Core Viewpoint - Multiple institutions expect the Federal Reserve's interest rate cut cycle to continue into 2026, raising concerns about the depreciation pressure on the US dollar [1][2] Group 1: Dollar Asset Management - Despite the expected decline in US dollar interest rates, the absolute interest rate level remains relatively high, suggesting that investors may not need to convert their dollar assets into other currencies to avoid depreciation risks [1][2] - Standard Chartered predicts that the Federal Reserve will cut rates three times this year, each by 25 basis points, leading to a reduction in the returns on dollar-denominated assets [2] - The expected range for the US dollar index is between 96 and 100, indicating a narrow fluctuation in the near term [2] Group 2: Investment Strategy Recommendations - Investors are advised to diversify their portfolios across a broader range of asset classes, with a focus on overweighting stocks and gold in their foundational investment strategies [3][4] - Standard Chartered favors global stocks, particularly in the US and Asia (excluding Japan), due to strong earnings growth and geopolitical risk reduction [3] - The bank suggests a "barbell" strategy for portfolio construction, emphasizing growth through technology and defensive positions in healthcare and high-dividend stocks [3] Group 3: Gold Investment Outlook - Standard Chartered maintains an overweight position on gold, with target prices of $4,350 per ounce in three months and $4,800 per ounce in twelve months, supported by ongoing demand from emerging market central banks and favorable macroeconomic conditions [4]
美联储降息预期下，手里的美元资产要继续持有吗？