苹果商城谦恒智投：利空突袭！美股、美债，突传大消息！

Core Viewpoint - Australia's second-largest pension fund, the Australian Retirement Trust (ART), has reduced its holdings in U.S. bonds due to concerns that Washington's policies may lead to inflation [1][4]. Group 1: U.S. Bond Market - The ART has expressed disappointment with U.S. bonds and has adopted a dynamic asset allocation strategy to decrease its exposure [4]. - U.S. Treasury yields have risen, with the 10-year yield increasing by 7 basis points to 4.2984% and the 30-year yield rising by 6.7 basis points to 4.9883% [3][8]. - Concerns about the U.S. fiscal deficit and the impact of the Trump administration's trade policies are contributing to inflationary pressures [4][5]. Group 2: Investor Sentiment - Hedge funds have remained cautious regarding U.S. equities, continuing to sell rather than participate in the market's recent gains [3][6]. - The market sentiment is reflected in the performance of major U.S. indices, which saw declines, with the Dow Jones down 0.55% and the Nasdaq down 0.82% [3]. - There is a growing trend among large institutions, including pension funds in Asia, to reassess their holdings in U.S. assets due to concerns over the U.S. credit rating and the independence of the Federal Reserve [5][6]. Group 3: Global Bond Market - Long-term bond yields are rising globally, with the U.K. 30-year yield reaching its highest level since 1998 at 5.69% and the French 30-year yield surpassing 4.50% for the first time since 2011 [8]. - The rising yields in other markets indicate potential vulnerabilities that could impact global financial stability [7][9]. Group 4: Market Dynamics - Historical data shows that nearly half of the years in the past 20 have seen negative returns for the U.S. stock market in September, raising concerns about market performance [7]. - The current high levels of stock ownership relative to disposable income among U.S. investors could signal potential risks if economic growth slows significantly [8][9].