策略师：对美国资产风险的定价能力已经减弱

Core Viewpoint - There is increasing evidence that the political risk premium associated with U.S. assets, such as the dollar, is significantly higher now, which may lead foreign investors to reduce their exposure to U.S. assets [1] Group 1: Impact on Investment Behavior - Foreign investors are likely to decrease their exposure to U.S. assets due to heightened political risk [1] - It remains debatable whether this will directly reduce exposure to U.S. equities, but it is expected to encourage investment funds to lower their nominal dollar exposure related to U.S. stock holdings [1] Group 2: Market Implications - The anticipated reduction in exposure to U.S. assets is expected to put pressure on the dollar and create upward momentum for precious metal trading [1] - Increasing uncertainty is noted, with a diminished ability to price risks confidently [1]