12月16日，知名宏观策略师Simon White在周一发布的一份报告中则认为，人们没有理由怀疑黄金的上 涨趋势无法延续——尽管其涨幅可能放缓。不仅如此，随着通胀环境加剧推动实物资产需求扩大，大宗 商品也有望加入这场盛宴。 White指出，"市场目前完全没有为通胀加速做好准备，但这可能正是我们即将面临的情况。随着市场不 仅对法定货币贬值风险进行对冲，还对金融体系本身的脆弱性进行对冲，黄金、白银和其他贵金属已经 带来了可观的回报。"White认为，明年大宗商品同样有望承担这一角色。其上涨空间甚至可能远超黄金 ——因为即使只从规模庞大得多的股票和债券市场中撤出极小一部分资金进行重新配置，也将如同将消 防水带接入吸管般汹涌。如果说2025年属于黄金，那么2026年则极可能将是大宗商品之年。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 ...

12月12日，本周，在美联储宣布一系列决议后，知名做空投资者、素有"大空头"之称的迈克尔·伯里再 度剑指美联储称，他在这其中发现了美国金融系统出现问题的另一个迹象。他最新警告称，美联储重启 购买短期国债的举动，与其说是为了稳定，不如说是因为金融体系越来越依赖美联储的支持。 责任编辑：栎树 美联储决定停止收缩资产负债表，并"持续"购买短期美国国债。在伯里看来，美联储必须提供这种支 持，是一个令人担忧的迹象。根据美联储最新的每周数据，美联储的储备金余额目前徘徊在2.8万亿美 元左右。"我想补充一点，如果没有美联储3万亿美元以上的储备/'生命支持'，美国银行体系就无法运 转，那不是强健的标志，而是脆弱的标志。所以我会说，美国银行业的衰落速度太快了。" 美股频道更多独家策划、专家专栏，免费查阅>> ...

Core Viewpoint - The Federal Reserve officials are increasingly concerned about the potential risks posed by private credit and its interconnectedness within the broader U.S. financial system, particularly in light of recent bankruptcies in the automotive sector [1] Group 1: Private Credit Risks - Federal Reserve Governor Cook emphasized the need to monitor unexpected losses in private credit and how they may spread to the wider financial system [1] - Cook's remarks align with concerns raised by fellow Federal Reserve Governor Barr, who views private credit as a potential risk area [1] Group 2: Hedge Funds and Market Vulnerabilities - Cook highlighted the expanding footprint of hedge funds in the U.S. Treasury market and the associated asset valuation levels as potential vulnerabilities [1] - Despite the high asset values, growth and complexity in the private credit market, and potential disruptions from hedge fund activities, the financial system is still considered resilient [1] Group 3: Technological Changes and Financial Stability - Cook noted that emerging vulnerabilities are occurring against the backdrop of significant technological changes, which could ultimately improve financial stability but also involve transitional challenges that require careful consideration [1]