美联储“救市”成转折点！11月的最后一周，各类资产“强劲反弹”

Core Viewpoint - The expectation of a Federal Reserve rate cut in December has led to a significant rally across various asset classes, including U.S. stocks, bonds, commodities, and cryptocurrencies, alleviating previous concerns about an AI bubble and economic growth [1][2][6]. Group 1: Market Performance - The S&P 500 index rebounded sharply, rising 3.7% during the week, marking its best weekly performance in six months and the strongest Thanksgiving week since the 2008 financial crisis [4][5]. - U.S. Treasury prices increased, with the 10-year Treasury yield dipping below the critical 4% psychological level [7]. - Bitcoin rebounded over 7% from its November lows, surpassing $90,000, indicating a significant recovery in market risk appetite [7]. Group 2: Federal Reserve Influence - The turning point for market sentiment was attributed to dovish comments from New York Fed President John Williams, which shifted market expectations for a December rate cut from approximately 30% to 50%, and eventually to 80% [2][6]. - Analysts believe that the current liquidity environment provides a solid foundation for risk assets, effectively limiting the potential for systemic declines [3][10]. Group 3: Liquidity and Market Dynamics - The market's rapid rebound is fundamentally supported by ample liquidity, with the U.S. Treasury and the Federal Reserve providing a "dual put option" to counteract quantitative tightening [10][11]. - A key liquidity indicator, "remaining liquidity," is currently positive, suggesting that when this measure is high and rising, the downside risk for equities is effectively mitigated [11].