真是太离谱了，美国政府竟然能把关门这事一直拖下去，最新一次的拨款法案又没通过，这已经是第14 次了！ 现在的停摆时间已经超过了2018年特朗普创下的35天纪录，难道有人真想连这个纪录都超越吗？ 不过咱们不能光看热闹。停摆几天可能影响不大，可现在已经持续一个多月了，这必然会波及全球市 场，所以我们的钱包也不能掉以轻心。 甚至有人说，美国政府的停摆效果相当于美联储进行了多轮加息，这可能引发一场流动性危机。你觉得 这个说法有道理吗？可以在评论区分享你的看法。 其实，这并不是危言耸听。 先来看看这次停摆的具体情况：起因是美国两党在医保补贴问题上争得不可开交。一方想延长补贴，一 方想削减开支、裁员，结果双方谁也没让步，但政府的钱已经用光了，只能从10月1号开始关门。 而且特朗普趁机搞裁员，两党也在比谁先认输。虽然今年7月债务上限已经提高，短时间停摆不会导致 债务违约，但两边依然你来我往，拨款法案在参议院被连续否决十几次。 自由的美利坚真是让人目瞪口呆。两党在纸上争斗，为中期选举铺路，你说东我必往西，就是为了显得 自己强硬，其实根本不顾百姓受不受影响，只要自己没事就行。 新闻显示，这场停摆搞得一团乱麻：约75万联邦雇员被 ...

据智通财经报道，目前远洋集团另一项重要的工作是债务重组。远洋集团正在对境内7笔公司债和3笔 PPN进行重组，本金额合计180.5亿元。8月18日，远洋方面发布境内债重组方案，并于9月9日至9月12 日召开持有人会议对方案进行表决。截至目前，远洋集团的境内债务重组仍未完成，仅部分债券重组方 案获得通过，经过数次延期后，部分债券的投票期限则延期至11月18日。 今年4月份，远洋集团宣布以约3.22亿元出售远洋国际中心二期项目所属公司23%股权。 远洋集团公告披露，出售联营公司北京盛永置业投资有限公司23%股权，买方为日照钢铁控股集团有限 公司。交易完成后，远洋集团将保留12%的股份，而日照钢铁的持股比例将增至88%。而在此之前，双 方分别持有盛永置业35%及65%权益。 11月12日晚间，远洋集团（03377.HK）发布未经审核运营数据，10月，公司协议销售额为24.7亿元，销 售楼面面积27.24万平方米，均价约9100元/平方米。 1月至10月，远洋集团累计协议销售额为213.0亿元，同比下降20.73%；累计销售楼面面积164.42万平方 米，均价约13000元/平方米。 11月13日，该公司股价走势震荡， ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - ADP employment data exceeded expectations and market concerns about a liquidity crisis in the US caused the gold price to continue its volatile adjustment. Last week, the gold price was pressured by the cooling of interest - rate cut expectations and concerns about a liquidity crisis. Overall, the gold price will continue to maintain a range - bound trend this week, as the long - term upward logic of the gold price remains unchanged, but there is currently a lack of clear upward factors [3][4]. 3. Summary by Directory 3.1 Last Week's Market Review - **1.1 Gold Spot and Futures Price Trends** - Last Friday (November 7), the prices of Shanghai gold and COMEX gold futures, as well as London gold and gold T + D spot, all declined compared to the previous Friday. The cumulative price changes of different gold varieties are shown in Table 1, with the highest and lowest prices also presented [5][6]. - **1.2 Gold Basis** - Last Friday, the international gold basis (spot - futures) was - 1.10 US dollars per ounce, a significant drop of 16.90 US dollars per ounce from the previous Friday; the Shanghai gold basis was - 1.38 yuan per gram, a drop of 1.92 yuan per gram from the previous Friday [8]. - **1.3 Gold Domestic - Foreign Market Spread** - Last week, the decline of the foreign - market gold price was smaller than that of the domestic - market gold price. The gold domestic - foreign market spread on Friday was - 18.76 yuan per gram, a significant increase from - 19.46 yuan per gram the previous Friday. The gold - to - oil ratio increased slightly, the gold - to - silver ratio decreased slightly, and the gold - to - copper ratio increased significantly [10]. - **1.4 Position Analysis** - In terms of spot positions, the gold ETF holdings increased slightly last week. The trading volume of domestic gold T + D continued to decrease. In terms of futures positions, as of September 23, the long and short positions of gold CFTC asset management institutions both increased, with the net long positions rising slightly. The inventory of COMEX gold futures decreased, while the inventory of Shanghai Futures Exchange gold futures increased [14]. 3.2 Macroeconomic Fundamentals - **2.1 Important Economic Data** - The US ISM manufacturing PMI in October continued to contract for eight consecutive months. The US Senate failed to pass the appropriation bill, and the federal government shutdown is about to break the record. The US ISM services PMI in October reached an eight - month high, and the price - payment index reached a three - year high. The US ADP employment in October increased by 42,000, exceeding expectations, but salary growth remained stagnant [17][18][19]. - **2.2 Fed Policy Tracking** - Last week, Fed officials' differences over whether to continue cutting interest rates in December intensified. Different Fed officials expressed different views on interest - rate policies, inflation, and employment [29][30]. - **2.3 US Dollar Index Trend** - Last week, the US dollar index first rose and then fell, with a slight overall decline. As of last Friday, it decreased by 0.18% to 99.55 compared to the previous Friday [31]. - **2.4 US TIPS Yield Trend** - Last week, the yield of the 10 - year US TIPS fluctuated slightly upward. As of last Friday, it increased by 2bp to 1.83% [33]. - **2.5 International Important Event Tracking** - Last Saturday (November 8), Russia launched large - scale drone and missile attacks on Ukraine, damaging large - scale energy facilities in three regions. Different parties have different statements regarding these attacks [34].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - ADP employment data exceeded expectations and the market worried about a liquidity crisis in the US, causing the gold price to continue its volatile adjustment. Last Friday (November 7), the Shanghai gold futures price dropped 1.72% to 921.92 yuan/gram compared to the previous Friday, and the COMEX gold futures price fell 1.20% to 4077.20 US dollars/ounce. In the spot market, the gold T+D price declined 1.53% to 921.02 yuan/gram, and the London gold price decreased 2.65% to 4002.69 US dollars/ounce. The unexpectedly high ADP employment data and hawkish remarks from Fed officials cooled the market's expectation of interest rate cuts, pressuring the gold price. The significant rise in the US SOFR rate on October 31, announced last Monday, under the backdrop of the government shutdown and tightening bank liquidity, also triggered concerns about a liquidity crisis, putting downward pressure on the gold price. However, the subsequent sharp decline in the SOFR rate alleviated market concerns and pushed the gold price to rebound. Overall, the gold price continued its volatile adjustment last week due to the cooling of interest rate cut expectations and concerns about a liquidity crisis [3]. - This week (the week of November 10), the gold price will continue to fluctuate within a range. The US Senate planned to hold a trial vote on a new plan to end the government shutdown last Sunday (November 9), and the government is expected to resume work this week, which will ease market risk aversion and have a certain negative impact on the gold price. However, if the government shutdown ends, multiple private - sector economic indicators will be released this week, and these data are expected to remain weak, which will increase the market's expectation of interest rate cuts and be beneficial to gold. Although the long - term upward trend of the gold price remains unchanged, there are currently no clear upward factors. Given various uncertainties, the gold price is expected to continue its range - bound fluctuation this week [4]. Summary by Relevant Catalogs 1. Last Week's Market Review 1.1 Gold Spot and Futures Price Movements - Last Friday (November 7), the Shanghai gold futures price closed at 921.26 yuan/gram, down 0.66 yuan/gram from the previous Friday. The COMEX gold futures price closed at 4007.80 US dollars/ounce, continuing to decline by 5.60 US dollars/ounce. In the spot market, the gold T+D price closed at 917.64 yuan/gram, down 3.38 yuan/gram, and the London gold price closed at 4000.29 US dollars/ounce, down 2.40 US dollars/ounce [5]. - The trading data shows that the cumulative increase of the Shanghai gold futures was 0.32%, with a trading volume of 152 million and an open interest of 13.67 million, a decrease of 20,231. The COMEX gold futures had a cumulative increase of 0.28%, a trading volume of 102 million, an open interest of 31.15 million, and a decrease of 23,438. The gold T+D spot had a cumulative increase of 0.08%, a trading volume of 26.92 million, an open interest of 25.45 million, and an increase of 6,762. The London gold spot had a cumulative decrease of 0.06% [6]. 1.2 Gold Basis - Last Friday, the international gold basis (spot - futures) was - 1.10 US dollars/ounce, a significant drop of 16.90 US dollars/ounce from the previous Friday. The Shanghai gold basis was - 1.38 yuan/gram, a decline of 1.92 yuan/gram from the previous Friday [8]. 1.3 Gold Domestic - Foreign Price Difference - Last week, the decline of the foreign - market gold price was smaller than that of the domestic - market gold price. The gold domestic - foreign price difference on Friday was - 18.76 yuan/gram, a significant recovery from - 19.46 yuan/gram the previous Friday. The decline of the crude oil price was greater than that of gold, and the gold - oil ratio increased slightly. The silver price continued to rise slightly while the gold price continued to fall, causing the gold - silver ratio to decline slightly. Due to the government shutdown, the spread between the US SOFR rate and the overnight repo rate soared, triggering concerns about US dollar liquidity, reducing market risk appetite, and causing the copper price to fall more sharply than gold, leading to a significant increase in the gold - copper ratio [10]. 1.4 Position Analysis - In the spot market, the gold ETF holdings increased slightly last week. As of last Friday, the holdings of the world's largest SPRD gold ETF fund were 1042.06 tons, a slight increase of 2.86 tons from the previous week. The cumulative trading volume of domestic gold T+D continued to decrease, with a total of 269,158 kilograms last week, a 6.29% decrease from the previous week. - In the futures market, as of September 23 (the latest available data), both the long and short positions of gold CFTC asset management institutions increased, but the increase in short positions was less than that of long positions, resulting in a slight increase in the net long positions. In terms of inventory, the COMEX gold futures inventory continued to decrease last week, while the Shanghai Futures Exchange gold inventory increased by 1800 kilograms to 89,616 kilograms [14]. 2. Macroeconomic Fundamentals 2.1 Important Economic Data - The US ISM manufacturing PMI contracted for the eighth consecutive month in October. The index was 48.7, lower than the expected 49.5 and the previous value of 49.1. Among the important sub - indices, the new orders index was 49.4, higher than the previous value of 48.9. The new orders in October decreased for the second consecutive month, but the decline rate slowed down. The production index dropped 2.8 points to 48.2, indicating output contraction in two of the past three months. The employment index was 46.0, higher than the previous value of 45.3 but still in the contraction range, contracting for the ninth consecutive month. The price - paid index was 58.0, the lowest level since the beginning of this year, far lower than the expected 62.5 and the previous value of 61.9, indicating a continued reduction in inflation pressure. The supplier delivery index rose to a four - month high, indicating a longer delivery cycle. The manufacturer's inventory decreased by the largest margin in a year, and the customer inventory level remained low, suggesting that future orders may increase, supporting production activities [17]. - The US Senate failed to pass the appropriation bill, and the federal government shutdown is about to break the record. The current shutdown, which started on October 1, is likely to become the longest in US history. However, there are initial signs of a thaw in Congress, and senior lawmakers from both parties are sending cautious and optimistic signals, which eases market concerns about the US economic and political stability [18]. - The US ISM services PMI reached an eight - month high in October, and the price - paid index reached a three - year high. The index was 52.4, higher than the expected 50.8 and the previous value of 50.0. The new orders index jumped 5.8 points to 56.2, reaching a one - year high. Along with the rebound in demand, inflation pressure became more obvious, and the input price index rose to 70.0, the highest in three years, indicating that the service industry is under greater pressure from US import tariffs. The employment situation is stabilizing, and the employment index rose to a five - month high of 48.2. Although still below 50, indicating a continued decline in employment, the decline rate has slowed down. The inventory index only contracted slightly in October, and more service companies believe their inventory levels are still high relative to business activities [19]. - The US "small non - farm" ADP employment increased by 42,000 in October, exceeding expectations, but wage growth remained stagnant. The increase was mainly driven by the service industry, which added 32,000 jobs, and the commodity production industry, which added 9,000 jobs. The recruitment situation rebounded from two consecutive months of weakness, but the rebound was not widespread, mainly supported by education, healthcare, trade, transportation, and public utilities [19][20]. 2.2 Fed Policy Tracking - Last week, the divergence among Fed officials on whether to continue cutting interest rates in December increased. Chicago Fed President Goolsbee, who has a vote this year, said the government shutdown led to the lack of key inflation data, making him cautious about further rate cuts. Cleveland Fed President Mester, who will have a vote next year, said inflation is a more urgent concern than a weak labor market. She believes the current interest rate setting is "almost non - restrictive" and advocates that monetary policy should continue to put pressure on inflation. New York Fed President Williams said the era of low interest rates continues, and the neutral interest rate is estimated to be around 1%. Fed Governor Barr, who was previously the vice - chair for supervision, said the Fed must focus on "ensuring the robustness of the employment market" [29][30]. 2.3 US Dollar Index Movement - The US dollar index first rose and then fell last week, showing a slight overall decline. The rebound of the October US ISM services PMI index and the significant increase in the October ADP employment number, both exceeding market expectations, drove the dollar index up. However, due to the ongoing government shutdown, market risk sentiment cooled, causing the dollar index to decline again. As of last Friday, the dollar index fell 0.18% to 99.55 compared to the previous Friday [31]. 2.4 US TIPS Yield Movement - The US 10 - year TIPS yield increased slightly last week. Fed officials' remarks generally strengthened Powell's hawkish view that "a December rate cut is not certain", and the rebound in the October ADP employment number showed positive signs in the labor market, leading to a slight increase in the US 10 - year TIPS yield. As of last Friday, the yield rose 2bp to 1.83% [33]. 2.5 International Important Event Tracking - Russian forces continuously attacked the Ukrainian power system. Last Saturday (November 8), Russia launched a large - scale drone and missile attack on Ukraine, damaging large - scale energy facilities in three regions. Zelensky said Russia has always targeted the power system to damage heating equipment and called for corresponding sanctions. The Russian Ministry of Defense said the attacks were in response to Kiev's attacks on Russian territory [34].

Summary of Key Points from Conference Call Industry Overview - The discussion primarily revolves around the **U.S. liquidity crisis** and its impact on **global risk assets** and the **AI sector**. The focus is on the implications of the Federal Reserve's actions and market dynamics. Core Insights and Arguments 1. **Liquidity Crisis and Its Causes** The liquidity crisis is attributed to the Federal Reserve's balance sheet reduction, decreased bank reserves, and increased short-term liquidity demands, compounded by market sentiment fluctuations and concerns over AI bubbles [1][10][6]. 2. **Impact on Global Risk Assets** Tightening U.S. liquidity has negatively affected global risk assets, with the dollar index rising above 100. However, fundamental factors do not support a significant decline in the dollar [3][4]. 3. **Current Market Conditions** The market is experiencing a downturn, particularly in the tech sector, with the Nasdaq showing volatility. The Hong Kong stock market is also affected, fluctuating around 26,000 points [3][4][13]. 4. **AI Bubble Concerns** While there are concerns about an AI bubble, the valuation of major tech companies remains below 35 times earnings, which is not extreme compared to the internet bubble era. Key metrics such as demand, capability, leverage, and valuation do not indicate overheating [11][2]. 5. **Federal Reserve's Historical Context** The Fed's previous balance sheet reduction in 2019 led to a liquidity crisis, prompting a return to expansionary policies. Currently, the Fed has halted balance sheet reduction to prevent similar issues [9][10]. 6. **Future Dollar Trends** The dollar is expected to strengthen slightly in Q4 2023 to Q1 2024, influenced by potential aggressive policies from Trump and overall economic uncertainty [12]. 7. **E-commerce Performance** The performance of major e-commerce platforms during the Double Eleven shopping festival showed a slowdown, with Alibaba and JD.com experiencing single-digit growth, while Pinduoduo and Kuaishou saw double-digit growth [18][19]. 8. **AI Technology Integration** AI technology has been increasingly integrated into e-commerce platforms, enhancing user experience and operational efficiency. Companies like Alibaba are leveraging AI for various applications, indicating a growing trend in the sector [21][22]. 9. **Investment Outlook for Internet Sector** Caution is advised for the internet sector in Q4 due to consumer pressure and high base effects, but long-term optimism remains, particularly regarding technological advancements and AI investments [22][24]. 10. **Cloud Computing's Role in AI** Cloud computing is crucial for AI development, providing the necessary resources for model training and inference. The demand for AI is expected to benefit the cloud computing sector significantly [26]. Other Important Insights - **Market Sentiment and Investment Trends** The current market sentiment reflects a cautious approach, with investors advised to focus on dividend strategies and potential cyclical stock opportunities as the credit cycle peaks [13][17]. - **Future Capital Expenditure Projections** Capital expenditure growth expectations for major cloud service providers have been revised upward to 20%, indicating strong demand and backlog in orders [27]. - **Software Sector's Importance** A shift from hardware to software demand in the AI sector is anticipated, with strong performance in SaaS companies potentially supporting sustainable growth in AI investments [28][30]. This summary encapsulates the critical points discussed in the conference call, providing insights into the current market dynamics, challenges, and future outlooks within the relevant industries.

一位曾经活跃于社交媒体的美股散户，过去一个月亏损了20万美元。 他在论坛上写道："之前卖房炒美股的FIRE计划，现在看起来像个笑话。 " 他的账户截 图显示，重仓的特斯拉和英伟达股票，让他在短短一个多月内损失了整整一年的生活费。 他的故事并非个例。 本周，美股市场经历了近半年来最惨烈的下跌。 仅仅前八大科技公司，市值就蒸发了约8000亿美元，整个AI板块单周市值缩水近1万 亿美元。 以科技股为主的纳斯达克指数全周下跌超过3%，创下自4月以来最大单周跌幅。 美联储的常备回购便利工具（SRF）使用规模在10月31日飙升至503.5亿美元的历史峰值，但这并未能阻止担保隔夜融资利率（SOFR）飙升18个基点至 4.22%。 这种"越救越慌"的局面暴露出流动性危机的深度。 SRF作为流动性危机的"最后防线"，设计上存在致命缺陷。 它仅在市场利率超过其上限时被动启动，属于"事后补救"，无法进行"事前预防"。 当所有机构都 涌向美联储求助，SRF的巨额资金不过是杯水车薪。 美国政府停摆已进入第39天，创下历史最长纪录。 为应对危机，财政部在三个月内将现金余额从3000亿美元增至1万亿美元，硬生生从市场吸走约7000亿美 元 ...

Summary of Key Points from the Conference Call Industry Overview - The discussion revolves around the **U.S. repurchase (repo) market** and its liquidity conditions, particularly in the context of recent fluctuations in repo rates and the Federal Reserve's monetary policy actions. Core Insights and Arguments 1. **Repo Rate Surge**: At the end of October, the U.S. repo rate surged to **47 basis points**, the highest since the pandemic, indicating significant liquidity pressure in the market [1][2][11]. 2. **Use of Fed's Standing Repo Facility**: The usage of the Federal Reserve's standing repo facility peaked at **$50 billion**, marking the highest level since its establishment in 2021, before declining significantly in the following days [2][21]. 3. **Market Composition**: The U.S. repo market consists of **money market funds, dealer banks, and hedge funds**, with funds flowing primarily through tri-party repos and bilateral delivery versus payment agreements [1][4]. 4. **Liquidity Distribution**: The repo market experienced two distinct phases during the Fed's balance sheet reduction, affecting liquidity distribution and borrowing costs among market participants [7][8]. 5. **Impact of Government Actions**: The recent U.S. government shutdown and Treasury bond issuance led to an increase in the Treasury General Account (TGA) balance, which in turn reduced bank reserves and affected the repo market dynamics [9][21]. 6. **End-of-Month Effects**: At month-end and quarter-end, dealer banks reduce their balance sheets to meet regulatory requirements, leading to increased borrowing costs for hedge funds and spikes in repo rates [10][11]. 7. **Misinterpretation of Liquidity Crisis**: Claims of a liquidity crisis among foreign banks' U.S. branches were deemed incorrect, as the observed decrease in their reserves was a natural outcome of reduced arbitrage activities rather than a liquidity shock [12]. 8. **Liquidity Definition**: Liquidity refers to the ease with which economic entities can obtain cash, and a liquidity crisis occurs when institutions struggle to access necessary cash [13][14]. 9. **Comparison of Liquidity Events**: The liquidity crisis in March 2020, triggered by the pandemic, was characterized by widespread asset sell-offs and a significant rise in the dollar's value, contrasting with the more contained liquidity pressures observed in recent months [17][18]. 10. **Future Repo Market Outlook**: The repo market's liquidity pressure is expected to ease, contingent on the reopening of the government and potential court rulings affecting TGA balances. The Fed may also consider resuming asset purchases if repo rates continue to rise significantly [21][22]. Other Important but Overlooked Content - **Arbitrage Mechanisms**: In normal conditions, the tri-party repo rate should lie between the Fed's overnight reverse repo rate (3.75%) and the standing repo facility rate (4%), ensuring that money market funds earn more than depositing with the Fed [5][6]. - **Market Resilience**: Recent fluctuations in the repo market have not significantly impacted broader asset classes, indicating a degree of resilience in the financial system [19]. - **Dollar Strength**: The recent strength of the dollar is attributed to various factors, including the Fed's stance on interest rates and positive economic data, rather than a direct liquidity crisis [24].

Core Viewpoint - The Federal Reserve's future interest rate cut path has become uncertain, with predictions suggesting no further cuts during Chairman Powell's term until May 2026 [2][3]. Group 1: Interest Rate Predictions - Bank of America predicts that the FOMC will not lower interest rates again before Powell's term ends in May 2026, contrasting with market expectations for a December rate cut [2][3]. - The probability of a 25 basis point rate cut in December is currently at 66.9%, while the probability of maintaining the current rate is 33.1% [2]. - The overall economic forecast from Bank of America is more hawkish, expecting the federal funds rate to remain between 3.75% and 4.0% until late 2025, with potential cuts starting in mid-2026 [5]. Group 2: Economic Data and Market Conditions - The ongoing government shutdown has delayed the release of key economic data, including the October CPI report, creating uncertainty for the Fed and investors [4]. - Alternative data suggests a cooling labor market without severe deterioration, providing justification for the Fed to pause rate cuts [4]. - Recent statements from Fed officials lean towards a hawkish stance, with concerns about inflation remaining high [4]. Group 3: Financial Stability Risks - The Fed's latest financial stability report highlights policy uncertainty as a primary risk to the U.S. financial system, with 61% of surveyed market participants identifying it as a top concern [7]. - Geopolitical risks have gained attention, with 48% of respondents mentioning it, up from 23% in the spring survey [7]. - Concerns regarding AI as a financial stability risk have increased significantly, with 30% of respondents identifying it as a potential shock in the next 12 to 18 months [8]. Group 4: Liquidity Issues - The U.S. Treasury's upcoming bond auctions and corporate debt issuances are expected to test market liquidity significantly [9]. - Recent indicators show a liquidity crisis in the U.S. financial system, with the secured overnight financing rate (SOFR) spiking [9][10]. - The Treasury General Account (TGA) balance has surged due to the government shutdown, exacerbating liquidity issues [10].

Group 1 - A significant wave of U.S. Treasury bond issuance is set to impact the market next week, with the Treasury planning to auction a total of $125 billion in various maturities [2][3] - The upcoming bond supply coincides with a critical liquidity indicator in the U.S. money market, which is already under pressure due to the government shutdown that has led to a significant cash hoarding by the Treasury [2][4] - The Treasury aims to refinance maturing debt and raise approximately $26.8 billion in new funds from private investors through this issuance [3] Group 2 - The bond auctions will occur in a compressed trading week due to the Veterans Day holiday, raising concerns about market liquidity [3][10] - Recent financial indicators have shown a severe liquidity crisis in the U.S. financial system, with key metrics signaling a tightening environment [4][5] - The Treasury General Account (TGA) balance has surged over $700 billion in the past three months, contributing to the liquidity strain, as it has increased from around $300 billion to over $1 trillion since July [7][9]

这场即将到来的发债潮，恰逢美国货币市场关键流动性指标"告急"。由于美国政府停摆迫使美国财 政部囤积现金，市场流动性已被大幅抽干，其效果堪比多次加息，这使得任何新增的资金需求都可 能放大市场的波动性与风险。 天量美债来袭，考验市场承压能力 根据美国财政部的季度再融资计划，下周将迎来密集的国债拍卖。具体的发行安排： 来源|华尔街见闻 一场大规模的美债发行潮下周即将冲击市场。 刚刚过去的一周，科技巨头市值蒸发近万亿美元，拖累纳指创下七个月来最大单周跌幅。市场对高 估值的担忧、疲软的经济信号以及消费者信心的下滑，共同构成了这轮抛售的背景。 雪上加霜的是， 美国财政部计划下周拍卖总计1250亿美元的各期限国债。此外，市场预计还将迎 来约400亿美元的投资级公司债发行。在一个因假期而缩短的交易周内，如此集中的债券供应将对 市场流动性构成重大考验。 该部门计划在12月份小幅减少短期国债发行量，预计到1月中旬美债拍卖规模将再次上升。 "隐形紧缩"：流动性警报早已拉响 下周的国债发行之所以备受关注，是因为它将冲击一个早已脆弱的流动性环境。 华尔街见闻此前提及，近期美国金融系统的多项关键指标已全线告急，显示市场正面临一场日益严 ...