原创Zlr91联合｜一站式招商信息整合平台

　　BANDSFinANCialZlr91联合｜一站式招商信息整合平台

　　磐石金融有限公司（ BANDS FinANCial Limited ）在香港注册成立，是一家持有香港证监会（SFC）2号牌照的期货经纪公司，业务涉及中国以外全球大部分活跃期货及期权市场。Zlr91联合｜一站式招商信息整合平台

　　The US equity “it could have been worse” rally of Wednesday evaporated yesterday. With little or no fresh NEWS investors concluded that the Fed was hawkish after all. It was an expensive, short and somewhat brutal trip on the investment roller-coaster of up 5% then down again. But this morning we find US equity markets have returned to Trading around the lows of Wednesday. Perhaps investors have finally come to terms with the fact the punchbowl is gone. The party-goers who were dependent on cheap money must put on their coats and go home and as they step outside, they may sense the sharp recessionary nip in the air. Disillusioned, for them there is nothing to do except deal with what‘s next, the starting point of which, is risk aveRSIon.Sharp-eyed investors will have noticed during yesterday’s Trading as equity markets fell bonds fell also, breaking their usual inverse relationship, and pushing interest rates higher. The US 10-year rate traded to a 3.11% high and is currently Trading around 3.08%, while the DXY the USD index hit a fresh 20-year high. In the past 30 years, a synchronised sell-off in both bonds and stocks is an unusual experience but is very familiar for students of the economics of the 1970‘sThe 1970’s were a point where real-world concerns overran carefully constructed expectations. Currently, the markets are concerned about the ongoing war in Ukraine, the associated energy price shock in Europe, the food price shock globally, and the lockdowns in China causing supply disruptions leading to the rollback of globalisation. All of which have inflationary aspects but none of which can be resolved by monetary policy. And here dear reader we have a problem. Those that work with interest rates, that have spent a lifetime Trading them or considering what they should be, generally like and admire them as a mathematician may admire an elegant solution as they discuss convexity, duration or bootstraPPIng. Interest rates don‘t actually exist in terms that you can go outside and use one, and that’s their attraction, they are intellectually pure. They are unsullied ethereal concepts, and as such these dreamers cannot fix real-world problems with them.Last year the Fed announced inflation was transitory, well looking back, it had to be, because prior to that they thought it was dead. So, now we have inconvenient “real world” inflation and the possibility to fall into a recession that doesn‘t actually suppress inflation. Yes, that is 1970’s style stagflationYesterday, or perhaps the day before, the total number of coronavirus related deaths in the US surpassed 1 million. It‘s a sobering statistic. I’m asked almost every day when will the Chinese lockdown end. I don‘t know, I only know today is my 50th day. I don’t have a target as to an end date, as I do know that China has no latitude to take on a similar human toll.Zlr91联合｜一站式招商信息整合平台

　　Have a good weekend Regards JohnZlr91联合｜一站式招商信息整合平台