美联储“影子主席”将推动降息？双线资本押注收益率曲线趋陡交易避险

Group 1 - The core viewpoint of the articles revolves around the bond trading strategy employed by investors, particularly in response to the potential risks associated with President Trump's actions towards the Federal Reserve Chairman [1][2] - Jeffrey Sherman, the Deputy Chief Investment Officer of DoubleLine Capital, is one of the investors supporting a bond trade that involves buying 2-year Treasury bonds and shorting 10-year Treasury bonds, which is favored when the market anticipates closer interest rate cuts by the Federal Reserve [1] - This trading strategy has been held for approximately 10 months, betting on a steepening yield curve as interest rate cuts could lead to inflation concerns, thereby increasing long-term yields [1] Group 2 - The concept of a "shadow Federal Reserve" is mentioned as beneficial for the trading strategy, with Sherman holding this position in his Opportunistic Core Bond ETF [2] - Recent economic resilience has limited the Federal Reserve's ability to ease policies, but traders are betting that Trump's next appointee for the Fed Chair will be more inclined to lower interest rates [2] - Market expectations suggest that once a new chairman is appointed, there will be a belief that interest rate cuts will occur immediately [2]