市场风声鹤唳？基金经理Q4集体“踩刹车”，紧盯三大风险

Group 1 - Fund managers are adopting a cautious stance, reducing exposure to risk assets and favoring low-volatility defensive investments as the fourth quarter begins [2] - Concerns about private credit markets have intensified following the bankruptcies of Tricolor and First Brands, leading to fears of credit issues spreading to other markets [2][3] - The potential for stagflation is being closely monitored, with tariffs and political interventions raising concerns about unexpected inflation increases in the U.S. [3][4] Group 2 - The credibility of the Federal Reserve is under scrutiny due to political pressures, which could impact its ability to manage inflation effectively [4][5] - Divergence in global central bank policies is seen as both a challenge and an opportunity, with significant internal volatility across various asset classes [5][6] - The European Central Bank is expected to maintain interest rates in October, with a more optimistic growth forecast for 2025 driven by stable growth in member countries [5][6]