贝莱德桥水等机构警惕被低估通胀风险 美债收益率利差创数月新高 10年期收益率或攀至5%

Group 1 - BlackRock, Bridgewater Associates, and Pacific Investment Management Company are adjusting their investment portfolios to address the overlooked inflationary risks in the market [1] - BlackRock's Tactical Opportunities Fund has been increasing its short positions in long-term US Treasuries and UK gilt bonds since the end of last year to mitigate risks associated with potential interest rate cuts [1] - Bridgewater Associates is shifting its focus more towards equity assets, while Pacific Investment Management Company is concentrating on US Treasuries with inflation adjustment mechanisms to build an inflation hedge [1] Group 2 - Multiple market indicators since January have confirmed the institutions' assessments, with the yield spread between ordinary US Treasuries and inflation-protected securities reaching its highest level in months [1] - The core source of current inflationary pressure is the strong performance of the US economy, which may further elevate price levels [1] - UBS Group's senior trader Ben Pearson highlighted that the 'inflationary boom' led by the US is a core risk severely underestimated by investors this year [2] Group 3 - Standard Bank's foreign exchange strategy head Steven Barrow predicts that if the White House's interest rate cut demands are blocked, the yield on 10-year US Treasuries could rise to 5% [2] - The prevailing market view suggests that the inflation issue pushing up bond yields in the post-pandemic era is largely under control, yet recent price increases in Australia have forced traders to bet on central bank rate hikes [2] - Investors currently face a dilemma as Kevin Walsh, nominated by President Trump for the next Federal Reserve chair, is known for his inflation hawkish stance but is also willing to accommodate Trump's interest rate cut demands, leading to policy uncertainty [2]