向良的个人主页 - 老虎社区

向良

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2021-06-23

$老虎证券(TIGR)$我今天刚骂他就涨了，不骂不行啊

2021-07-06

$老虎证券(TIGR)$并没错杀

2021-06-08

$老虎证券(TIGR)$来，大家一起吼：我们是韭菜！我们是韭菜！

2021-07-09

$老虎证券(TIGR)$，盘前高开，我慌的一逼啊！

2021-06-29

$老虎证券(TIGR)$当你看到我的帖子时老虎一定涨了

2019-12-10

$蔚来(NIO)$ 再亏下去就要卖猫了

2021-06-22

$老虎证券(TIGR)$有本事给我跌到10块啊！

2020-02-04

$蔚来(NIO)$ 猫粮都吃完了，猫砂也用完了，怎么办，怎么办？

2021-06-08

$老虎证券(TIGR)$今天弄不好收盘21

2019-12-10

$蔚来(NIO)$ 我已经亏掉了一年的猫粮钱

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href=\"https://laohu8.com/S/838275\">驱动力</a>。其中，住房和交通项权重较高，其对PCE物价指数的拉动也相对较大。向前看，我们认为，<b>住房项</b>通胀短期内仍有上行空间，但在房屋供给持续回升、房贷利率跳升的背景下，预计住房项对通胀的支撑将在四季度回落。<b>交通项</b>下，一是劳动力供需缺口较大提振薪资水平，二是原油供需仍处在紧平衡格局，带动能源价格维持高位波动，预计交通项价格在年内维持高位。</p><p><b>年内美国通胀下行有限，仍在高位。</b>在基准情形下，商品需求在短期内维持韧性；供给方面，供应链修复疲软状态将持续，导致部分商品价格环比仍有小幅上行空间；服务方面，在薪资、能源和房价问题短期内较难改善的背景下，服务价格对通胀仍有支撑。因此，基准情形下，整体通胀（CPI）同比增速虽然已于4月开始回落，但其回落速度将较为缓慢，预计5月通胀同比增速仍将在8%左右水平，年末回落至6.4%左右水平，2022年全年通胀水平约在7.6%左右水平。</p><p><b>一、美联储为财政部融资、提振需求、刺激经济、推升通胀</b></p><p><b>新冠危机后，美联储大举购买美债，为美国财政部进行大规模、高强度的财政刺激，提供了充足的子弹。此外，2020年危机后推出的财政刺激，无论是从幅度还是传导路径的有效性上，均远超2008年危机后水平。财政部的直接派现和补贴，显著改善居民资产负债表，其避开流动性陷阱，使得需求端强劲反弹，叠加供给受阻，最终导致通胀水平在两次危机中的巨大差异。</b></p><p><b>1.1  相较于2008年，新冠危机后财政部更大规模、更快节奏的派现，提振需求，推升通胀</b></p><p><b>美联储为财政部提供关键支持，虽提振了需求，但推升了通胀。</b>新冠疫情期后的两年，美联储大规模扩表并购入美债，贡献了同期美债新增份额的57.1%，而国外投资人贡献了13.6%；相较而言，2008年次贷危机后的两年，美联储对新增美债的贡献率仅有16.9%，而国外投资人的贡献率却高达40.2%，<i>参见4月23日外发报告《美联储与财政部，如何配合穿越危机》</i>。</p><p>可以看到，美联储在新冠期间对财政部进行了强有力的支持，使得财政部可以快速对居民进行补贴和派现。然而，<b>财政部的直接派现和补贴，显著改善居民资产负债表，其避开流动性陷阱，使得需求端强劲反弹，叠加供给受阻，最终导致通胀同比增速（CPI）自2021年1月的1.4%，一路飙升至2022年4月的8.3%。</b></p><p><b>此外，2020年危机后推出的财政刺激，无论是幅度还是传导路径上，其效果均远超2008年危机后水平。</b>经我们统计，美国财政部在新冠疫情暴发后推出了一系列财政刺激法案，包括2.2万亿美元CARES法案、1.9万亿美元美国救助计划法案、2.3万亿美元综合拨款法案、4800亿美元薪资保护计划等，其中，一揽子刺激法案在2020-2021年的实际支出规模高达3.7万亿美元，较2008年国际金融危机期间的3590亿美元，增长约935%。</p><p><b>此外，从传导路径来看，疫情期间推出的法案，包括对居民的直接派现和失业补贴，导致从拨款到最终刺激消费的路径更为通畅，而疫情防控下，居民线下消费受限进一步推升储蓄，加快居民资产负债表修复。</b>2020年至2021年，居民月均储蓄率高达14.1%，较2019年的7.6%显著上行6.5个百分点。在超大规模的财政刺激下，美国经济和就业市场迅速复苏，居民消费强劲反弹，也对通胀构成巨大压力。2021年，美国实际GDP增速高达5.7%，其中，个人消费支出对实际GDP贡献率达5.3%，为1947年以来最高水平。同期，CPI同比增速自2021年初的1.4%快速上行至2021年末的7%。</p><p><img src=\"https://static.tigerbbs.com/be12bb16c72f0a1aaf698a828258bc64\" tg-width=\"1080\" tg-height=\"795\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/d8e901e129133e6b87b31038a86f1858\" tg-width=\"1080\" tg-height=\"809\" referrerpolicy=\"no-referrer\"/></p><p><b>通过分析美、英、法、德、加五大发达经济体以及整体欧洲的数据，可以发现，过度的财政补贴引发通胀，并非个例。</b>随着财政刺激程度（赤字率） 的增强，核心通胀呈现出明显的上行趋势。可以看到，过度的财政刺激导致居民收入比疫情前更高，从而推升需求，拉动通胀上行。</p><p><img src=\"https://static.tigerbbs.com/12a4a86c1333383e5e1dd63352ed1394\" tg-width=\"1080\" tg-height=\"750\" referrerpolicy=\"no-referrer\"/></p><p><b>1.2  通胀敏感度测算进一步印证，通胀拉动更在需求端</b></p><p><b>我们通过比较疫情初期物价和物量的变化，对通胀进行敏感性测算，发现需求敏感类分项对通胀的贡献高于供给敏感类分项，即在天量财政刺激背景下，居民收入不降反升，导致需求在2021年疫情趋弱、城市逐渐解封后V字反弹，推升通胀压力。</b></p><p>首先，基于美国经济分析局（BEA）每月公布的PCE价格和物量指数，将通胀子类别拆分成对疫情敏感和不敏感两大种类。疫情敏感类分项主要包括，在疫情初期，也就是2020年2-4月期间，其价格或者数量发生的变化（无论正负），与过去10年的平均变化在统计意义上有显著差异，疫情非敏感性分项则包括PCE剩余品类。</p><p>第二，在对疫情敏分项的基础上，我们将其拆分成供给拉动、需求拉动、和不确定性因素拉动子项，以此来辨别通胀的主导因素。需求拉动的分项是指，在2020年2月至4月期间价格和数量向同一方向显著变化的子类。供给拉动的分项是指，价格和数量向反方向显著变化的子类别。不确定性拉动分项，则是在数量或者价格上，出现统计显著性的变动，但两者并未同时发生显著变化。</p><p><b>通过测算可以看到，基于疫情初期物价和物量变化的比较，需求敏感类分项对通胀的贡献高于供给敏感类分项。</b>但此测算无法对各子项需求和供给的演绎进行推演，并对通胀进行预判。因此，在下文中，我们将分析在疫情的各个阶段，各细分项需求端和供给端的博弈，并对通胀的走势作进一步展望，我们将分别从商品和服务两个角度切入分析。</p><p><img src=\"https://static.tigerbbs.com/923b90db180c465cd19ef9d1d5daa2a0\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/426573e965298cfb785ba7792c2b92f7\" tg-width=\"1080\" tg-height=\"798\" referrerpolicy=\"no-referrer\"/></p><p><b>二、居民储蓄仍在高位，部分商品价格短期内仍有上行空间</b></p><p>自2021年1月开始，美国通胀水平持续攀升，美联储最核心的通胀观测指标（PCE价格指数），自2021年1月的1.4%一路飙升至2022年3月的6.6%；同期，核心PCE指数也从3.1%上行至5.2%。相较于CPI指数，PCE指数采用链式规则编制，也就是PCE各个分项的权重随着物价的变化而变化，考虑了替代效应，更贴合民众感受到的实际通胀水平。<b>核心通胀的抬升显示，美国高通胀压力已经蔓延到各类商品和服务。其中，商品项下的机动车和零部件、汽油及其他能源品类是推升通胀的主要贡献因素；服务项下，住房、交通、娱乐和餐饮为主要驱动力。</b>其中，因住房和交通项权重较高，其对PCE物价指数的拉动也相对较大。</p><p><img src=\"https://static.tigerbbs.com/854313a6eed7f8f10e7b3fa84c0b1015\" tg-width=\"1080\" tg-height=\"878\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/5092e7a6a3fb96446f96b1712040fbf9\" tg-width=\"1080\" tg-height=\"897\" referrerpolicy=\"no-referrer\"/></p><p><b>2.1供给不足但需求较强，汽车价格有进一步上行空间</b></p><p><b>疫情期间，汽车及零部件价格经历了量价齐跌、量价齐涨、和量缩价涨的过程，向前看，居民手中仍有约2.6万亿美元的额外储蓄，支撑需求维持韧性，而供应链修复疲软也将持续，导致汽车及零部件价格在短期内仍有进一步上行空间。</b></p><p>在疫情初始阶段（2020年2月-2020年4月），突发的新冠疫情抑制了对机动车的供给和需求，导致机动车及零部件的物价和物量同比，均呈现下跌状态。在疫情大规模爆发阶段（2020年4月-2021年4月），美国财政部进行了三次大规模的转移支付，导致居民额外储蓄迅速攀升，而疫情封控背景下，服务消费受限，商品消费自然地成为居民最大支出渠道，最终导致物价和物量同比均持续上升。在疫情爆发后期（2021年5月-2022年2月），受芯片短缺、劳动力供给短缺、以及全球运输体系受限的影响，导致供给严重不足，限制需求，因而物价指数同比上升，而物量指数同比下降。</p><p><img src=\"https://static.tigerbbs.com/f50a965b60a0bdac65595d7d4c203dae\" tg-width=\"1080\" tg-height=\"791\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/55d8ad9237c0521aca8bda1dcb806b68\" tg-width=\"1080\" tg-height=\"798\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/3516070ddfd2da2c27d504c3c8984973\" tg-width=\"1080\" tg-height=\"897\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/54652f17065a0c7ddc8a2516a621a977\" tg-width=\"1080\" tg-height=\"885\" referrerpolicy=\"no-referrer\"/></p><p><b>展望来看，需求端，居民在疫情期间积累的储蓄，仍能在短期内支撑需求。</b>疫情期间，财政部对居民实施了3次派现，导致居民积累了一定规模的额外储蓄。根据我们测算，自2020年1月以来，居民积累的额外储蓄规模，已经达到了2.6万亿美元。一方面，额外储蓄使得居民在高通胀背景下，仍有一定消费的能力。然而，我们也可以看到，4月居民储蓄率下行至4.4%，为2008年9月以来最低水平；居民月度额外储蓄规模在4月持续在负值扩张，显示高通胀背景下，居民支出上行快于收入，也就是说，居民消费短期内仍有韧性，但持久性不强。</p><p><img src=\"https://static.tigerbbs.com/0459b2c8df1c289f43184a851e1c7ada\" tg-width=\"1080\" tg-height=\"732\" referrerpolicy=\"no-referrer\"/></p><p><b>从供给端的角度来看，受芯片短缺影响，机动车供给在年内仍无法迅速修复，供需合力，导致机动车价格，特别是新车价格，有进一步上行空间。</b></p><p><b>具体来看，供给端，全球芯片供给修复缓慢，年内预计仍将制约汽车芯片供给，对新车价格形成支撑。</b>今年4月14日，世界最大的代工芯片制造商<a href=\"https://laohu8.com/S/TSM\">台积电</a>（TCMC）表示，全芯片短缺问题可能会持续，其所有类型芯片的生产产能都非常有限。</p><p>对汽车制造商来说，芯片短缺的矛盾更为严重，因为在疫情期间，芯片制造商将更多供给转移给利润更高的消费类电子产品。因此，可以看到，机动车及零部件价格同比增速自2021年3月的5.5%不断上行至2022年3月的19.6%，成为推动美国通胀的重要因素之一。</p><p><b>向前看，全球芯片供应链在年内仍将受疫情和俄乌冲突影响，对机动车价格形成支撑。</b>全球芯片供应链非常复杂，从产能建设、产品开发到最后的产品生产过程中，需要全球产业链的参与。世界经济论坛数据测算显示，对于机动车芯片制造而言，整体的开发时长需要24-36个月。因此，我们判断，芯片短缺问题将在2022年持续，限制产能，叠加俄乌冲突和上海疫情对供应链造成冲击，都将持续支撑机动车价格维持高位。</p><p><img src=\"https://static.tigerbbs.com/0437e10ef77b15549314302320026104\" tg-width=\"1080\" tg-height=\"694\" referrerpolicy=\"no-referrer\"/></p><p><b>2.2 汽油价格大概率维持高位波动</b></p><p><b>俄乌冲突加大能源价格波动。</b>2022年2月，俄乌冲突爆发，推升全球能源价格走高，也导致美国通胀在今年2月以后进一步上行，<b>向前看，若原油供给不出现大规模反弹，预计原油价格仍将在高位波动，对汽油价格形成支撑。</b>一是，俄乌双方仍旧僵持不下，局势或将进一步发酵，若未来战事继续升级，油价存在冲高可能；若俄乌冲突出现好转，油价大概率已经阶段性见顶。二是，由于近期美欧加大战略石油储备的投放，叠加4月18日，美国内政部表示，将于6月启动新一轮联邦石油和天然气资源开采权拍卖，为原油供给提供支持，一定程度上对冲了油价上行压力。</p><p><img src=\"https://static.tigerbbs.com/5e1c63f6b26d5b2f7da81f175317b42c\" tg-width=\"1080\" tg-height=\"893\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/ca13b0e0b2f4bbad1a64287a1597f489\" tg-width=\"1080\" tg-height=\"877\" referrerpolicy=\"no-referrer\"/></p><p><b>三、房价、薪资、能源支撑服务价格</b></p><p>在PCE价格指数下的服务项下，住房、交通、娱乐和餐饮为主要驱动力。其中，因住房（33.3%）和交通（13.9%）项权重较高，其对PCE物价指数的拉动也相对较大。向前看，住房项同比增速仍将在上半年持续上行，支撑整体通胀水平；但下半年，在房屋供给持续回升、房贷利率跳升的背景下，预计住房项对通胀的支撑将逐步趋弱。交通项下，劳动力供给不足，叠加能源价格高企，推升美国交通项价格，向前看，<b>预计交通项价格仍维持高位波动。</b></p><p><img src=\"https://static.tigerbbs.com/a42ab7c9c9bfa4fc56eb79cbaed4eb9c\" tg-width=\"1080\" tg-height=\"701\" referrerpolicy=\"no-referrer\"/></p><p><b>3.1  短期内，住房价格对通胀仍有支撑，四季度趋于回落</b></p><p><b>疫情影响供给，低利率刺激需求，最终导致美国房价显著上行。新冠疫情导致房屋补库受阻，压降成屋供给，叠加低房贷利率对需求的刺激，导致住房项PCE同比增速自2021年初的2%显著上行至2022年3月的4.5%，而因住房项在PCE中的权重达33.3%，其对整体通胀的影响较大。向前看，住房项价格仍将在短期内持续上行，支撑整体通胀水平；但在房屋库存回升、房贷利率跳升的背景下，预计住房项对通胀的支撑将在四季度逐步回落。</b></p><p>从美国成屋库存的数据可以看出，一般来说，补库从每年年初开始并持续至年中，在此期间，成屋库存都处于较快增长阶段。但因2020年新冠疫情冲击，并延续至2021年年末，导致2020年补库节奏不及往年。</p><p>现阶段，房屋库存已开始触底反弹，房屋月度供应比率也超过疫情前水平（2022年4月为9%，2020年2月为5.3%），显示房屋供给开始修复。从需求端观察，美联储在今年3月和5月分别加息25bp和50bp，直接导致30年期固定房贷利率在5月上行至5.1%，较疫情前（2020年2月）时的3.45%，高出1.65个百分点。向前看，房贷利率仍有上行空间，对房屋需求形成较大压力。</p><p><img src=\"https://static.tigerbbs.com/d7eaa9037c5e78123c47d632f58f74e9\" tg-width=\"1080\" tg-height=\"846\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/65dfc08b96d1df0328b232ef45cd5ba3\" tg-width=\"1080\" tg-height=\"836\" referrerpolicy=\"no-referrer\"/></p><p>从历史数据来看，美国房屋价格增速(Caseshiller)一般领先PCE房屋价格指数同比增速6-18个月，而此次CaseShiller房屋价格同比增速已于2021年9月见顶回落。因此我们预计，<b>住房项价格仍将在短期内持续上行，支撑整体通胀水平；但在房屋供给持续回升、房贷利率跳升的背景下，预计住房项对通胀的支撑将在四季度逐步回落。</b></p><p><img src=\"https://static.tigerbbs.com/5643c525d7ecc339e45c7bf9a61bbf86\" tg-width=\"1080\" tg-height=\"894\" referrerpolicy=\"no-referrer\"/></p><p><b>3.2劳动力供给不足，叠加能源价格高企，预计交通项价格年内维持高位</b></p><p><b>劳动力供给不足，叠加能源价格高企，推升美国交通项价格。</b>交通项在整体PCE中的权重达13.9%，对服务通胀的贡献位列住房项之后。交通项的主要贡献项是公共交通，其在疫情后期物量增速维持稳定，但物价增速出现持续上行的趋势，显示需求趋稳但供给不足。一方面，交通运输行业职位空缺/失业人数缺口自2021年4月起持续扩大；另一方面，因全球能源供需紧平衡，汽油、机油、海运价格在2021年4月之后快速上行，推升成本，提振总体价格。</p><p><b>我们预计，运输和贸易业劳动力供需失衡的情况将在年内持续，抬高交通项通胀粘性。</b>4月非农就业人口总数与疫情前（2020年2月）相比，仍有120万人缺口，但4月职位空缺数为1140万人，这也显示，就算非农劳动力人数回到了疫情前水平，也无法覆盖现有的劳动力需求。新冠疫情导致人们选择提前退休，叠加约100万人因新冠死亡，均是在短期无法解决的问题。</p><p><img src=\"https://static.tigerbbs.com/c45bb9c78d36524d124f116d167b7608\" tg-width=\"1080\" tg-height=\"835\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/26d4e0e4d22b42d0ed24942b37f91831\" tg-width=\"1080\" tg-height=\"849\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/07026f704a53e824eec5fb455a24dad8\" tg-width=\"1080\" tg-height=\"837\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/c1965334cd40f4bd7409509a1a0a959f\" tg-width=\"1080\" tg-height=\"823\" referrerpolicy=\"no-referrer\"/></p><p><b>另外，因全球能源供需紧平衡，汽油、机油、海运价格在2021年4月之后快速上行，也是推升总体交通项价格的主要原因。</b>但如前文所述，若美欧加大战略石油储备的投放，OPEC增加产能，则将缓解油价上涨压力。然而，考虑到俄乌冲突延续，OPEC+增产动能较弱，页岩油产能释放缓慢，原油供需仍处在紧平衡格局，油价仍将延续高位震荡，对运输和贸易物价形成支撑。</p><p><img src=\"https://static.tigerbbs.com/52d0e8c9b9a628b0e9eeed44e131d761\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\"/></p><p><b>四、年内美国通胀下行有限，仍在高位</b></p><p><b>在基准情形下，</b>美国商品需求在短时间内维持韧性。根据我们测算，疫情期间居民积累的约2.6万亿美元的额外储蓄，在短期内对消费形成支撑。供给方面，供应链修复疲软状态将持续，导致部分商品价格环比在短期内仍有上行空间；服务方面，在薪资、能源和房价问题短期内较难改善的背景下，服务价格对通胀仍有支撑。因此，我们认为，整体通胀（CPI）同比增速虽然已于4月开始回落，但速度将较为缓慢，预计年末回落至6.4%左右水平，2022年全年通胀水平约在7.6%左右水平。</p><p><b>在乐观情景下</b>，全球供应链紧缩问题好转缓解供给端压力，商品（新车）价格上行节奏放缓；能源项下，因供给抬升（OPEC增产），其价格环比在下半年开始回落；美联储加息有效抑制部分需求，降低房租价格上行速度。因此，乐观情形下，整体通胀（CPI）同比增速将在4月之后持续回落，并且在年末下行至5.4%左右水平，2022年全年通胀水平约在7.2%左右水平。在乐观情形下，美联储下半年加息节奏将弱于预期。</p><p><b>在悲观情景下</b>，全球供应链持续紧缩，需求端维持韧性，支撑商品价格进一步上行；俄乌冲突进一步升级，推升能源价格整体预期；劳动力供需缺口弥合不及预期，导致薪资增速维持高位，引导服务价格持续上行。因此，悲观情形下，整体通胀（CPI）同比增速将在2季度维持在8%左右水平，并且在年末缓慢回落至7.0%，2022年全年通胀水平约在7.9%水平。在悲观情形下，美联储下半年加息节奏可能进一步增强。</p><p><img src=\"https://static.tigerbbs.com/6a53adb9f285535ac75992682a58a96e\" tg-width=\"1080\" tg-height=\"876\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/aec01d5746f6721fc334c0616472f508\" tg-width=\"1080\" tg-height=\"858\" referrerpolicy=\"no-referrer\"/></p><p><b>五、风险提示</b></p><p>俄乌冲突持续发酵冲击经济预期；新冠疫情扩散程度超预期。</p></body></html>","source":"lsy1622454134566","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>为什么说美联储是高通胀的始作俑者？</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{ 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}\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: 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为什么说美联储是高通胀的始作俑者？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-04 09:40 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/ebijhjr6CyPQ3KwZnw4xhg><strong>高瑞东宏观笔记</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>美国疫情以来的高通胀，是美国政府在美联储大量扩表支持下，短时间内大规模派现，供需极度不匹配所致。相较于2008年次贷危机，疫后美联储购入美债比例，从16.9%提升至57.1%，对经济刺激力度大、速度快，避开了流动性陷阱，直达居民和企业，强力支撑总需求。2020年至2021年，居民月均储蓄率高达14.1%，较2019年的7.6%显著上行6.5个百分点。但是，由于政策力度过猛，通胀居高不下，直到现在，...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/ebijhjr6CyPQ3KwZnw4xhg\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e09a7b30204158feaaaf0f4efc19f31f","relate_stocks":{"513500":"标普500ETF博时","QID":"两倍做空纳斯达克指数ETF-ProShares","BK4550":"红杉资本持仓","DJX":"1/100道琼斯","SDS":"两倍做空标普500 ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares","OEX":"标普100",".IXIC":"NASDAQ Composite","TQQQ":"纳指三倍做多ETF","SPY":"标普500ETF",".DJI":"道琼斯","SDOW":"三倍做空道指30ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","QQQ":"纳指100ETF","BK4534":"瑞士信贷持仓","PSQ":"做空纳斯达克100指数ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares"},"source_url":"https://mp.weixin.qq.com/s/ebijhjr6CyPQ3KwZnw4xhg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2240920582","content_text":"美国疫情以来的高通胀，是美国政府在美联储大量扩表支持下，短时间内大规模派现，供需极度不匹配所致。相较于2008年次贷危机，疫后美联储购入美债比例，从16.9%提升至57.1%，对经济刺激力度大、速度快，避开了流动性陷阱，直达居民和企业，强力支撑总需求。2020年至2021年，居民月均储蓄率高达14.1%，较2019年的7.6%显著上行6.5个百分点。但是，由于政策力度过猛，通胀居高不下，直到现在，美国居民手中仍有2.6万亿美元左右的超额储蓄，支撑需求端在短期内维持韧性。在供应链问题修复不力，房价、薪资和能源价格高企的背景下，预计美国通胀回落速度缓慢，2022年全年通胀水平在7.6%左右水平。美联储配合财政部，提振需求、刺激经济、共度危机。美联储为财政部提供关键支持，虽提振了需求，但推升了通胀。美联储在2020年新冠疫情后，购买美债规模远超2008年国际金融危机时期，使得财政部可以大规模、高强度地对居民派现和补贴。新冠疫情期后的两年，美联储大规模扩表并购入美债，贡献了同期美债新增份额的57.1%，而国外投资人贡献了13.6%；相较而言，2008年国际金融危机后的两年，美联储对新增美债的贡献率仅有16.9%。财政部的直接派现和补贴，显著改善居民资产负债表，其避开流动性陷阱，使得需求端强劲反弹，叠加供给受阻，最终导致通胀同比增速（CPI）自2021年1月的1.4%，一路飙升至2022年4月的8.3%。居民储蓄仍在高位，部分商品价格短期内仍有上行空间。耐用品方面，居民手中仍有2.6万亿美元左右额外储蓄，支撑需求在短期内维持韧性。但供应链修复疲软的状态在年内较难改变，预计汽车及零部件价格短期内仍有上行空间。非耐用品方面，汽油及其他能源品价格主要受全球原油价格影响。向前看，若原油供给不出现大规模反弹，原油价格大概率维持高位波动，制约通胀下行的速度。房价、薪资、能源支撑服务价格。在PCE价格指数的服务项下，住房、交通、娱乐和餐饮为主要驱动力。其中，住房和交通项权重较高，其对PCE物价指数的拉动也相对较大。向前看，我们认为，住房项通胀短期内仍有上行空间，但在房屋供给持续回升、房贷利率跳升的背景下，预计住房项对通胀的支撑将在四季度回落。交通项下，一是劳动力供需缺口较大提振薪资水平，二是原油供需仍处在紧平衡格局，带动能源价格维持高位波动，预计交通项价格在年内维持高位。年内美国通胀下行有限，仍在高位。在基准情形下，商品需求在短期内维持韧性；供给方面，供应链修复疲软状态将持续，导致部分商品价格环比仍有小幅上行空间；服务方面，在薪资、能源和房价问题短期内较难改善的背景下，服务价格对通胀仍有支撑。因此，基准情形下，整体通胀（CPI）同比增速虽然已于4月开始回落，但其回落速度将较为缓慢，预计5月通胀同比增速仍将在8%左右水平，年末回落至6.4%左右水平，2022年全年通胀水平约在7.6%左右水平。一、美联储为财政部融资、提振需求、刺激经济、推升通胀新冠危机后，美联储大举购买美债，为美国财政部进行大规模、高强度的财政刺激，提供了充足的子弹。此外，2020年危机后推出的财政刺激，无论是从幅度还是传导路径的有效性上，均远超2008年危机后水平。财政部的直接派现和补贴，显著改善居民资产负债表，其避开流动性陷阱，使得需求端强劲反弹，叠加供给受阻，最终导致通胀水平在两次危机中的巨大差异。1.1  相较于2008年，新冠危机后财政部更大规模、更快节奏的派现，提振需求，推升通胀美联储为财政部提供关键支持，虽提振了需求，但推升了通胀。新冠疫情期后的两年，美联储大规模扩表并购入美债，贡献了同期美债新增份额的57.1%，而国外投资人贡献了13.6%；相较而言，2008年次贷危机后的两年，美联储对新增美债的贡献率仅有16.9%，而国外投资人的贡献率却高达40.2%，参见4月23日外发报告《美联储与财政部，如何配合穿越危机》。可以看到，美联储在新冠期间对财政部进行了强有力的支持，使得财政部可以快速对居民进行补贴和派现。然而，财政部的直接派现和补贴，显著改善居民资产负债表，其避开流动性陷阱，使得需求端强劲反弹，叠加供给受阻，最终导致通胀同比增速（CPI）自2021年1月的1.4%，一路飙升至2022年4月的8.3%。此外，2020年危机后推出的财政刺激，无论是幅度还是传导路径上，其效果均远超2008年危机后水平。经我们统计，美国财政部在新冠疫情暴发后推出了一系列财政刺激法案，包括2.2万亿美元CARES法案、1.9万亿美元美国救助计划法案、2.3万亿美元综合拨款法案、4800亿美元薪资保护计划等，其中，一揽子刺激法案在2020-2021年的实际支出规模高达3.7万亿美元，较2008年国际金融危机期间的3590亿美元，增长约935%。此外，从传导路径来看，疫情期间推出的法案，包括对居民的直接派现和失业补贴，导致从拨款到最终刺激消费的路径更为通畅，而疫情防控下，居民线下消费受限进一步推升储蓄，加快居民资产负债表修复。2020年至2021年，居民月均储蓄率高达14.1%，较2019年的7.6%显著上行6.5个百分点。在超大规模的财政刺激下，美国经济和就业市场迅速复苏，居民消费强劲反弹，也对通胀构成巨大压力。2021年，美国实际GDP增速高达5.7%，其中，个人消费支出对实际GDP贡献率达5.3%，为1947年以来最高水平。同期，CPI同比增速自2021年初的1.4%快速上行至2021年末的7%。通过分析美、英、法、德、加五大发达经济体以及整体欧洲的数据，可以发现，过度的财政补贴引发通胀，并非个例。随着财政刺激程度（赤字率） 的增强，核心通胀呈现出明显的上行趋势。可以看到，过度的财政刺激导致居民收入比疫情前更高，从而推升需求，拉动通胀上行。1.2  通胀敏感度测算进一步印证，通胀拉动更在需求端我们通过比较疫情初期物价和物量的变化，对通胀进行敏感性测算，发现需求敏感类分项对通胀的贡献高于供给敏感类分项，即在天量财政刺激背景下，居民收入不降反升，导致需求在2021年疫情趋弱、城市逐渐解封后V字反弹，推升通胀压力。首先，基于美国经济分析局（BEA）每月公布的PCE价格和物量指数，将通胀子类别拆分成对疫情敏感和不敏感两大种类。疫情敏感类分项主要包括，在疫情初期，也就是2020年2-4月期间，其价格或者数量发生的变化（无论正负），与过去10年的平均变化在统计意义上有显著差异，疫情非敏感性分项则包括PCE剩余品类。第二，在对疫情敏分项的基础上，我们将其拆分成供给拉动、需求拉动、和不确定性因素拉动子项，以此来辨别通胀的主导因素。需求拉动的分项是指，在2020年2月至4月期间价格和数量向同一方向显著变化的子类。供给拉动的分项是指，价格和数量向反方向显著变化的子类别。不确定性拉动分项，则是在数量或者价格上，出现统计显著性的变动，但两者并未同时发生显著变化。通过测算可以看到，基于疫情初期物价和物量变化的比较，需求敏感类分项对通胀的贡献高于供给敏感类分项。但此测算无法对各子项需求和供给的演绎进行推演，并对通胀进行预判。因此，在下文中，我们将分析在疫情的各个阶段，各细分项需求端和供给端的博弈，并对通胀的走势作进一步展望，我们将分别从商品和服务两个角度切入分析。二、居民储蓄仍在高位，部分商品价格短期内仍有上行空间自2021年1月开始，美国通胀水平持续攀升，美联储最核心的通胀观测指标（PCE价格指数），自2021年1月的1.4%一路飙升至2022年3月的6.6%；同期，核心PCE指数也从3.1%上行至5.2%。相较于CPI指数，PCE指数采用链式规则编制，也就是PCE各个分项的权重随着物价的变化而变化，考虑了替代效应，更贴合民众感受到的实际通胀水平。核心通胀的抬升显示，美国高通胀压力已经蔓延到各类商品和服务。其中，商品项下的机动车和零部件、汽油及其他能源品类是推升通胀的主要贡献因素；服务项下，住房、交通、娱乐和餐饮为主要驱动力。其中，因住房和交通项权重较高，其对PCE物价指数的拉动也相对较大。2.1供给不足但需求较强，汽车价格有进一步上行空间疫情期间，汽车及零部件价格经历了量价齐跌、量价齐涨、和量缩价涨的过程，向前看，居民手中仍有约2.6万亿美元的额外储蓄，支撑需求维持韧性，而供应链修复疲软也将持续，导致汽车及零部件价格在短期内仍有进一步上行空间。在疫情初始阶段（2020年2月-2020年4月），突发的新冠疫情抑制了对机动车的供给和需求，导致机动车及零部件的物价和物量同比，均呈现下跌状态。在疫情大规模爆发阶段（2020年4月-2021年4月），美国财政部进行了三次大规模的转移支付，导致居民额外储蓄迅速攀升，而疫情封控背景下，服务消费受限，商品消费自然地成为居民最大支出渠道，最终导致物价和物量同比均持续上升。在疫情爆发后期（2021年5月-2022年2月），受芯片短缺、劳动力供给短缺、以及全球运输体系受限的影响，导致供给严重不足，限制需求，因而物价指数同比上升，而物量指数同比下降。展望来看，需求端，居民在疫情期间积累的储蓄，仍能在短期内支撑需求。疫情期间，财政部对居民实施了3次派现，导致居民积累了一定规模的额外储蓄。根据我们测算，自2020年1月以来，居民积累的额外储蓄规模，已经达到了2.6万亿美元。一方面，额外储蓄使得居民在高通胀背景下，仍有一定消费的能力。然而，我们也可以看到，4月居民储蓄率下行至4.4%，为2008年9月以来最低水平；居民月度额外储蓄规模在4月持续在负值扩张，显示高通胀背景下，居民支出上行快于收入，也就是说，居民消费短期内仍有韧性，但持久性不强。从供给端的角度来看，受芯片短缺影响，机动车供给在年内仍无法迅速修复，供需合力，导致机动车价格，特别是新车价格，有进一步上行空间。具体来看，供给端，全球芯片供给修复缓慢，年内预计仍将制约汽车芯片供给，对新车价格形成支撑。今年4月14日，世界最大的代工芯片制造商台积电（TCMC）表示，全芯片短缺问题可能会持续，其所有类型芯片的生产产能都非常有限。对汽车制造商来说，芯片短缺的矛盾更为严重，因为在疫情期间，芯片制造商将更多供给转移给利润更高的消费类电子产品。因此，可以看到，机动车及零部件价格同比增速自2021年3月的5.5%不断上行至2022年3月的19.6%，成为推动美国通胀的重要因素之一。向前看，全球芯片供应链在年内仍将受疫情和俄乌冲突影响，对机动车价格形成支撑。全球芯片供应链非常复杂，从产能建设、产品开发到最后的产品生产过程中，需要全球产业链的参与。世界经济论坛数据测算显示，对于机动车芯片制造而言，整体的开发时长需要24-36个月。因此，我们判断，芯片短缺问题将在2022年持续，限制产能，叠加俄乌冲突和上海疫情对供应链造成冲击，都将持续支撑机动车价格维持高位。2.2 汽油价格大概率维持高位波动俄乌冲突加大能源价格波动。2022年2月，俄乌冲突爆发，推升全球能源价格走高，也导致美国通胀在今年2月以后进一步上行，向前看，若原油供给不出现大规模反弹，预计原油价格仍将在高位波动，对汽油价格形成支撑。一是，俄乌双方仍旧僵持不下，局势或将进一步发酵，若未来战事继续升级，油价存在冲高可能；若俄乌冲突出现好转，油价大概率已经阶段性见顶。二是，由于近期美欧加大战略石油储备的投放，叠加4月18日，美国内政部表示，将于6月启动新一轮联邦石油和天然气资源开采权拍卖，为原油供给提供支持，一定程度上对冲了油价上行压力。三、房价、薪资、能源支撑服务价格在PCE价格指数下的服务项下，住房、交通、娱乐和餐饮为主要驱动力。其中，因住房（33.3%）和交通（13.9%）项权重较高，其对PCE物价指数的拉动也相对较大。向前看，住房项同比增速仍将在上半年持续上行，支撑整体通胀水平；但下半年，在房屋供给持续回升、房贷利率跳升的背景下，预计住房项对通胀的支撑将逐步趋弱。交通项下，劳动力供给不足，叠加能源价格高企，推升美国交通项价格，向前看，预计交通项价格仍维持高位波动。3.1  短期内，住房价格对通胀仍有支撑，四季度趋于回落疫情影响供给，低利率刺激需求，最终导致美国房价显著上行。新冠疫情导致房屋补库受阻，压降成屋供给，叠加低房贷利率对需求的刺激，导致住房项PCE同比增速自2021年初的2%显著上行至2022年3月的4.5%，而因住房项在PCE中的权重达33.3%，其对整体通胀的影响较大。向前看，住房项价格仍将在短期内持续上行，支撑整体通胀水平；但在房屋库存回升、房贷利率跳升的背景下，预计住房项对通胀的支撑将在四季度逐步回落。从美国成屋库存的数据可以看出，一般来说，补库从每年年初开始并持续至年中，在此期间，成屋库存都处于较快增长阶段。但因2020年新冠疫情冲击，并延续至2021年年末，导致2020年补库节奏不及往年。现阶段，房屋库存已开始触底反弹，房屋月度供应比率也超过疫情前水平（2022年4月为9%，2020年2月为5.3%），显示房屋供给开始修复。从需求端观察，美联储在今年3月和5月分别加息25bp和50bp，直接导致30年期固定房贷利率在5月上行至5.1%，较疫情前（2020年2月）时的3.45%，高出1.65个百分点。向前看，房贷利率仍有上行空间，对房屋需求形成较大压力。从历史数据来看，美国房屋价格增速(Caseshiller)一般领先PCE房屋价格指数同比增速6-18个月，而此次CaseShiller房屋价格同比增速已于2021年9月见顶回落。因此我们预计，住房项价格仍将在短期内持续上行，支撑整体通胀水平；但在房屋供给持续回升、房贷利率跳升的背景下，预计住房项对通胀的支撑将在四季度逐步回落。3.2劳动力供给不足，叠加能源价格高企，预计交通项价格年内维持高位劳动力供给不足，叠加能源价格高企，推升美国交通项价格。交通项在整体PCE中的权重达13.9%，对服务通胀的贡献位列住房项之后。交通项的主要贡献项是公共交通，其在疫情后期物量增速维持稳定，但物价增速出现持续上行的趋势，显示需求趋稳但供给不足。一方面，交通运输行业职位空缺/失业人数缺口自2021年4月起持续扩大；另一方面，因全球能源供需紧平衡，汽油、机油、海运价格在2021年4月之后快速上行，推升成本，提振总体价格。我们预计，运输和贸易业劳动力供需失衡的情况将在年内持续，抬高交通项通胀粘性。4月非农就业人口总数与疫情前（2020年2月）相比，仍有120万人缺口，但4月职位空缺数为1140万人，这也显示，就算非农劳动力人数回到了疫情前水平，也无法覆盖现有的劳动力需求。新冠疫情导致人们选择提前退休，叠加约100万人因新冠死亡，均是在短期无法解决的问题。另外，因全球能源供需紧平衡，汽油、机油、海运价格在2021年4月之后快速上行，也是推升总体交通项价格的主要原因。但如前文所述，若美欧加大战略石油储备的投放，OPEC增加产能，则将缓解油价上涨压力。然而，考虑到俄乌冲突延续，OPEC+增产动能较弱，页岩油产能释放缓慢，原油供需仍处在紧平衡格局，油价仍将延续高位震荡，对运输和贸易物价形成支撑。四、年内美国通胀下行有限，仍在高位在基准情形下，美国商品需求在短时间内维持韧性。根据我们测算，疫情期间居民积累的约2.6万亿美元的额外储蓄，在短期内对消费形成支撑。供给方面，供应链修复疲软状态将持续，导致部分商品价格环比在短期内仍有上行空间；服务方面，在薪资、能源和房价问题短期内较难改善的背景下，服务价格对通胀仍有支撑。因此，我们认为，整体通胀（CPI）同比增速虽然已于4月开始回落，但速度将较为缓慢，预计年末回落至6.4%左右水平，2022年全年通胀水平约在7.6%左右水平。在乐观情景下，全球供应链紧缩问题好转缓解供给端压力，商品（新车）价格上行节奏放缓；能源项下，因供给抬升（OPEC增产），其价格环比在下半年开始回落；美联储加息有效抑制部分需求，降低房租价格上行速度。因此，乐观情形下，整体通胀（CPI）同比增速将在4月之后持续回落，并且在年末下行至5.4%左右水平，2022年全年通胀水平约在7.2%左右水平。在乐观情形下，美联储下半年加息节奏将弱于预期。在悲观情景下，全球供应链持续紧缩，需求端维持韧性，支撑商品价格进一步上行；俄乌冲突进一步升级，推升能源价格整体预期；劳动力供需缺口弥合不及预期，导致薪资增速维持高位，引导服务价格持续上行。因此，悲观情形下，整体通胀（CPI）同比增速将在2季度维持在8%左右水平，并且在年末缓慢回落至7.0%，2022年全年通胀水平约在7.9%水平。在悲观情形下，美联储下半年加息节奏可能进一步增强。五、风险提示俄乌冲突持续发酵冲击经济预期；新冠疫情扩散程度超预期。","news_type":1,"symbols_score_info":{"513500":0.9,"SDS":0.9,".IXIC":0.9,"QQQ":0.9,"OEX":0.9,"QID":0.9,"TQQQ":0.9,".DJI":0.9,"SDOW":0.9,"SPY":0.9,"UPRO":0.9,"SPXU":0.9,"UDOW":0.9,"DJX":0.9,"DXD":0.9,"ESmain":0.9,"PSQ":0.9,"MNQmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3407,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":141968979,"gmtCreate":1625833992191,"gmtModify":1625833992191,"author":{"id":"3510119105228942","authorId":"3510119105228942","name":"向良","avat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