星展银行：美债规模已超过GDP的120% 引发对“财政主导”的担忧

Core Insights - The current scale of U.S. government debt has exceeded 120% of GDP, necessitating a reduction in interest rates to alleviate debt repayment pressure, raising concerns about "fiscal dominance" where fiscal needs begin to influence central bank policies [1] - Signs such as the excessive concentration risk in the S&P 500 index, valuations nearing historical extremes, and slowing corporate earnings indicate that the current upward market trend is built on fragile foundations [1] - The company suggests that investors should seize upward opportunities while diversifying their portfolios to mitigate downside risks [1]