Fed Rate Cut Fuels Market Rally Amidst Valuation Fears
Fed Rate Cut Fuels Market Rally Amidst Valuation Fears
Nonetheless, inflated valuations are emerging as a substantial hurdle, leaving little Wall Street is rejoicing as the Federal Reserve's half-point rate cut triggers a market rally, even amidst rising apprehensions about inflated valuations.
隨着聯儲局半個百分點的減息引發市場的上漲，華爾街正感到欣喜，即使在對高估值持續增加的擔憂之際。
What Happened: The Federal Reserve's lenient approach has uplifted the economic forecast, resulting in a jump in U.S. stocks and commodities, and a reduction in bond market volatility.
發生了什麼:聯儲局寬鬆的態度提振了經濟預測，導致美國股票和大宗商品飆升，債券市場的波動性降低。
The Nasdaq 100 experienced its most significant two-week surge since November, dismissing worries that the Fed chief had postponed concluding a two-year fight against inflation.
納斯達克100指數經歷了自11月以來最顯著的兩週漲幅，排除了對聯儲局主席已推遲了兩年的抗擊通脹的擔憂。
Nonetheless, inflated valuations are emerging as a substantial hurdle, leaving little margin for mistakes if any event disrupts investors' large-scale bets, reports Bloomberg.
然而，通貨膨脹的估值正成爲一個重大障礙，如果任何事件打亂投資者的大規模投注，將留下很少的錯誤空間，彭博報道。
A model adjusting S&P 500 earnings yields and 10-year Treasury rates for inflation suggests that cross-asset pricing is now higher than at the commencement of all previous 14 Fed easing cycles, typically linked with recessions.
一個模型調整標準普爾500指數的收益率和10年期國債收益率以衡量通脹，表明跨資產定價現在高於聯儲局先前14次寬鬆貨幣政策啓動時的水平，通常與經濟衰退相關。
Lauren Goodwin, economist and chief market strategist at New York Life Investments, cautions that while high prices are just one factor contributing to a multifaceted market environment, they amplify market vulnerability if any other aspect goes awry.
紐約人壽投資首席市場策略師、經濟學家Lauren Goodwin警告說，儘管高價只是導致市場脆弱的衆多因素中的一個，但如果其他任何方面出現問題，它們會放大市場的脆弱性。
U.S. stocks surged, propelling the S&P 500's total return for 2024 above 20%. The index leaped 1.7% on Thursday, marking its 39th record close of the year, following the Fed's rate cut and data indicating labor market resilience.
美國股市飆升，推動標準普爾500指數2024年的總回報率超過20%。該指數週四飆升1.7%，標誌着該年度第39次創紀錄收盤，此前聯儲局減息和表明勞動力市場具有韌性的數據。
However, many stock-valuation measures are stretched, including the Buffett indicator, which divides the total market capitalization of U.S. stocks by the total dollar value of the nation's GDP. This indicator is near a record high, at a time when Warren Buffett has recently downsized some high-profile equity holdings.
然而，許多股票估值指標都呈現過高，包括巴菲特指數，該指數將美國股票的總市值除以國內生產總值。在禾倫•巴菲特最近縮減了一些備受矚目的股票持股時，該指數接近歷史高位。
Why It Matters: Despite these concerns, the rally in U.S. stocks persists, justified by earnings growth keeping pace with high valuations.
爲什麼這很重要：儘管存在這些擔憂，美國股市的上漲仍在持續，這得益於盈利增長與高估值的保持同步。
However, the potential for disappointment is high in the Treasury market, where futures trading continues to anticipate more interest-rate cuts than Fed policymakers themselves see as likely over the next year.
然而，在國債市場上，失望的可能性較高，因爲期貨交易仍在預期未來一年的利率削減次數超過聯邦儲備委員會政策制定者的預期。
This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
這一內容部分藉助於本賽思神經和本賽思編輯審核並發表。