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  金十数据

  让美国再次伟大?现在市场读出的,却是“卖出美国”。美股大跌,美元破位,美债收益率狂飙,“股汇债三杀”再度袭来。交易量低迷,散户孤身冲锋,大机构悄然“隐身”。

  周一美国再遭“股债汇三杀”。美国股市暴跌,三大股指收盘均跌超2%,美元指数一度跌破98关口,美国30年期国债收益率一度触及4.989%,10年期国债收益率一度突破4.4%。

  美国总统特朗普周一继续抨击鲍威尔,呼吁这位美联储主席降息。越来越多的迹象表明,特朗普的贸易战正在将美国经济推向衰退。特朗普在自己的社交媒体网站上表示,他赞成“先发制人地降息”,并任性地称美联储主席是“失败者”。

  华尔街警告称,“解雇鲍威尔”风波大举削弱了投资者信心,因为美联储的独立性长期以来一直被视为投资美国资产的关键保障。

  从上周开始,特朗普就接连“炮轰”鲍威尔,这引发了一个问题:美联储能否保持独立性,不受政治影响?这关乎人们对美国金融市场的信心。机构交易部联席经理JoeSaluzzi表示,“市场不希望美联储的独立性受到挑战。市场至少可以尝试预测一个独立的美联储会做什么。如果美联储独立性受到挑战,那么可能会做出更不稳定(不可预测)的决定。市场不喜欢不可预测性。”

  SchwabCenterforFinancialResearch首席固定收益策略师KathyJones则表示,特朗普可能会试图兑现他解雇鲍威尔的威胁,投资者不应排除这种可能性——此举可能会加剧美国国债和美元的抛售。

  VitalKnowledge分析师AdamCrisafulli写道:“投资者正面临一项新的宏观风险源,即特朗普威胁美联储独立性。这与贸易战密切相关,由于未来几个月关税可能推动通胀飙升,鲍威尔和其他官员被迫按兵不动,哪怕市场已经剧烈波动、经济下行风险上升。”

  Crisafulli还表示:“美股、美元和美债同时下跌,意味着特朗普的贸易战可能已经引发对美国金融资产的抛售潮,这一趋势并非靠谈判就能逆转。”

  FHNFinancial的宏观策略师威尔·康珀诺尔警告称,如果特朗普解雇鲍威尔,美国国债收益率可能大幅上升。他表示:“央行独立性在稳定市场长期通胀预期方面的重要性再怎么强调也不为过。这个话题促使投资者在边际上远离美国资产,但如果市场认为美联储的信誉面临真正的风险,长期收益率将飙升,而不是上升几个基点。”

  AMPCapital首席经济学家谢恩•奥利弗表示,持续的不确定性和关税故事只说了一半,意味着现在说美国、全球股市低点已经过去还为时过早。他指出,白宫可能会开始威胁美联储的独立性,这是“新的担忧”。

  不久前,投资者们还在期待所谓的特朗普交易,本质上是为美国的例外论增添动力,但现在看来,特朗普带来的更像是“卖出美国”的交易。特朗普对美联储的再次抨击,包括迄今为止最明确地威胁要解雇鲍威尔,只是放大了贸易战所带来的冲击波。这迫使人们重新评估美国经济主导地位的基础资产。美元和美国国债作为压力时期的传统避风港,其吸引力突然大打折扣。

  “买方罢工”而非恐慌

  然而,随着标普500指数再度暴跌,美元下挫,黄金飙升至历史新高,华尔街却弥漫着一种见怪不怪的平淡氛围。

  “这是我记忆中最为平静的下跌4%交易日,”以市场评论闻名的30年资深人士戴夫·卢茨(DaveLutz)表示,“股票和期权交易量几乎不存在。”

  与月初(例如4月3日和4日)标普500指数因特朗普宣布全面关税而暴跌逾10%,或一周后因他暂缓加征关税而飙升9.5%的情形不同,投资专家和基金经理们的情绪显得相对平静,甚至略带困惑。透过这扇不透明的窗户展望未来,带来了诸多猜测。

  “现在一切都与经济有关,但没有人能洞察将会或可能发生什么,”HirtleCallaghan首席投资官布拉德·康格(BradConger)表示。“人们非常害怕采取任何重大行动,这种感觉就像在一个黑暗的房间里,地板上有很多锋利的玻璃,最好的办法就是站着不动,希望灯能重新亮起来。”

  2025年4月有望跻身史上波动最剧烈的时期之列,与2008年10月和2020年3月比肩。但与当时全球金融危机或新冠疫情肆虐的情形不同,这一次华尔街笼罩着一种不安的平静——至少从交易员的心理层面看是如此,即便价格走势并非如此。

  今年以来,标普500指数平均每周都会出现2%的涨跌幅波动,而长期平均水平为每月两次。Cboe波动率指数(VIX)目前徘徊在35附近,这一水平通常预示着市场陷入困境。尽管如此,4月至今的交易量远低于平均水平,从略高于200亿股降至约135亿股。

  “我们这边非常安静,”摩根大通交易部门全球风险交易主管ElanLuger在当地时间周一下午的报告中写道。

  但即便标普500指数即将创下自2022年9月以来最糟糕的月度表现,市场却鲜见恐慌迹象。尤其是散户投资者仍在持续买入

  根据摩根大通全球量化与衍生品策略师EmmaWu的数据,截至纽约时间周一下午2:30,散户投资者净买入股票达22亿美元,显著高于过去一个月的平均水平。

  “我完全没有感受到恐慌,只是买家暂时观望,”HirtleCallaghan的康格表示,“标普500指数目前的市盈率约为20倍,而恐慌时的市盈率会更接近16倍。”

  不过,交易老手们深知,市场形势可能迅速变得严峻。财报季即将进入高潮,企业在缺乏明确指引的情况下发布业绩,投资者更关注前景展望和资本支出计划,而非盈利数字。

  “目前没有什么好消息可言,”RoundhillFinancial首席执行官DaveMazza表示。“投资者现在不愿冒险。贸易政策的不确定性加上特朗普对鲍威尔的抨击,已经让本就摇摇欲坠的市场难以承受。”

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