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美联储降息后前景依旧不明!这一资产成为华尔街“新宠”
Jin Shi Shu Ju· 2025-09-22 00:46
Group 1 - Bond fund managers at firms like BlackRock and PGIM are focusing on trades that may yield returns even if the Federal Reserve's path deviates due to economic surprises [1] - The Fed's first rate cut in nine months has provided solid returns, leading to the largest annual gain in the U.S. Treasury market since the pandemic [1] - The belief in purchasing intermediate U.S. Treasuries has strengthened, as these bonds offer interest payments and are less affected by rapid economic changes [1][2] Group 2 - The Fed's recent rate cut of 25 basis points was characterized as "risk management," with indications of potentially two more cuts this year [2] - The current dynamics favor the "belly" of the yield curve, particularly bonds with around five-year maturities, which have shown strong performance [2][3] - The updated rate forecasts from the Fed indicate a wide divergence of opinions among officials, with expectations of continued rate cuts in upcoming meetings [4] Group 3 - The strategy of investing in bonds with positive carry and rolling yield is seen as ideal for bond investors [3][4] - Current market pricing may be more accurate than the Fed's predictions, suggesting potential for further gains in the bond market [4] - The Eaton Vance Strategic Income Fund, managed by Morgan Stanley, has achieved a return of 9.5% this year, outperforming 98% of its peers, indicating a selective market ahead [4]