具体来看，2025年前11个月，美国雇主累计裁员117.08万人，较2024年同期增长54%。仅11月单月裁员 7.13万人，为2022年以来同期最高，远超疫情前水平。 "滚动式裁员"：温水煮青蛙的威胁 Glassdoor首席经济学家丹尼尔·赵指出，实际裁员规模可能被低估。联邦JOLTS（编者注：职位空缺与 劳动力流动调查）数据显示，同期实际裁员人数约170万。他表示："裁员形态正在变化——过去是一次 性大规模裁员，如今则是频繁的小规模'滚动式裁员'。" 这一现象需结合2025年矛盾的经济信号理解：一方面，人工智能泡沫与就业焦虑并存；另一方面，"可 负担性"政治议题折射出底层工人的不满。企业财报亦揭示出"K型经济"（编者注：高收入与低收入群 体分化加剧的经济结构）特征——最富裕的10%人群贡献近半消费，而低收入者愈发拮据。 摩根士丹利分析师迈克·威尔逊认为，2025年经济先经历"滚动式衰退"，随后自4月起开启"滚动式复 苏"。但高盛与美银分析师指出，当前复苏仅体现在金融层面：股价与利润飙升，白领岗位需求却持续 萎缩。随着"永久裁员潮"愈演愈烈，一个"无就业增长"的时代以及流程优于人力的趋势，正逐渐显现。 20 ...

1. 12月8日(周一)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.02%，标普500指数期货跌0.08%，纳指期 货跌0.24%。 | = US 30 | 47,963.60 | 47,988.50 | 47,897.00 | +8.60 | +0.02% | | --- | --- | --- | --- | --- | --- | | = US 500 | 6,875.90 | 6,885.50 | 6,863.00 | +5.50 | +0.08% | | 틀 US Tech 100 | 25,753.10 | 25,784.80 | 25,662.00 | +61.00 | +0.24% | 2. 截至发稿，德国DAX指数涨0.17%，法国CAC40指数跌0.17%，英国富时100指数涨0.17%，欧洲斯托克50指数跌 0.02%。 | 德国30 | 2025年12月 | 24,101.80 | 24,116.00 | 24,009.30 | +39.80 | +0.17% | | --- | --- | --- | --- | --- | --- | --- | | 法国40 | 20 ...

Group 1 - Morgan Stanley suggests that if the Federal Reserve's actions do not meet investor expectations, the market may face volatility risks [2] - The S&P 500 index has rebounded over 30% since early April, driven by reduced uncertainty regarding White House policies and optimism surrounding the AI boom [2] - A new round of looser monetary policy has contributed to market performance, with expectations of a 50 basis point rate cut by the Federal Reserve this year [2] Group 2 - Morgan Stanley's report indicates that the current U.S. economy may not require significant rate cuts, as the "rolling recession" has ended and the economy is transitioning to an early cycle recovery [2] - Analysts are revising corporate earnings expectations upward, aligning with improvements in indicators like the ISM Purchasing Managers' Index [2] - The report highlights that the Federal Reserve's current level of policy easing is below typical standards due to the labor market not deteriorating and inflation remaining above the 2% target [2] Group 3 - The report warns of short-term risks in the stock market if the Federal Reserve recognizes the dynamics of the current economic recovery and decides against substantial rate cuts [2] - The tightening liquidity environment, driven by the Federal Reserve's quantitative tightening and large-scale bond issuance by the U.S. Treasury, is contributing to market liquidity pressures [3] - Morgan Stanley anticipates that signs of liquidity stress may first appear in the widening spread between secured overnight financing rates (SOFR) and federal funds rates [3]

Core Viewpoint - Morgan Stanley suggests that if the Federal Reserve's actions do not meet investor expectations, the market may face volatility [2][3]. Group 1: Market Performance - On Monday, the three major U.S. stock indices reached new historical highs, with the S&P 500 rebounding over 30% from its low in early April [2]. - The market's recovery is attributed to reduced uncertainty regarding White House policies and sustained optimism surrounding the artificial intelligence boom [2]. Group 2: Monetary Policy and Economic Outlook - The Federal Reserve announced a restart of interest rate cuts, with the market pricing in a potential 50 basis point cut this year, and the federal funds rate expected to drop to around 3% by the end of next year [2]. - Morgan Stanley's equity strategy team, led by analyst Michael Wilson, believes that the current U.S. economy may not require such significant rate cuts, indicating a transition to an early-cycle recovery phase with potential for corporate earnings growth to exceed expectations [2][3]. Group 3: Risks and Liquidity Concerns - The report highlights that the current economic conditions do not warrant extensive monetary easing, as the labor market has not deteriorated significantly and inflation remains above the 2% target set by the Fed [3]. - Wilson warns that if the Fed recognizes the dynamic nature of the current "rolling recovery" and decides against substantial rate cuts, it could lead to disappointment in the market, which has already priced in more aggressive easing [3]. - The tightening liquidity environment, driven by the Fed's quantitative tightening and large-scale bond issuance by the U.S. Treasury, may exacerbate market risks [3][4]. Group 4: Indicators to Watch - Signs of liquidity pressure may first appear in the widening spread between the Secured Overnight Financing Rate (SOFR) and the federal funds rate [4]. - Traders are advised to monitor the Bank of America Merrill Lynch MOVE index, which measures expected volatility in U.S. Treasury bonds; a significant rise in this index could indicate growing tension in the bond market [4].

Group 1 - The core viewpoint is that the market may face risks due to liquidity pressures amidst rising expectations for monetary easing [1][2] - Morgan Stanley suggests that if the Federal Reserve's actions do not meet investor expectations, the market could experience volatility [2] - The S&P 500 index has rebounded over 30% since early April, driven by reduced uncertainty regarding White House policies and optimism surrounding artificial intelligence [2] Group 2 - The Federal Reserve has announced a restart of interest rate cuts, with the market pricing in a potential 50 basis point cut this year, and the federal funds rate expected to drop to around 3% by the end of next year [2] - Morgan Stanley's report indicates that the current U.S. economy may not require significant rate cuts, as the labor market has not deteriorated to a level necessitating strong stimulus [2] - The report highlights that the dual mandate of the Federal Reserve has not reached a point that would typically warrant substantial easing, as inflation remains stubbornly above the 2% target [2][3] Group 3 - The deterioration of the liquidity environment may exacerbate market risks, with the Federal Reserve continuing its quantitative tightening (QT) while the U.S. Treasury is issuing bonds at a large scale [3] - Morgan Stanley anticipates that signs of liquidity pressure will first manifest in the widening spread between the Secured Overnight Financing Rate (SOFR) and the federal funds rate [3] - The Bank of America Merrill Lynch MOVE index, currently at 72.5, is close to a four-year low, and a significant rise in this index could indicate increasing tension in the Treasury market [3]