Group 1 - The core viewpoint is that while inflation in the US is gradually decreasing, the potential long-term impact of tariffs on inflation warrants attention, and the market may be overly optimistic about the Federal Reserve's dovish stance [1] - Schroders continues to favor gold as a traditional hedge against inflation, with strong demand expected due to ongoing central bank purchases, while holding a negative outlook on energy [1] - The global fiscal policy is shifting towards expansion, with increased defense spending outside the US and policy changes like the "One Big Beautiful Bill," indicating that investors should closely monitor macroeconomic trends [1] Group 2 - Schroders maintains a positive outlook on overall stock prospects, given the low risk of a short-term economic recession in the US, and emphasizes broad allocation across different regional stock markets, particularly in the US and European financial sectors [2] - In fixed income, the company holds a neutral stance on overall bond duration, as rising long-term yields due to fiscal deficits and supply pressures require careful consideration of inflation and growth risks [2] - The credit market outlook is also neutral, with high valuations but stable technical fundamentals, and US credit remains attractive to foreign investors [2]
施罗德投资：市场过度预期美联储减息 继续看好黄金表现
Zhi Tong Cai Jing·2025-07-22 08:48