More stimulus program to boost_老虎社区_美港股上老虎

2021-04-08

More stimulus program to boost it further

U.S. Dilemma – How to Stimulate An Economy That Is Already Recovering?<blockquote>美国的困境——如何刺激已经在复苏的经济？</blockquote>

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Thanks to the successful vaccination campaign currently ongoing, the U.S. is on track to reach herd immunity in three months’ time.<blockquote>美国经济正从新冠肺炎病毒引发的经济衰退中快速复苏。由于目前正在进行的成功疫苗接种活动，美国有望在三个月内实现群体免疫。</blockquote>Naturally, this leads to the economy at risk of overheating. If the $1.9 trillion fiscal stimulus delivered in the first quarter of the year was not enough, Congress is about to approve another $2.4 trillion this year.<blockquote>自然，这导致经济面临过热的风险。如果今年第一季度提供的1.9万亿美元财政刺激还不够，国会今年将再批准2.4万亿美元。</blockquote>Dubbed the “American Jobs Plan”, public investment will increase inflation expectations and boost productivity. It is focusing on a combination of long-term projects in areas such as green energy initiatives, education, healthcare, and infrastructure.<blockquote>被称为“美国就业计划”的公共投资将提高通胀预期并提高生产率。它专注于绿色能源计划、教育、医疗保健和基础设施等领域的长期项目组合。</blockquote><img src=\"https://static.tigerbbs.com/55cacbbb5c2b9b703b03697cca867895\" tg-width=\"2048\" tg-height=\"1108\" referrerpolicy=\"no-referrer\">Judging by the strong NFP report for the month of March, the new stimulus will push the labor market faster to its pre-pandemic trend. Hence, the Fed will be forced to adjust its monetary policy sooner than expected initially, despite maintaining a dovish stance.<blockquote>从3月份强劲的NFP报告来看，新的刺激措施将推动劳动力市场更快地恢复到大流行前的趋势。因此，尽管美联储保持鸽派立场，但仍将被迫比最初预期更快地调整货币政策。</blockquote>Bond Market Puts Pressure on the Fed<blockquote>债市令美联储承压</blockquote>Three forces dominate financial markets at this point in time. One is the U.S. Congress and the speed of releasing fiscal stimulus. Another is the vaccination campaign that will lead to herd immunity faster than rival economies. Finally, there is the Fed willing to remain accommodative while the economy recovers.<blockquote>目前，三种力量主导着金融市场。一个是美国。国会和释放财政刺激的速度。另一个是疫苗接种运动，它将比竞争对手经济体更快地实现群体免疫。最后，美联储愿意在经济复苏期间保持宽松政策。</blockquote>In the middle, there is the bond market. The Bloomberg/Barclays U.S. Aggregate Bond Index represents intermediate-term investment grade bonds traded in the United States.<blockquote>中间，是债券市场。彭博/巴克莱美国综合债券指数代表在美国交易的中期投资级债券。</blockquote><img src=\"https://static.tigerbbs.com/93a4f3138085496772df41dfc9c8ea17\" tg-width=\"1667\" tg-height=\"1238\" referrerpolicy=\"no-referrer\">The first quarter of the year was very bad for bonds, as they delivered a loss of 3.37% to investors. This is the worst quarterly return since 1976, and the explanation comes from low coupons and very long durations.<blockquote>今年第一季度对债券来说非常糟糕，给投资者带来了3.37%的损失。这是自1976年以来最差的季度回报，解释来自于低息票和非常长的久期。</blockquote>Declining bond prices mean higher yields, and if the trend continues in the second half of the year, the Fed will break. Make no mistake that the market will put pressure on the Fed as long as the bond market remains in pain.<blockquote>债券价格下跌意味着收益率上升，如果下半年趋势持续，美联储将会破发。毫无疑问，只要债券市场仍然痛苦，市场就会向美联储施压。</blockquote>The dilemma facing the United States policymakers is how to find a balance between fiscal and monetary stimulus, so that the bond market is not depressed and the economy to avoid overheating. One way to do it is to simply let the yields rise and thus, the financial tightening that comes along will compensate for the Fed’s lack of action. However, that will play out only if the stock market remains at current levels.<blockquote>美国决策者面临的困境是，如何在财政和货币刺激之间找到平衡，既使债市不致萧条，又使经济避免过热。一种方法是简单地让收益率上升，从而随之而来的金融紧缩将弥补美联储的缺乏行动。然而，只有股市保持在当前水平，这种情况才会发生。</blockquote>To sum up, the next few months are extremely important for the market participants – we may be at the start of new trends that will influence financial assets for the rest of the year.<blockquote>总而言之，未来几个月对市场参与者来说极其重要——我们可能正处于影响今年剩余时间金融资产的新趋势的开始。</blockquote>","source":"lsy1615437168461","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>U.S. Dilemma – How to Stimulate An Economy That Is Already Recovering?<blockquote>美国的困境——如何刺激已经在复苏的经济？</blockquote></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\">\nU.S. Dilemma – How to Stimulate An Economy That Is Already Recovering?<blockquote>美国的困境——如何刺激已经在复苏的经济？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nVantagePoint2021-04-08 13:17\n\n</h4>\n</header>\n<article>\nhe United States economy is recovering fast from the economic recession generated by the COVID-19 virus. Thanks to the successful vaccination campaign currently ongoing, the U.S. is on track to reach herd immunity in three months’ time.<blockquote>美国经济正从新冠肺炎病毒引发的经济衰退中快速复苏。由于目前正在进行的成功疫苗接种活动，美国有望在三个月内实现群体免疫。</blockquote>Naturally, this leads to the economy at risk of overheating. If the $1.9 trillion fiscal stimulus delivered in the first quarter of the year was not enough, Congress is about to approve another $2.4 trillion this year.<blockquote>自然，这导致经济面临过热的风险。如果今年第一季度提供的1.9万亿美元财政刺激还不够，国会今年将再批准2.4万亿美元。</blockquote>Dubbed the “American Jobs Plan”, public investment will increase inflation expectations and boost productivity. It is focusing on a combination of long-term projects in areas such as green energy initiatives, education, healthcare, and infrastructure.<blockquote>被称为“美国就业计划”的公共投资将提高通胀预期并提高生产率。它专注于绿色能源计划、教育、医疗保健和基础设施等领域的长期项目组合。</blockquote><img src=\"https://static.tigerbbs.com/55cacbbb5c2b9b703b03697cca867895\" tg-width=\"2048\" tg-height=\"1108\" referrerpolicy=\"no-referrer\">Judging by the strong NFP report for the month of March, the new stimulus will push the labor market faster to its pre-pandemic trend. Hence, the Fed will be forced to adjust its monetary policy sooner than expected initially, despite maintaining a dovish stance.<blockquote>从3月份强劲的NFP报告来看，新的刺激措施将推动劳动力市场更快地恢复到大流行前的趋势。因此，尽管美联储保持鸽派立场，但仍将被迫比最初预期更快地调整货币政策。</blockquote>Bond Market Puts Pressure on the Fed<blockquote>债市令美联储承压</blockquote>Three forces dominate financial markets at this point in time. One is the U.S. Congress and the speed of releasing fiscal stimulus. Another is the vaccination campaign that will lead to herd immunity faster than rival economies. Finally, there is the Fed willing to remain accommodative while the economy recovers.<blockquote>目前，三种力量主导着金融市场。一个是美国。国会和释放财政刺激的速度。另一个是疫苗接种运动，它将比竞争对手经济体更快地实现群体免疫。最后，美联储愿意在经济复苏期间保持宽松政策。</blockquote>In the middle, there is the bond market. The Bloomberg/Barclays U.S. Aggregate Bond Index represents intermediate-term investment grade bonds traded in the United States.<blockquote>中间，是债券市场。彭博/巴克莱美国综合债券指数代表在美国交易的中期投资级债券。</blockquote><img src=\"https://static.tigerbbs.com/93a4f3138085496772df41dfc9c8ea17\" tg-width=\"1667\" tg-height=\"1238\" referrerpolicy=\"no-referrer\">The first quarter of the year was very bad for bonds, as they delivered a loss of 3.37% to investors. This is the worst quarterly return since 1976, and the explanation comes from low coupons and very long durations.<blockquote>今年第一季度对债券来说非常糟糕，给投资者带来了3.37%的损失。这是自1976年以来最差的季度回报，解释来自于低息票和非常长的久期。</blockquote>Declining bond prices mean higher yields, and if the trend continues in the second half of the year, the Fed will break. Make no mistake that the market will put pressure on the Fed as long as the bond market remains in pain.<blockquote>债券价格下跌意味着收益率上升，如果下半年趋势持续，美联储将会破发。毫无疑问，只要债券市场仍然痛苦，市场就会向美联储施压。</blockquote>The dilemma facing the United States policymakers is how to find a balance between fiscal and monetary stimulus, so that the bond market is not depressed and the economy to avoid overheating. One way to do it is to simply let the yields rise and thus, the financial tightening that comes along will compensate for the Fed’s lack of action. However, that will play out only if the stock market remains at current levels.<blockquote>美国决策者面临的困境是，如何在财政和货币刺激之间找到平衡，既使债市不致萧条，又使经济避免过热。一种方法是简单地让收益率上升，从而随之而来的金融紧缩将弥补美联储的缺乏行动。然而，只有股市保持在当前水平，这种情况才会发生。</blockquote>To sum up, the next few months are extremely important for the market participants – we may be at the start of new trends that will influence financial assets for the rest of the year.<blockquote>总而言之，未来几个月对市场参与者来说极其重要——我们可能正处于影响今年剩余时间金融资产的新趋势的开始。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://vantagepointtrading.com/news/u-s-dilemma-how-to-stimulate-an-economy-that-is-already-recovering/\">VantagePoint</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://vantagepointtrading.com/news/u-s-dilemma-how-to-stimulate-an-economy-that-is-already-recovering/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141543306","content_text":"he United States economy is recovering fast from the economic recession generated by the COVID-19 virus. Thanks to the successful vaccination campaign currently ongoing, the U.S. is on track to reach herd immunity in three months’ time.Naturally, this leads to the economy at risk of overheating. If the $1.9 trillion fiscal stimulus delivered in the first quarter of the year was not enough, Congress is about to approve another $2.4 trillion this year.Dubbed the “American Jobs Plan”, public investment will increase inflation expectations and boost productivity. It is focusing on a combination of long-term projects in areas such as green energy initiatives, education, healthcare, and infrastructure.Judging by the strong NFP report for the month of March, the new stimulus will push the labor market faster to its pre-pandemic trend. Hence, the Fed will be forced to adjust its monetary policy sooner than expected initially, despite maintaining a dovish stance.Bond Market Puts Pressure on the FedThree forces dominate financial markets at this point in time. One is the U.S. Congress and the speed of releasing fiscal stimulus. Another is the vaccination campaign that will lead to herd immunity faster than rival economies. Finally, there is the Fed willing to remain accommodative while the economy recovers.In the middle, there is the bond market. The Bloomberg/Barclays U.S. Aggregate Bond Index represents intermediate-term investment grade bonds traded in the United States.The first quarter of the year was very bad for bonds, as they delivered a loss of 3.37% to investors. This is the worst quarterly return since 1976, and the explanation comes from low coupons and very long durations.Declining bond prices mean higher yields, and if the trend continues in the second half of the year, the Fed will break. Make no mistake that the market will put pressure on the Fed as long as the bond market remains in pain.The dilemma facing the United States policymakers is how to find a balance between fiscal and monetary stimulus, so that the bond market is not depressed and the economy to avoid overheating. One way to do it is to simply let the yields rise and thus, the financial tightening that comes along will compensate for the Fed’s lack of action. However, that will play out only if the stock market remains at current levels.To sum up, the next few months are extremely important for the market participants – we may be at the start of new trends that will influence financial assets for the rest of the year.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2473,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":35,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/341771128"}