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美债收益率创逾20年新高,市场定价年内加息三次

Higher Bond Yields Mark a Return to Normal

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美债收益率突破关键点位且市场已定价激进加息预期,直接影响全市场估值与流动性逻辑;关注其对宏观资产配置的指引意义。

On Thursday, yields on the longest dated US bonds rose to the highest level in more than two decades. Bond volatility has left traders unwilling in some cases to make riskier bets with concerns about high inflation and government spending running rife. Financial markets are now pricing at least three Fed rate hikes over the next year. For more on this, we're joined by Barry Ritholtz, founder of Ritholtz Wealth Management, of course, the host of Masters in Business.

周四,期限最长的美国国债收益率升至二十多年来的最高水平。债券波动性令交易员在某些情况下不愿进行风险更高的押注,因为对高通胀和政府支出失控的担忧普遍存在。金融市场目前至少定价了美联储在未来一年内加息三次。更多相关内容,我们邀请了 Ritholtz Wealth Management 创始人、《商业大师》主持人 Barry Ritholtz 做客节目。

Barry, great to see you once again. Let's start with the bond market. We'll get to stocks here in in just a minute. But when you look at the moves that we've seen, what what are they telling you? It just a few weeks back, there was kind of wider concern about how they're reflecting the state of the fiscal house, that The US has. How how do you read what's happening here? I'm not sure. Barry, can you hear us okay? Hear audio.

Barry,很高兴再次见到你。让我们从债市开始聊起。稍后我们会谈到股市。但回顾我们看到的走势,它们向你传递了什么信号?就在几周前,人们普遍担心这些走势反映了美国财政状况的现状。你如何解读这里正在发生的情况?我不确定。Barry,你能听到我们的声音吗?请听音频。

Alright. We'll fix that and get back to Barry in just a second. You know I do love talking about bonds. Thank you. Very much so. And I can tease that there's more of it coming up here later in the show. Maybe as we wait for Barry, we can go back to what we're talking about there. Alexis was talking about a moment ago, which is this conversation about AI and Bill Gates' sobering comments about humanity. You've been a lot of events on the sidelines of the UN this week.

好的。我们会解决这个问题,稍后马上回到 Barry。你知道我非常喜欢谈论债券。非常感谢。确实如此。我可以预告一下,节目中稍后还有更多关于债券的内容。也许在等待 Barry 的时候,我们可以回到刚才的话题。Alexis 刚才提到的是关于人工智能的讨论,以及比尔·盖茨对人类发出的令人警醒的评论。本周你在联合国活动的边缘参加了许多活动。

I have as well. I was really struck by how much this did rise to the floor. This was something that a lot of folks were talking about even as it was taking place in DC as well. It really did. Even, like, you know, casual coffees and off the record conversations, you know, you talk about the news of the day, and then everyone was talking about Iran. Think because, you know, all these officials are, most of them are parents, and they're really concerned about what this means for next generations to a point where, like, they're talking about it in a policy standpoint.

我也参加了。我真正震惊的是这个话题上升到了多么高的层面。即使是在华盛顿特区进行时,许多人都在谈论它。确实如此。比如,你知道,随意的咖啡时间和非正式对话中,你们会谈论当天的新闻,然后每个人都在谈论伊朗。我想这是因为,你知道,所有这些官员大多数都是父母,他们非常关心这对下一代意味着什么,以至于他们从政策角度来讨论这个问题。

I feel like that has happened very quickly in the last couple months. This has come to the forefront. Believe we have Barry Ritholtz back with us. Barry, was asking you before just sort of how you read the moves in the the bond market. If it's, you know, about growth, as Beth Hammack said, if it's about the prospect of growth, if it's about what the Fed's gonna do here, if it's about concern about the American fiscal house.

我觉得这在过去的几个月里发生得非常快。这已经走到了前台。相信我们再次请回了 Barry Ritholtz。Barry,之前我问过你,你是如何解读债市的走势的。如果像 Beth Hammack 所说,这是关于增长前景的,如果是关于美联储将采取的行动,或者是关于对美国财政状况的担忧。

How do you read what we're seeing here in the thirty year, the long end in particular? Sure. What what makes this so confusing to people is that there are several things that are somewhat contradictory happening at once. So when we had rates from the Fed at zero, when we had, gee, two almost 2.5 of of QE and ZERP, that's an abnormality. And what we're seeing since 2022, since rates began to normalize, is just simply going back to pre financial crisis levels.

你如何解读我们在三十年期、尤其是长端所看到的情况?当然。之所以让许多人感到困惑,是因为同时发生了几件有些相互矛盾的事情。当美联储利率为零时,当我们拥有大约两次2.5%的量化宽松(QE)和零有效下限政策(ZERP)时,那是一种异常状态。而自2022年以来,随着利率开始正常化,我们所看到的只是回归到金融危机前的水平。

So you go to the eighties and nineties, 7% mortgages and four and a half, 5% tenure was not aberrational. At the same time, there have been a series of, the most polite way I could describe it is self inflicted policy decisions. So tariffs are inflationary. War in The Middle East driving oil and diesel prices higher is inflationary. And all of that is combining with this normalization to not only make yields much, much higher, but just to do it so rapidly.

回到八十年代和九十年代,7%的抵押贷款和4.5%至5%的期限并非异常现象。与此同时,还有一系列……用我能想到的最委婉的说法是“自食其果”的政策决策。关税具有通胀效应。中东战争推高石油和柴油价格也具有通胀效应。所有这些与这种正常化相结合,不仅使收益率大幅上升,而且如此迅速地上升。

And so you have those two things happening at once, normalization and a series of policy factors that are driving, inflation and yields higher. That's that's why people are having a hard time wrapping their heads around it unless you're a yield investor, in which case, hey. You're finally getting paid to sit in fixed income. Okay. I am not even long time, I should say Yeah. Since they've had that that moment to, to embrace.

因此,这两件事同时发生:正常化以及一系列推动通胀和收益率上升的政策因素。这就是为什么人们难以理解这一点,除非你是收益投资者,在这种情况下,嘿,你终于因为持有固定收益资产而获得回报了。好的。我甚至不是长期持有者,我应该说,是的。自从他们有机会拥抱这一变化以来。

Well, that's what I was gonna ask. I mean, if people are used to this abnormal, almost artificially cheap credit and you have structured your investing or your business investments around that, how do you cope with this sudden spike in borrowing costs? How is it impacting businesses on on the front and the back end? Sure. So there's a couple of of approaches starting from the least aggressive to most aggressive. To to to begin with, you know, after 2022 and and looking at at bond prices today, you should be a little more comfortable with a little more duration.

嗯,这正是我要问的。我的意思是,如果人们已经习惯了这种异常的、几乎人为廉价的信贷环境,并且你的投资或商业投资都是围绕这一点构建的,你如何应对借贷成本的突然飙升?这对企业的前端和后端产生了什么影响?当然。所以有几种方法,从最不激进到最激进。首先,你知道,在2022年之后,看看今天的债券价格,你应该对稍长的久期更加舒适一些。

That's the easiest thing you could do. Go from five year average duration of bond portfolio to six and a half, seven, seven and a half. Secondly, because we've enjoyed not only four consecutive years of double digit equity growth, but really fifteen years of plus 15% a year, every time I look at a new portfolio, the many Americans are wildly overweighted in equity, which has been fantastic, especially during the past four years.

这是你可以做的最简单的事情。将债券组合的平均久期从五年增加到六年半、七年或七年半。其次,因为我们不仅享受了连续四年的两位数股票增长,而且实际上十五年来每年增长率超过15%,每次我看新的投资组合时,许多美国人在股票方面严重超配,这在过去四年里一直非常棒。

But if you're a traditional sixty forty or seventy thirty portfolio allocator and you look at your holdings and that has ballooned up to seventy seven thirty three or pick your favorite eighty twenty, pick pick whatever that allocation has moved out of whack, Well, the simple thing to do is to just rebalance, reweight back to where you were. And then if this is truly higher for longer and you're starting to concerned, be get concerned about the amount of risk in your portfolio, well, modest shifts, seventy five twenty five down to seventy thirty, along those weight lines on an allocation level makes sense for people, especially if you're older, if you're close to retirement, if you're really not making a panic decision about risk, but working with just the facts of your particular situation.

但如果你是传统的60/40或70/30资产配置者,审视你的持仓后发现其已膨胀至77/33,或者你偏好的80/20等比例失衡,那么最简单的做法就是重新平衡,将权重调回原位。如果这确实是‘更高更久’的局面,而你开始担忧投资组合中的风险水平,那么在配置层面进行适度调整,例如从75/25降至70/30,对人们来说是合理的,尤其是对于年长者、接近退休者而言,只要不是出于恐慌情绪做风险决策,而是基于自身具体情况务实应对的话。

Barry, help us navigate the the market psychology surrounding AI today and and over the last week. So we had met, of course, doing very well with the announcement of this this new device. At the same time, we've seen a lot of companies building data centers, pausing their IPOs, scaling back, kind of reflecting some of the nervousness that we've seen about AI more more broadly. What is your sense of sort of where things stand as as we're just talking about a moment ago?

Barry,请帮我们梳理当前及过去一周围绕AI的市场心理。我们此前因这款新设备的发布而表现良好。与此同时,我们看到许多公司在建设数据中心的同时暂停IPO、缩减规模,反映出大家对AI更广泛层面的紧张情绪。正如我们刚才所谈,你对目前形势的看法如何?

There is this kind of broader conversation happening, yes, among executives and world leaders, the rest of us about sort of what this is gonna what this is gonna notionally do here for the world going forward. Yeah. So, first, it's it's a tremendous technology when deployed correctly. And, you know, unfortunately, I see a lot of people using it kinda transactionally substituting for search as opposed to collaboratively.

是的,高管、世界领导人以及我们其他人之间正在进行这种更广泛的讨论,探讨这在概念上将对未来世界产生何种影响。没错。首先,当正确部署时,这是一项卓越的技术。不幸的是,我看到很多人将其作为交易性工具使用,用以替代搜索,而非协作式使用。

Hey. I don't wanna read this whole five volume set of books. Can you show me the best, data points within? And and now I'm gonna use that as the basis for further research. One of the ways I use it. So so it this constantly seems to get compared to the .coms. Mhmm. It it's nothing like the .coms, not only because of the revenue and profit picture. I think this is much more akin to the industrial revolution. It's gonna be that significant.

嘿,我不想读完这套五卷本的全部书籍,你能否为我展示其中最佳的数据点?然后我将以此为基础开展进一步研究。这是我使用它的方式之一。因此,它似乎总被拿来与互联网泡沫(.coms)比较。嗯哼。它与互联网泡沫毫无相似之处,不仅因为营收和利润前景不同。我认为它更接近工业革命,其影响力将同样巨大。

Now all that said, every time we have a new technology, it doesn't matter. Start you could go back to railroads or fiber optics in in the nineties or really everything in between, there's always a massive overallocation of capital as people try and choose the winners. And we know what happens. There will be winners. There will be losers. Whoever is a big winner today may not be a big winner tomorrow. Meta was a giant laggard, for a while.

话虽如此,每当新技术出现时,无论其背景如何——你可以回溯到九十年代的铁路或光纤,乃至其间的一切——总会伴随资本的过度配置,因为人们试图押注赢家。而我们知道结果会怎样:会有赢家,也会有输家。今天的巨头未必是明天的赢家。Meta曾一度严重落后。

Remember their whole, foray? The reason they even changed the name into Meta was right. Right. And that didn't work out. Forgot about the Metaverse, to be honest. I mean, it's literally in their name and their stock symbol, but you never know who the next great product company idea is gonna pop up. So what is Meta? Up 30% for the month, 11% for the week. It's the top of the Apple, App Store downloads. Yep. So so the the fascinating thing there is good for Meta.

还记得他们那次全面进军吗?他们甚至将公司名称改为Meta,原因正在于此。没错。但那次尝试并未成功。坦白说,元宇宙的事就翻篇吧。我的意思是,尽管‘元宇宙’ literally 出现在他们的名称和股票代码中,但你永远不知道下一个伟大的产品公司创意会从何处涌现。那么Meta现状如何?本月上涨30%,本周上涨11%。它在苹果应用商店下载量中位居榜首。是的。因此,这里有趣的一点是,这对Meta而言是利好消息。

The question is, who's the next company that's gonna pop up with this? Yep. How much staying power do they have here?

问题是,下一家凭借这一趋势脱颖而出的公司会是哪家?是的。它们在此能有多强的持久力?

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