the Fed's meeting on how policy will respond in the future.</p><p>Judging from the results,<b>The Federal Reserve chose the \"middle route\" this time: continuing the rate hike of 25bp to 4.75 ~ 5%, but at the same time hinting that the rate hike may gradually come to an end.</b>At the same time, the prediction of economic data and future rate hike path in the dot plot (dot plot) has not changed much. Perhaps, faced with the difficult balance between rate hike and risk prevention, and neither of them is yet to take urgent action,<b>The \"middle route\" of standing still can also be regarded as an option, because any excessive response will trigger unexpected market reverse games. At the same time, excessive changes in the path of rate hike can easily lead the Fed itself into a passive situation with no room for maneuver</b>For example, if the Federal Reserve overemphasizes financial system risks and stops rate hike this time, the market may begin to worry about whether there are unknown greater risks after a short period of excitement.</p><p>All kinds of assets reacted greatly to this result. US Treasury yields and the U.S. dollar fell, gold rose, and U.S. stocks swung repeatedly and eventually closed down sharply (but mainly because Treasury Secretary Yellen did not rescue all bank savings at the Senate hearing. statement),<b>This fully shows that the market is also trying to digest the information of this meeting and find consensus from it.</b>However, according to historical experience, the short two-hour trading after the meeting day does not have much predictive significance for the subsequent market trend, and it will even reverse again most of the time.</p><p>Regarding the specific content of this meeting, we further comment as follows for investors' reference.</p><p>1. rate hike path: The end is approaching, but there are still variables in the path of interest rate cuts</p><p>The meeting decided to continue the rate hike of 25bp to 4.75 ~ 5%, which was completely within the expectation that the market had already fully traded (the pre-meeting CME interest rate futures implied that the probability of rate hike 25bp at the March FOMC meeting was as high as 85%).</p><p><b>On the future rate hike path that the market is more concerned about, the Federal Reserve is gradually hinting that the end of the rate hike may gradually approach.</b>Reflects several wording changes, such as deleting \"ongoing increase\", add \"closely monitor incoming information and assess the implications for monetary policy\", Emphasize the tightening effect of current banking problems on current credit conditions and more.</p><p><b>However, the Federal Reserve did not \"lock itself up\".</b>For example, the dot plot and the rate hike end point given by the FOMC in December and the path of interest rate cuts in 2024 have hardly changed (the rate hike high remains at 5.125% and 4.25% at the end of 2024), although it is expected that \"the mountain has passed\" during this period. At the same time, at the press conference, Powell also said that cutting interest rates within the year is not the basic assumption of Fed officials.</p><p><b>Looking ahead, we think it is relatively certain that the end of rate hike is approaching</b>(Powell has repeatedly emphasized that the current banking problems will cause a credit crunch, which in turn will also have a restraint effect on growth and inflation),<b>However, there are still many variables in the path of interest rate cuts, depending on the deduction of inflation and current financial system risks</b>, excessive expectations of interest rate cuts actually implied concerns that the banking system may face risks in the future.<b>This means that unless systemic risks further escalate, the 10-year US Treasury yields has relatively limited room for further decline at its current position.</b></p><p>Chart 1: Federal Reserve dot plot long-term target rate estimate</p><p><img src=\"https://static.tigerbbs.com/baf52ae457ebc0c3d370c50deafe7a79\" tg-width=\"756\" tg-height=\"457\" referrerpolicy=\"no-referrer\"/></p><p>Source: Bloomberg,<a href=\"https://laohu8.com/S/601995\">CICC</a>Research Department</p><p>Chart 2: March 2023 FOMC dot plot</p><p><img src=\"https://static.tigerbbs.com/c7bd33613964ce130e9c34c6f08a5984\" tg-width=\"755\" tg-height=\"438\" referrerpolicy=\"no-referrer\"/></p><p>Source: Bloomberg,<a href=\"https://laohu8.com/S/03908\">CICC</a>Research Department</p><p>Chart 3: CME interest rate futures implied rate hike probability</p><p><img src=\"https://static.tigerbbs.com/7d63ac6da9e20062794e29fa72fc8e05\" tg-width=\"743\" tg-height=\"313\" referrerpolicy=\"no-referrer\"/></p><p>Source: CME, CICC Research</p><p>Chart 4: The Federal Reserve's economic forecast at different meeting points</p><p><img src=\"https://static.tigerbbs.com/79c18a676d21b952864041c7d53c1604\" tg-width=\"743\" tg-height=\"462\" referrerpolicy=\"no-referrer\"/></p><p>Source: Bloomberg, CICC Research</p><p>2. Is the policy sufficient to respond to banking problems? At present, the whole situation is still \"prescribing the right medicine\"</p><p>Powell mentioned at this meeting that recent bank risks are an outlier, and the U.S. financial system as a whole remains sound and resilient.</p><p>The meeting still maintains the previous shrinking balance sheet rhythm, that is, the monthly upper limit is US $95 billion (US $60 billion Treasury Bond + US $35 billion MBS). Since the Federal Reserve started its shrinking balance sheet in June last year, the size of the Federal Reserve's balance sheet once dropped from US $8.9 trillion in the middle of last year to US $8.3 trillion.</p><p>Since the bank risk exposure, the market has been very concerned about the Fed's policy response and further possible policy preparations.<b>We believe that whether the policy is effective depends mainly on whether it \"prescribes the right medicine\"</b>For example, in 2020, the final direct purchase of credit bonds was the right medicine because the problems at that time were mainly concentrated in non-financial enterprises rather than the financial system. Looking back at the present,<b>At present, the core of the problem lies in the liquidity problem of small and medium-sized banks. On the one hand, the possible run of depositors, on the other hand, the liquidity gap caused by a large number of uncashed investment losses</b>。</p><p>Regarding the former, the Ministry of Finance and the FDIC can have a certain effect on the deposit protection of some banks that have already had problems, but it is difficult to cover banks that have not had problems in a forward-looking manner (this is why the U.S. stock market did not consider fully supporting the deposit protection of banks in late trading today because of Yellen's statement. The reason why all bank savings plummeted). For the latter, the Federal Reserve's BTFP project has provided relatively sufficient support in terms of term and collateral conditions. The collateral can apply for a one-year loan at par value rather than market value, and the interest rate is one-year OIS+10bp (currently 4.69%). Therefore, from this perspective, the Fed's policy is still \"prescribing the right medicine\".</p><p><b>But this cannot be simply and unilaterally understood as the Fed is restarting QE.</b>The recent sharp expansion of the balance sheet is not a traditional QE-style asset purchase, but a short-term<a href=\"https://laohu8.com/S/FISI\">Financial institution</a>In order to cope with borrowing when liquidity is tight (the Fed's holdings of Treasury Bond and MBS continue to shrink, indicating that the shrinking balance sheet continues; the increase is mainly loans, including primary credit, other credit support and BTFP), the two are purchased There are very different ways, transmission paths and ways of influence.</p><p>Different from QE, under the current background of tight liquidity, it can be expected that financial institutions will most likely be more cautious about balance sheets and credit expansion. Therefore, we are worried that it may be difficult for financial institutions to make large-scale credit derivation and transmit this part of liquidity.</p><p>Chart 5: Changes in the main components of the Fed's asset side</p><p><img src=\"https://static.tigerbbs.com/7b80f7267e97edf79f74ff682c7f467b\" tg-width=\"762\" tg-height=\"460\" referrerpolicy=\"no-referrer\"/></p><p>Source: Bloomberg, CICC Research</p><p>Chart 6: Changes in the main components of the Fed's debt side</p><p><img src=\"https://static.tigerbbs.com/584b4611b3207d9060ea843795203e3f\" tg-width=\"736\" tg-height=\"465\" referrerpolicy=\"no-referrer\"/></p><p>Source: Bloomberg, CICC Research</p><p>3. Growth and inflation: growth resilience at the beginning of the year vs. the effect of credit contraction caused by bank problems</p><p>The Fed's forecast for inflation and growth has not changed much this time, and only made some minor adjustments, such as GDP from 0.5% in December to 0.4%, unemployment rate from 4.6% to 4.5%, and core PCE from 3.5% to 3.6%.% etc.</p><p>On the one hand, the economic data in the past month or two has indeed shown strong resilience; On the other hand, the impact of the latest banking system problems on growth and inflation through credit contraction may take time to gradually appear. Powell mentioned that there is still the possibility of a soft landing, but it seems that the confidence in it is gradually decreasing.</p><p>However, our overall forecast is that the growth of the United States is likely to gradually slow down or even move towards recession, and if further banking system problems increase the pressure of recession, it will not be a bad thing from the perspective of suppressing inflation, because although M2 has turned negative growth, the credit growth rate is still too high, which may also explain that inflation has been declining slowly.</p><p>Looking forward, the current low savings rate of U.S. residents and the excess savings in stock are more in the hands of high-income people, all of which pose the risk of certain nonlinear changes in the current seemingly resilient service-oriented consumption. We predict that the U.S. CPI and core CPI will drop to around 3% and 4% year-on-year respectively by the end of the second quarter.</p><p>Chart 7: U.S. industrial and commercial loans vs. M2</p><p><img src=\"https://static.tigerbbs.com/1152d63a8c60ed94a9be31a0fcbf3ea9\" tg-width=\"757\" tg-height=\"465\" referrerpolicy=\"no-referrer\"/></p><p>Source: Bloomberg, CICC Research</p><p>Chart 8: U.S. inflation and rate hike path forecast</p><p><img src=\"https://static.tigerbbs.com/b6328451ff1154e976da40131aa03310\" tg-width=\"773\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/></p><p>Source: Bloomberg, CICC Research</p><p>4. Market impact: Short-term interest rate cut expectations are too much included, but the possibility of medium-term interest rate cuts has increased</p><p>In terms of incremental information, this FOMC meeting confirmed that the end of the rate hike is approaching, but did not give more loose guidance at the current position. On the one hand, it is also because the current inflation has not yet returned to a more comfortable position for the Fed. At the same time, banking problems are not always spiraling downward.<b>In other words, the Fed's current middle course, if it encounters greater risk escalation, is still likely to provide timely policy support. But until then, too much expectation of interest rate cuts may not be necessary.</b></p><p><b>We believe that if the short-term market sentiment is stable, it will help to ease panic and cover the expectation of excessively steep interest rate cuts. In the medium-term dimension, whether we expect inflation to still fall, or the credit contraction caused by the current banking problems, it is possible that the door to gradually open interest rate cuts in the second half of the year will still exist.</b></p><p><b>► U.S. stocks: The current valuation and profit mix is still not completely comfortable.</b>The valuation is still on the high side (the 12-month dynamic valuation of the S&P 500 index is 17.6 times, which is close to one standard deviation above the average), and profits may continue to be under pressure (the current market expects that the profit growth rate of the S&P 500 index in 2023 has fallen back to 2.3%, we estimate that it may further fall back to-5.6%), so we maintain the judgment of \"rising first suppressing\", but we are not pessimistic about the prospect of U.S. stocks rebounding again after inflation gradually falls in the second half of the year.</p><p><b>► US Treasury yields: Excessive expectations for interest rate cuts are included in the short term, and there is limited room for further sharp downside unless there is an escalation of systemic risks.</b>Recently, rate hike is expected to fall, and long-term US Treasury yields has fallen significantly. At the end point of the current rate hike may be at 5 ~ 5.25%, combined with the historical inversion degree of the 3m10s spread (the average inversion of the 3m10s spread since the 1960s is ~ 150bp), the 10-year US Treasury yields may fluctuate around 3.5%. The key factors to pay more attention to next include a cooling of labor market heat and a faster decline in inflation after 5%.</p><p><b>► USD: Support level is 100, resistance level is 103, and then look at 106; The inflection point of the trend looks at China's growth in the second half of the year.</b>Against the background of the recent rapid decline in US Treasury yields,<a href=\"https://laohu8.com/S/USDindex.FOREX\">The US Dollar Index</a>The changes are relatively small. This is because although the liquidity tightening and risk aversion caused by the risk exposure of European and American banks can be supported, the rapid cooling of rate hike expectations has also played a certain role in hedging. Looking back, combined with our own \"cheap money\" indicator, we think that the support level of the US Dollar Index is 100, and the resistance level is 103 and then 106. The real trend inflection point depends on China's growth in the second half of the year.</p><p><b>► Gold: The next round of opportunities comes from rising expectations of recession and interest rate cuts after the second quarter.</b>The recent risk aversion caused by bank risk exposure has indeed supported the performance of gold. If the short-term risk aversion improves, it will be somewhat overdrawn. The confirmation of recession and interest rate cut expectations may become the next opportunity.</p><p>Chart 9: The current valuation of US stocks is still high</p><p><img src=\"https://static.tigerbbs.com/cbfa035ffd1ea2c10296e4c424912ba7\" tg-width=\"749\" tg-height=\"462\" referrerpolicy=\"no-referrer\"/></p><p>Source: Bloomberg, CICC Research</p><p>Chart 10: We maintain our judgment that U.S. stocks \"want to rise first suppress\"</p><p><img src=\"https://static.tigerbbs.com/e7fb61588f17c2daf48f86e004f07fac\" tg-width=\"762\" tg-height=\"458\" referrerpolicy=\"no-referrer\"/></p><p>Source: Bloomberg, CICC Research</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3684687\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/da180aee7a0c9fd9025ec49f6dc618ee","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时",".IXIC":"NASDAQ Composite","FOMC":"FOMO CORP.","SH":"做空标普500-Proshares","PSQ":"做空纳斯达克100指数ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","BK4581":"高盛持仓","UPRO":"三倍做多标普500ETF-ProShares","QQQ":"纳指100ETF","IVV":"标普500ETF-iShares","SDS":"两倍做空标普500 ETF-ProShares","BK4077":"互动媒体与服务","SQQQ":"纳指三倍做空ETF","DJX":"1/100道琼斯","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","OEF":"标普100指数ETF-iShares",".DJI":"道琼斯","QLD":"2倍做多纳斯达克100指数ETF-ProShares",".SPX":"S&P 500 Index","SPXU":"三倍做空标普500ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","BK4550":"红杉资本持仓","DOG":"道指ETF-ProShares做空","DXD":"两倍做空道琼30指数ETF-ProShares","TQQQ":"纳指三倍做多ETF","OEX":"标普100","BK4504":"桥水持仓","BK4559":"巴菲特持仓","SPY":"标普500ETF","BK4588":"碎股"},"source_url":"https://wallstreetcn.com/articles/3684687","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2321910577","content_text":"中金指出，加息终点临近，但降息路径仍有变数。在通胀回落和银行问题造成信用收缩的情况下，下半年可能逐步开启降息的大门。备受关注的3月FOMC会议落下帷幕。此次会议可能比任何一次都更受关注，是因为就在会议前短短两周内，市场经历了认为3月可能重新加速加息50bp、到欧美银行体系风险暴露后认为可能不加息甚至很快降息的巨大摇摆。美联储面临着抗通胀和防风险之间的走钢丝般的艰难选择，市场也期待从美联储此次会议上得到更多政策未来将如何应对的答案。从结果上来看，美联储此次选择了“中间路线”：继续加息25bp到4.75~5%，但同时暗示加息可能逐步接近尾声。同时，点阵图中对于经济数据和未来加息路径的预测（点阵图）也变化不大。或许，面对加息与防风险之前的艰难平衡、且二者暂时都还没到马上要采取紧急行动的时刻，按兵不动式的“中间路线”也不失为一种选择，因为任何过激的应对反而会引发意想不到的市场反向博弈，同时过大的加息路径变化也容易使得美联储自己陷入没有腾挪空间的被动境地，例如美联储如果此次过分强调金融系统风险并停止加息的话，市场有可能在短暂的兴奋后开始担心是否存在未知的更大风险。各类资产对此次结果反应较大，美债利率和美元回落，黄金上涨，美股则反复摆动并最终大幅收跌（但主要是因为财政部部长耶伦在参议院听证会上没有救助所有银行储蓄的表态），这充分说明，市场也努力消化此次会议的信息并从中寻找共识。不过，根据历史经验来看，会议当天后短短两个小时的交易对后续市场走势并没有太多预示性意义，甚至多数时候都会重新逆转。针对此次会议的具体内容，我们进一步点评如下，供投资者参考。一、加息路径：终点临近，但降息路径仍有变数此次会议决定继续加息25bp到4.75~5%，完全在市场早已充分交易的预期内（会前CME利率期货隐含3月FOMC会议加息25bp概率高达85%）。在市场更为关注的未来加息路径上，美联储在逐步暗示加息终点可能逐步临近，体现几个措辞上的变化上，例如删除“ongoing increase”，添加“closely monitor incoming information and    assess the implications for monetary policy”，强调当前银行问题对当前信贷条件的紧缩效果等等。不过，美联储也没有把自己“锁死”，例如点阵图和12月FOMC给出的加息终点和2024年降息路径变化几乎不大（加息高点维持在5.125%，2024年底为4.25%），尽管这期间预期“已过万重山”。同时，在新闻发布会上，鲍威尔也表示年内降息并非美联储官员的基本假设。往前看，我们认为相对比较确定的是，加息终点已经临近（鲍威尔多次强调当前银行问题会造成信用紧缩，进而对增长和通胀也将起到抑制效果），但是降息路径还有很大变数，取决于接下来通胀和当前金融系统风险的演绎，过多的降息预期其实也本来隐含了接下来银行体系可能还要面临风险的担忧，这也就意味着除非系统性风险进一步升级，10年美债利率在当前位置进一步下行的空间也相对有限。图表1：美联储点阵图长期目标利率估计资料来源：Bloomberg，中金公司研究部图表2：2023年3月FOMC点阵图资料来源：Bloomberg，中金公司研究部图表3：CME利率期货隐含加息概率资料来源：CME，中金公司研究部图表4：不同会议时点美联储经济预测资料来源：Bloomberg，中金公司研究部二、政策对银行问题的应对是否足够？目前看整体仍是“对症下药”鲍威尔在此次会议上提到近期银行风险是一个outlier，美国金融体系整体依然稳健（sound and resilient）。此次会议依然维持此前缩表节奏，即每月上限950亿美元（600亿美元国债+350亿美元MBS）。自美联储去年6月开启缩表至今，美联储资产负债表规模从去年中的8.9万亿美元一度回落至8.3万亿美元。自银行风险暴露以来，市场一直对于美联储的政策应对以及后续进一步可能的政策准备非常关注。我们认为，看政策是有有效，主要是看是否“对症下药”，例如2020年最终直接购买信用债才是对症下药是因为当时的问题主要集中在非金融企业而非金融系统。反观当前，当前问题的核心在于中小银行的流动性问题，一方面是储户可能的挤兑、另一方面是大量未兑现投资损失导致流动性缺口。针对前者，财政部和FDIC对于部分已经出问题银行的存款保护可以起到一定效果，但较难前瞻地覆盖未出问题银行（这也是为什么今天美股尾盘因为耶伦表态并没有考虑全面支持对所有银行储蓄而大跌的原因）。针对后者，美联储的BTFP项目从期限和抵押品条件上，都给与了相对充裕的支持，抵押品可以以面值（par value）而非市值申请一年的贷款，利率为1年OIS+10bp（当前为4.69%）。因此从这个角度看，美联储的政策还是“对症下药”的。但这个也不能简单且片面的理解为美联储在重新启动QE。近期资产负债表的大幅扩张并非传统意义上的QE式资产购买，而是短期金融机构为应对流动性紧张时的借款（美联储持有国债和MBS仍在继续缩减，表明缩表仍在继续；增加部分主要为贷款，包括一级信贷、其他信用支持及BTFP），二者在购买方式、传导路径和影响方式上都有很大不同。不同于QE，在当前流动性较为紧张的背景下，可以预想的是，金融机构大概率会较为谨慎的对待资产负债表和信用扩张，因此我们担心金融机构或较难据此做出较大规模的信用派生，并将这部分流动性传导出来。图表5：美联储资产端主要构成部分变化资料来源：Bloomberg，中金公司研究部图表6：美联储负债端主要构成部分变化资料来源：Bloomberg，中金公司研究部三、增长与通胀：年初增长韧性 vs.  银行问题造成的信用收缩效果此次美联储对于通胀和增长的预测变化不大，仅做了一些小幅调整，如GDP从12月的0.5%调到0.4%，失业率4.6%调到4.5%，核心PCE从3.5%调到3.6%等。一方面，过去一两个月经济数据的确呈现出较强韧性；但另一方面，最新发生的银行系统问题通过信用收缩带来对增长和通胀的影响可能还需要时间逐步显现。鲍威尔提到依然有软着陆的可能性，但似乎对其的确信度也在逐步降低。但我们整体的预计为美国增长大概率还是逐步放缓甚至走向衰退，而且进一步的银行系统问题如果加大衰退压力的话，从压制通胀角度也并非坏事，因为尽管M2已经转为负增长，但信贷增速依然过高可能也解释了通胀一直下行较慢。往后看，美国居民当前流量的低储蓄率、存量的超额储蓄更多在高收入人群手里，都造成当前看似有韧性的服务型消费有一定非线性变化的风险。我们预测二季度末美国CPI和核心CPI分别降至同比3%和4%左右水平。图表7：美国工商业贷款   vs. M2资料来源：Bloomberg，中金公司研究部图表8：美国通胀及加息路径预测资料来源：Bloomberg，中金公司研究部四、市场影响：短期降息预期计入过多，但中期降息可能性反而增加从增量信息来讲，此次FOMC会议确认了加息终点的临近，但并没有在当前的位置给出更过的宽松指引，一方面也是因为当前通胀还没有回到让美联储比较舒服的位置、同时银行问题也并非一直在螺旋向下。换言之，美联储当前的中间路线，如果遇到更大的风险升级，依然有可能及时提供政策支持。但在此之前，过多的降息预期可能也没有必要。我们认为，短期市场情绪如果稳定，反而有助于恐慌情绪缓解和一定过陡降息预期的回补。而中期维度，不论是我们预计的通胀依然有望回落，还是当前的银行问题造成的信用收缩，都有可能使得下半年逐步开启降息的大门依然存在。► 美股：当前估值和盈利组合依然并不完全舒服。估值依然偏高（标普500 指数 12 个月动态估值 17.6倍，接近均值上方一倍标准差），同时盈利或继续承压（当前市场预期 2023 年标普500指数盈利增速已回落至 2.3%，我们测算或进一步回落至-5.6%），因此我们维持“欲扬先抑”的判断，但对后半年通胀逐步回落后美股的再度反弹前景并不悲观。► 美债利率：短期对降息预期计入过多，进一步大幅下行空间有限，除非出现系统风险升级。近期加息预期回落下，长端美债利率回落明显。在当前加息终点或在5~5.25%下，结合3m10s利差历史倒挂程度（60年代以来3m10s利差平均倒挂~150bp），10年期美债利率或在3.5%左右震荡。接下来更多关注的关键因素包括劳动力市场热度降温以及通胀在5%之后更为快速的回落。► 美元：支撑位100，阻力位103后看106；趋势拐点看下半年中国增长。近期在美债利率快速回落的背景下，美元指数变动相对偏小。这是因为欧美银行风险的暴露所带来的流动性收紧和避险情绪虽然可以起到支撑，但加息预期的快速降温也起到了一定程度的对冲。往后看，结合我们自有的“便宜钱”指标，我们认为美元指数支撑位在100，阻力位103后看106，真正趋势性拐点要看下半年中国的增长。► 黄金：下一轮契机来自二季度后衰退和降息预期升温。近期银行风险暴露引发的避险情绪的确支撑了黄金的表现，短期避险情绪如果改善则有些透支，衰退和降息预期的确认可能成为下一个契机。图表9：当前美股估值依然偏高资料来源：Bloomberg，中金公司研究部图表10：我们维持对美股“欲扬先抑”的判断资料来源：Bloomberg，中金公司研究部","news_type":1,"symbols_score_info":{"161125":0.6,"513500":0.6,"OEF":0.6,".SPX":0.6,"DDM":0.6,".IXIC":1,"UPRO":0.6,"UDOW":0.6,"ESmain":0.6,"SDOW":0.6,"DOG":0.6,"SQQQ":0.6,"NQmain":0.6,".DJI":1,"FOMC":1,"DJX":0.6,"SH":0.6,"SPY":1,"MNQmain":0.6,"QID":0.6,"PSQ":0.6,"QLD":0.6,"SSO":0.6,"SPXU":0.6,"SDS":0.6,"QQQ":0.6,"IVV":0.6,"DXD":0.6,"TQQQ":0.6,"OEX":0.6}},"isVote":1,"tweetType":1,"viewCount":2581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943530828,"gmtCreate":1679537639164,"gmtModify":1679537643247,"author":{"id":"4089601694653150","authorId":"4089601694653150","name":"点金胜手Max","avatar":"https://static.tigerbbs.com/89a9bf734ab8568daacfdb7fab20e821","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089601694653150","idStr":"4089601694653150"},"themes":[],"htmlText":"nnn","listText":"nnn","text":"nnn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943530828","repostId":"1183612484","repostType":2,"repost":{"id":"1183612484","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1679533716,"share":"https://ttm.financial/m/news/1183612484?lang=en_US&edition=fundamental","pubTime":"2023-03-23 09:08","market":"us","language":"zh","title":"Hong Kong stocks open | Hang Seng Index opened 0.14% higher, Tencent Holdings rose 1.84% after the results","url":"https://stock-news.laohu8.com/highlight/detail?id=1183612484","media":"老虎资讯综合","summary":"3月23日讯，美联储加息25个基点符预期。港股小幅高开，恒指涨0.14%，国指涨0.22%，恒生科技指数涨0.04%。盘面上，大型科技股涨跌不一，百度、京东、阿里巴巴走低，腾讯控股绩后涨1.84%，Q","content":"<p><html><head></head><body>On March 23, the Federal Reserve's rate hike was 25 basis points in line with expectations. Hong Kong stocks opened slightly higher, with the Hang Seng Index up 0.14%, the State Index up 0.22%, and the Hang Seng Technology Index up 0.04%.</p><p>On the disk, large technology stocks were mixed.<a href=\"https://laohu8.com/S/09888\">Baidu</a>、<a href=\"https://laohu8.com/S/09618\">JD.com</a>、<a href=\"https://laohu8.com/S/09988\">Alibaba</a>Lower, Tencent Holdings rose 1.84% after the results, Q4 single-quarter net profit growth returned to double digits, Meituan,<a href=\"https://laohu8.com/S/09999\">NetEase</a>, Xiaomi all rose, NetEase and Tencent rose; Shipping stocks rose significantly,<a href=\"https://laohu8.com/S/00316\">OOCL International</a>It rose more than 7%, and gold stocks rose actively again.<a href=\"https://laohu8.com/S/600600\">Tsingtao Brewery</a>It opened up nearly 4% after the results. On the other hand, auto stocks, which have rebounded continuously, fell, and telecom stocks continued to pull back.<img src=\"https://static.tigerbbs.com/0dd24b602ba9da120987d99d8b1f657e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hong Kong stocks open | Hang Seng Index opened 0.14% higher, Tencent Holdings rose 1.84% after the results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\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: 12.5px; color: #7E829C; margin: 0;}\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\">\nHong Kong stocks open | Hang Seng Index opened 0.14% higher, Tencent Holdings rose 1.84% after the results\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" 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 smaller\">2023-03-23 09:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On March 23, the Federal Reserve's rate hike was 25 basis points in line with expectations. Hong Kong stocks opened slightly higher, with the Hang Seng Index up 0.14%, the State Index up 0.22%, and the Hang Seng Technology Index up 0.04%.</p><p>On the disk, large technology stocks were mixed.<a href=\"https://laohu8.com/S/09888\">Baidu</a>、<a href=\"https://laohu8.com/S/09618\">JD.com</a>、<a href=\"https://laohu8.com/S/09988\">Alibaba</a>Lower, Tencent Holdings rose 1.84% after the results, Q4 single-quarter net profit growth returned to double digits, Meituan,<a href=\"https://laohu8.com/S/09999\">NetEase</a>, Xiaomi all rose, NetEase and Tencent rose; Shipping stocks rose significantly,<a href=\"https://laohu8.com/S/00316\">OOCL International</a>It rose more than 7%, and gold stocks rose actively again.<a href=\"https://laohu8.com/S/600600\">Tsingtao Brewery</a>It opened up nearly 4% after the results. On the other hand, auto stocks, which have rebounded continuously, fell, and telecom stocks continued to pull back.<img src=\"https://static.tigerbbs.com/0dd24b602ba9da120987d99d8b1f657e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{"LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","BK1526":"科网股","00700":"腾讯控股","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","HSI":"恒生指数","LU0048580855.USD":"富达大中华区A","BK1586":"云计算","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","BK1521":"挪威政府全球养老基金持仓","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","IE0008368742.USD":"首域中国增长基金I Acc"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183612484","content_text":"3月23日讯，美联储加息25个基点符预期。港股小幅高开，恒指涨0.14%，国指涨0.22%，恒生科技指数涨0.04%。盘面上，大型科技股涨跌不一，百度、京东、阿里巴巴走低，腾讯控股绩后涨1.84%，Q4单季净利增幅重回两位数，美团、网易、小米皆上涨，网易、腾讯上涨；海运股上涨明显，东方海外国际大涨逾7%，黄金股再度活跃上涨，青岛啤酒绩后开涨近4%。另一方面，连续反弹的汽车股下跌，电信股继续回调。","news_type":1,"symbols_score_info":{"HSImain":0.9,"MHImain":0.9,"HSI":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":2358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9958093110,"gmtCreate":1673576688530,"gmtModify":1676538858935,"author":{"id":"4089601694653150","authorId":"4089601694653150","name":"点金胜手Max","avatar":"https://static.tigerbbs.com/89a9bf734ab8568daacfdb7fab20e821","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089601694653150","idStr":"4089601694653150"},"themes":[],"htmlText":"<a 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