国信（香港）基金周报：特朗普与美联储政策分歧升级，美元指数跌破100-20250422

Group 1: Fund Performance - The performance of various funds is summarized, with notable weekly returns and annualized yields for different funds, such as Huaxia Select USD Money Market Fund at 0.073% weekly increase and 4.490% annualized return [1] - The dollar index fell to 99.376, while the USD/CNY exchange rate increased from 7.2921 to 7.2997, reflecting a weekly rise of 0.10% [1] Group 2: Global Asset Performance - The dollar index decreased by 0.73% for the week and 8.40% year-to-date, currently priced at 99.376 [5] - The 2-year and 10-year U.S. Treasury yields saw declines of 4.08% and 3.67% respectively, indicating a bearish trend in the bond market [5] - The Hong Kong Hang Seng Index increased by 2.30% for the week, while the U.S. stock indices, including the Nasdaq 100 and S&P 500, experienced declines of 2.31% and 1.50% respectively [5] Group 3: U.S. Monetary Policy and Political Pressure - The divergence between President Trump and the Federal Reserve escalated, with Powell emphasizing inflation control and independence from political pressure, which led to Trump's public criticism of Fed policies [8][9] - Concerns arose regarding the potential undermining of the Fed's independence, which could lead to a loss of investor confidence in the dollar, as historical precedents suggest that political interference can destabilize monetary policy [9][12] - The dollar index fell below 100, reaching a near three-year low of 98.278, reflecting market reactions to the political climate and Fed's policy stance [9][12] Group 4: Trade Relations and Market Outlook - Ongoing trade tensions, particularly regarding tariffs on imports, have led to a cautious outlook for U.S. equities, with major investment banks downgrading their year-end targets for the S&P 500 [13] - The report suggests maintaining a cautious stance on both Hong Kong and U.S. stocks, while highlighting the potential for the Chinese yuan to depreciate against the dollar by year-end [13] - The report recommends focusing on U.S. Treasury bonds and specific bond funds as a more stable investment choice amid current market volatility [13]