Group 1 - The market is currently experiencing volatility, with fluctuations driven by external factors and investor sentiment [1][3] - Despite the perception of a declining market, data shows that more stocks have risen than fallen in May, indicating underlying strength [4][6] - The current market environment is characterized by high uncertainty, leading to increased volatility and difficulty for investors to make informed decisions [8] Group 2 - Understanding the movements of institutional investors is crucial for navigating the market effectively [9][11] - Institutions often engage in tactics such as "shakeout" to create panic among retail investors, allowing them to accumulate shares at lower prices [12][15] - The market does not simply repeat past patterns; current conditions differ significantly from previous downturns, suggesting a more strategic approach is needed [16] Group 3 - Key strategies for investors include focusing on individual stocks rather than indices, adapting to market fluctuations, and closely monitoring institutional investor behavior [16]

美联储洛根：不确定性和市场波动可能导致消费者减少支出。 ...

Core Viewpoint - The global central banks must respond "relatively strongly" when inflation deviates from targets, focusing on avoiding measures where "the cost of errors far exceeds the benefits" rather than seeking perfect solutions [1] Group 1: Central Bank Responses - Central banks need to avoid allowing inflation expectations to deviate from their targets, as persistent inflation could become permanent [1] - It is crucial for central banks to anchor long-term inflation expectations and ensure short-term expectations perform well to bring public perception of future price trends back to target levels within "a few years" [1] Group 2: Economic Impact of Trade Policies - President Trump's comprehensive tariffs and erratic trade policies complicate the Federal Reserve's task of controlling inflation while avoiding excessive cooling of the already impacted U.S. economy [2] - The Federal Reserve has maintained the policy interest rate at 4.25%-4.50% since December, awaiting clearer information on the economic and price impacts of Trump's tariffs [2] Group 3: Market Stability - Despite significant market shocks and volatility following Trump's announcement of comprehensive tariffs, there has not been a "collapse" in the financial markets [2] - There has been substantial capital flow between buyers and sellers, indicating that the market is functioning well [3] - The level of reserves in the U.S. is deemed "clearly sufficient," providing a buffer against unforeseen shocks [3]

Group 1 - The annual meeting of global central banks in Tokyo will focus on "new challenges in monetary policy," addressing weak economic growth and persistent inflation pressures [1][2] - The meeting will feature key speakers including Kazuo Ueda, the Governor of the Bank of Japan, and Agustin Carstens, General Manager of the Bank for International Settlements [1][2] - The discussions will center around the impact of tariffs on economic downturn risks, particularly influenced by U.S. policies under President Trump [2][4] Group 2 - Central banks are facing intertwined pressures from sustained inflation, economic downturn risks, and market volatility, with a particular focus on the implications of U.S. tariffs [2][4] - The Bank of Japan is maintaining a gradual rate hike path, but recent global economic changes have raised doubts about its tightening pace [2][7] - The meeting will also address the effectiveness and limitations of unconventional monetary tools used during economic downturns [3] Group 3 - The Federal Reserve is currently in a "wait-and-see" mode, as rising tariffs are expected to push inflation higher, complicating its policy decisions [4][5] - European Central Bank officials are considering pausing further easing measures due to re-emerging inflation pressures, despite plans for a rate cut in June [6] - The Bank of Japan has lowered its growth forecast due to U.S. tariffs and is signaling a potential pause in its rate hike cycle, while still aiming for a core inflation target of 2% [7]

周四，美国国债收益率飙升至近年来高位，主要受美国债务激增和近期债券拍卖需求疲弱的影响。30年 期国债收益率突破5.10%，10年期收益率达到4.6%，反映出投资者在财政风险加剧背景下对更高回报的 需求。 美国10年、20年及30年期国债收益率曲线| 图表来源：TradingView 截至2025年5月22日，美国国债收益率： ·10年期收益率：4.6%； 2024年美国债务占GDP比率| 数据来源：FiscalData美国政府 ·20年期收益率：5.109%； ·30年期收益率：5.10%。 本周早些时候，美国财政部20年期国债拍卖需求疲软，需提供5.047%的收益率才能吸引买家，显示出 随着穆迪将美国信用评级从AAA下调至AA1，市场信心低迷、信用风险上升。 美国财政挑战日益严峻 2025年，美国约有9.2万亿美元国债到期，约占所有流通市场债务的三分之一，其中预计有55%至60%的 债务将在2025年7月之前到期。 根据FiscalData.Treasury.gov数据，截至2025年5月，美国国债总额约为36.21万亿美元。2025财年，利息 支出预计约为6840亿美元，占联邦政府总支出的16%。 预计到 ...

金十数据5月19日讯，London Capital Group分析师Matt Basi在一份报告中表示，穆迪评级公司将美国的 信用评级从Aaa调至Aa1，在经历了4月份的混乱之后，这可能令5月份相对平静的市场重新陷入波动。 穆迪下调美国信用评级后，市场波动可能卷土重来 ...

北京时间18日晚间消息，美国财长斯科特·贝森特（Scott Bessent）回应穆迪下调美国信用评级称，他不太相 信穆迪，穆迪评级"落后于指标"。贝森特称，美国GDP增长速度将超过债务增长速度。 关于关税，贝森特表示，会达成很多地区性的协议。贝森特称，美国正将关税讨论集中在18个关键贸易伙伴 上。贝森特还表示，他周六确实与沃尔玛首席执行官麦克米伦进行了交谈，沃尔玛将承担部分关税。 而关于美联储的立场，贝森特表示："美联储并未断言关税会导致通胀，他们只是说不确定，目前处于观望模 式。" 值得关注的是，近期，随着贸易紧张局势的缓和，美股持续反弹，不过也有华尔街分析师发出警告称，反弹可 能过度。到目前为止，贸易框架还远未达成协议。如果没有具体的贸易解决方案，市场波动可能会再次出现。 美国财长发声 贝森特声称，降级与拜登政府的支出政策有关，该政府曾将其吹捧为对优先事项的投资，包括应对气候变化和 增加医疗保险覆盖面。"我们不是在过去100天里陷入这种状况的。" 贝森特称，这是拜登政府及过去四年继承 的支出所致，"我们决心削减开支并推动经济增长"。 贝森特还透露，他周六与沃尔玛首席执行官道格·麦克米伦（Doug McMi ...

Group 1 - Berkshire Hathaway's Q1 2023 13F filing revealed a complete exit from Citigroup (14.63 million shares) and Nu Holdings, along with a reduction in Bank of America holdings (48.66 million shares) while maintaining its Apple position (300 million shares) unchanged [1] - The company significantly increased its stake in Constellation Brands by 6.38 million shares, representing a 113.5% increase, and also added 760,000 shares in Occidental Petroleum and 860,000 shares in Pool Corp [1] - Notably, Berkshire did not initiate any new positions in Q1 2023, raising concerns among market analysts regarding its investment strategy [1] Group 2 - As of March 31, 2025, Berkshire's cash, cash equivalents, and U.S. Treasury bills increased from $212.59 billion at the end of 2024 to $219.90 billion, representing an increase in the cash holding ratio from 42.77% to 44.29% of its insurance investment portfolio [3] - Market analysts, including Morgan Stanley's Chief Investment Officer Lisa Shalett, indicated that the slowdown in revenue growth among the "Magnificent Seven" tech stocks and broader earnings momentum could limit further market gains [3] - There are concerns that ongoing effects of Trump-era policies may lead to increased market volatility [3]

摩根大通CEO戴蒙：我预计市场波动将持续。 ...

"恐怖数据"+鲍威尔，今晚双重磅炸场 金十数据5月15日讯，美国4月零售销售报告将于北京时间20:30公布，市场预计数据将较上月持平，警 惕结果不及预期的风险。鲍威尔将于稍后的20:40在美联储ThomasLaubach研究会议上致开幕词，近期频 频遭到特朗普施压的鲍威尔又将传递什么信息？届时市场恐将出现剧烈波动，点击查看更多前瞻… 相关链接 ...