一周美股美债市场回顾（下）

Group 1 - The initial trend of risk assets is likely to be positive due to the market's belief that pro-cyclical easing policies will benefit future profit prospects [1] - However, this implies that interest rates may need to be further lowered to offset such impacts, and any rapid rise in bond yields could quickly become a resistance for the stock market, with the 10-year U.S. Treasury yield approaching 4.5%-5% [1] - If inflation expectations truly become unanchored, larger policy tightening may be required to control inflation, which could lead to longer tail effects for the stock market [1] Group 2 - The future trajectory of asset prices remains balanced, with positive growth prospects, loose monetary and fiscal policies, and a still accommodative financial environment suggesting a favorable backdrop for the stock market [1] - Recent market volatility is expected to persist due to increased uncertainty regarding monetary policy responses and concerns over the overvaluation of the artificial intelligence sector [1] - There is growing caution among investors regarding the debt issuance scale of some large-scale data center operators, and the competition for leadership in AI innovation is intensifying, as evidenced by the recent news of Google and Nvidia vying for chip dominance [1]