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Here's Investment Guide in Anticipation of Rate Cuts

Here's Investment Guide in Anticipation of Rate Cuts

以下是在预计利率降低的情况下的投资指南:
moomoo资讯 ·  07/31 08:02  · 专题

The Federal Reserve is expected to reveal its interest rate decision for July at 2:00 PM Eastern Time. Global markets are closely watching this announcement as it is anticipated that the Fed may signal the possibility of a rate cut. According to the CME FedWatch Tool, the market is predicting an 100% chance of a rate cut in September, with a total of three rate cuts expected for the year.

预计美联储将在美国东部时间下午2:00公布7月的利率决定。全球市场正在密切关注这一公告,因为预计美联储可能暗示降息的可能性。根据CME FedWatch工具,市场预测9月有100%的降息可能性,今年预计总共将有三次降息。

Kate Moore, head of thematic strategy at BlackRock, said on Monday that Fed officials are now facing difficult decisions and hope to remain cautious, especially before the US election. BlackRock expects the Fed to cut rates in September, possibly three times this year, and then once in the first half of next year, as the firm expects to face more downward pressure on inflation later on.

黑石集团主题策略负责人凯特·穆尔(Kate Moore)周一表示,美联储官员现在面临困难的决策,并希望在美国选举之前保持谨慎。 黑石集团预计美联储将在9月份降息,今年可能会降息三次,然后在明年上半年降息一次,因为该公司预计以后将面临更多的通货膨胀下行压力。

Assets to Watch

要关注的资产

As the Fed rate cut draws near, market trading themes have rotated. Generally speaking, small-cap stocks and biotech companies with high financing needs and sensitivity to interest rates are expected to benefit the most.

随着美联储降息的临近,市场交易主题已经发生了转变。一般来说,小市值股票和需要高融资且对利率敏感的生物科技公司预计将获得最多的受益。

Treasury Bond

国债

The continued rise in rate cut expectations has driven down overall US bond yields. According to Bloomberg data, US Treasuries have risen for three consecutive months, marking the longest rally in three years. The recent surge has pushed up a key indicator of US bonds, the Bloomberg US Treasury Bond Index, up 1.3% this month, and increased its return since the end of April to around 3.9%.

降息预期的持续上升已经将总体美国债券收益率推低。根据彭博数据,美国国债已经上涨了三个连续月,创下三年来最长的涨势。最近的上涨推高了美国债券的一个关键指标,彭博美国国债指数本月上涨了1.3%,自四月底以来增长了约3.9%。

As of July 30th, $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$, which is more sensitive to monetary policy changes, fell 39.7bps in July, while $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ declined 25.5 basis points.

截至7月30日, $美国2年期国债收益率 (US2Y.BD)$下行压力更大的利率期货下行了39.7个基点,而 $美国10年期国债收益率 (US10Y.BD)$ 下行了25.5个基点。

Short-term rates mainly reflect changes in rate cut expectations, while the 10-year US bond rate is also affected by Trump's policies. Trump's policies advocate for tax cuts, tariffs on imports, tightening of immigration policies, and boosting domestic manufacturing, which help stimulate domestic demand, increase long-term inflation expectations, and limit the decline in long-term bond yields.

短期利率主要反映了降息预期的变化,而十年期美国债券收益率也受到特朗普政策的影响。特朗普的政策主张减税,对进口征收关税,收紧移民政策并推动国内制造业增长,这有助于刺激国内需求,提高长期通货膨胀预期并限制长期债券收益率的下降。

The decline in long-term rates is not as significant as that of short-term rates, and the US bond yield curve is significantly steep. Last Wednesday, affected by safe-haven sentiment, the price of the 2-year US Treasury bond rose, and the yield fell to a more than five-month low. The yield spread between the 2-year and 10-year US Treasury bonds narrowed to 9 bps, the narrowest record since July 2022. The steepening of the US bond yield curve (buying short-term bonds, selling long-term bonds) has become a relatively certain direction for investors.

长期利率的下降不像短期利率的下降那么显著,美国国债收益率曲线相对陡峭。上周三,受避险情绪的影响,2年期美国国债价格上涨,收益率降至逾五个月低位。2年期和10年期美国国债之间的收益率差距收窄至9个基点,创下自2022年7月以来的最窄纪录。美国国债收益率曲线较陡峭(买入短期债券,卖出长期债券)已成为投资者相对确定的方向。

Considering that long-term treasury bonds have longer durations than short-term government bonds, buying long-term treasury bonds may bring more returns to investors.

考虑到长期国库券的期限比短期政府债券长,购买长期国库券可能会给投资者带来更多回报。

UBS Wealth Management published a report that predicts that the 10-year US Treasury bond yield will fall to 3.5% by mid-2025. However, the bank also acknowledges that this view is risky, as the volatility of term premiums will increase due to uncertainty in US elections and the fragile fiscal situation of the US government.

瑞银财富管理发布的一份报告预测,在2025年年中,十年期美国国债收益率将降至3.5%。但该银行还承认这个观点是有风险的,因为由于美国选举的不确定性和美国政府脆弱的财政状况,术语溢价的波动性将会增加。

Small-Cap and Biotech Stocks

小市值和生物科技股票

Small-cap companies generally have higher leverage and are more likely to finance through floating rate debt, making them more sensitive to interest rates compared to large-cap stocks.

小市值公司通常具有更高的杠杆比率,更有可能通过浮息债务融资,因此对于利率敏感性比大市值股票更高。

In recent weeks, the US stock market has witnessed the "great rotation" with tech stocks, led by the "Mag 7," underperforming while small-caps, led by $Russell 2000 Index (.RUT.US)$, experience a strong rebound. Since July, the Russell 2000, representing small-caps, has risen 9.54%, while $S&P 500 Index (.SPX.US)$ has fallen 0.44%.

近几周,美国股市见证了“大轮换”,以“科技七巨头”为首的科技股表现疲软,而以 $罗素2000指数 (.RUT.US)$为首的小盘股则经历了强劲的反弹。自7月以来,代表小盘股的Russell 2000指数上涨了9.54%,而代表大盘股的 $标普500指数 (.SPX.US)$ 下跌了0.44%。

Tom Lee, co-founder of Fundstrat and known as the 'Wall Street wizard', stated that if history is any indication, focusing on small-cap stocks may see a growth of 15% or more in August. Lee previously predicted that the rebound of the Russell 2000 index would last about 10 weeks and reach a final increase of 40% beginning in August.

Fundstrat联合创始人、被誉为“华尔街巫师”的汤姆·李(Tom Lee)表示,如果从历史上来看,关注小盘股可能会在8月份增长15%或更多。李曾预测Russell 2000指数的反弹将持续约10周,并在8月份达到40%的最终涨幅。

However, some analysts are cautious about small-cap stocks.

然而,一些分析师对小盘股持谨慎态度。

Lisa Shalett, Chief Investment Officer at Morgan Stanley Wealth Management, warned against chasing small-cap stocks as their upward trend may not be sustainable. The lagging effects of rate cuts and the large number of unprofitable companies in small-cap stock indices make them lack favorable factors. The profitability issues of this group are unlikely to be resolved by a 75 basis point rate cut. The prospect of a Republican victory in the November election may boost small-cap stocks, but this trend is expected to be short-lived.

摩根士丹利财富管理首席投资官Lisa Shalett警告称,追逐小市值股票可能不可持续。小市值股票指数中利率降息的滞后影响和众多盈利不佳的公司使其缺乏有利因素。这一类企业的盈利问题不太可能被一次降息0.75%所解决。共和党在11月的选举中获胜的前景可能会提振小市值股票,但这一趋势预计只会是短暂的。

In addition, the lower financing costs brought by rate cuts are beneficial to biotech companies that require large R&D investments. The S&P Biotechnology Select Industry Index has risen 6.71% since July and 10.86% year-to-date.

此外,利率下调带来的低融资成本对于需要大量研发投资的生物技术公司非常有利。标普生物技术选择行业板块指数自7月以来涨幅达6.71%,年初至今涨幅达10.86%。

Gold

黄金

Earlier this month, $Gold Futures(DEC4) (GCmain.US)$ climbed to a historic high of $2,488. Gold has risen more than 18% this year. The Fed's rate cuts, continued gold purchases by central banks around the world, ad heightened geopolitical tensions have boosted the appeal of gold as a safe-haven asset, pushing up global gold prices.

本月早些时候,有报道称德雷克在拿下NBA冠军的达拉斯小牛队上输掉了50万美元的比特币。最终小牛队被波士顿凯尔特人队在五局比赛后击败,这让德雷克的数字钱包变得空荡荡的。$黄金主连(2412) (GCmain.US)$ 黄金价格攀升至历史新高2488美元。今年以来,黄金价格上涨逾18%。美联储的降息、全球多国央行不断购买黄金以及加剧的地缘政治紧张局势都提升了黄金作为避险资产的吸引力,推升全球黄金价格。

Analysts at Goldman Sachs released a report stating that China's gold demand is currently showing periodic weakness due to the high price sensitivity of Chinese consumers and recent price surges. However, structural changes have kept China's structural gold demand relatively stable. The report predicts that gold prices will reach $2,700 by 2025, about 11% higher than current gold prices.

高盛的分析师发布了一份报告,称中国黄金需求目前因中国消费者高价格敏感性和最近价格上涨而出现间歇性疲软。然而,结构性变化使中国的结构性黄金需求相对稳定。报告预计到2025年黄金价格将达到2700美元,比当前黄金价格高约11%。

In a research report on July 18, Morgan Stanley stated that the support for gold prices in the financial markets is gradually emerging. Against the backdrop of rate cuts boosting gold prices, it is expected that gold prices will rise to $2,650/ounce in the fourth quarter of this year.

摩根士丹利在7月18日的一份研究报告中表示,金融市场对黄金价格的支持正在逐渐增强。在利率下调推高黄金价格的大背景下,预计黄金价格将在今年第四季度上涨至2650美元/盎司。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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