外国人抛售美元资产！大摩：但资本有其他选择吗？

Core Insights - The article discusses the potential shift of foreign investors away from U.S. Treasury bonds due to increasing uncertainties surrounding U.S. economic policies and the Federal Reserve's independence [1][2] - Morgan Stanley predicts a narrowing growth gap between the U.S. and other developed economies, with U.S. growth rates expected to decline to 0.6% in 2025 and 0.5% in 2026, while the Eurozone is projected to experience a growth acceleration in 2026 [1][2] - The correlation between the U.S. stock market and the dollar has changed significantly, resembling emerging market patterns where stock market declines coincide with dollar weakness [1] Group 1 - Foreign investors may reduce their allocation to U.S. assets and increase currency hedging ratios, putting further pressure on the dollar [2] - The U.S. Treasury market, valued at approximately $27 trillion, remains unmatched in depth and liquidity compared to potential alternatives like German or Japanese government bonds [3] - Despite rising concerns boosting the relative attractiveness of the euro and yen, the lack of comparable scale and liquidity in alternative markets makes it difficult for foreign investors to exit the U.S. Treasury market en masse [3]