中金：美国“金融抑制”，海外泡沫加速

Core Viewpoint - The article discusses the acceleration of "financial repression" in the U.S. under the Trump administration, focusing on measures to lower financing costs and stimulate the economy ahead of the 2026 midterm elections [2][3][5]. Group 1: Financial Repression - "Financial repression" refers to government policies that direct funds to itself by artificially lowering interest rates for public policy goals [4]. - Historical examples include the U.S. in the 1940s, where the Federal Reserve controlled Treasury bill rates to finance government spending [4][5]. Group 2: Policy Measures - The Trump administration is expected to implement policies to address debt pressure and industrial hollowing, including capping credit card interest rates at 10% and increasing the purchase of mortgage-backed securities (MBS) [2][3]. - Proposed measures include limiting interest rates on consumer loans and small business loans, increasing supply control over key energy resources, and accelerating the Federal Reserve's balance sheet expansion [3][5]. Group 3: Economic Implications - The anticipated environment of fiscal and monetary easing is expected to shift the dollar liquidity cycle from tight to loose, benefiting corporate valuations and accelerating asset bubbles [7][8]. - The article suggests that sectors such as resources, technology, and heavy industry may continue to lead in performance, while consumer and real estate sectors may catch up as the nominal economic cycle improves [7][8].