AllianceBernstein展望2026：经济增长料放缓，降息预期升温，债市前景向好

Group 1 - AllianceBernstein holds a constructive view on the global fixed income market for 2026, citing a favorable macroeconomic backdrop for bond investors [1] - The firm anticipates a slowdown in economic growth across both developed and emerging markets, with rising unemployment rates and persistent inflation above target levels, creating challenges for central banks [1] - Despite concerns over sticky inflation limiting policy flexibility, AllianceBernstein believes central banks will prioritize addressing slowing growth and a weak labor market, predicting multiple rate cuts by the Federal Reserve in the next year and further easing potential from the Bank of England [1] - Historical trends suggest that a combination of declining policy rates, slowing growth, and easing inflation typically creates a favorable environment for bonds, with expectations of gradually declining yields and a steepening yield curve over the next 12 months [1] - The firm recommends maintaining duration positioning as a defensive strategy, highlighting its potential to hedge against stock market volatility, and notes that with cash yields likely to decline, there is room for capital to rotate into the bond market [1] Group 2 - A focus on fixed income exchange-traded funds (ETFs) includes long-term U.S. Treasury ETFs such as iShares 20+ Year Treasury Bond ETF (TLT.US) and iShares 10-20 Year Treasury Bond ETF (TLH.US) [2] - Comprehensive bond ETFs mentioned are the iShares Core U.S. Aggregate Bond ETF (AGG.US) and Vanguard Total Bond Market ETF (BND.US) [2] - Inflation-protected ETFs include Vanguard Short-Term Inflation-Protected Securities ETF (VTIP.US) and iShares TIPS Bond ETF (TIP.US) [2]