33a3e628的个人主页 - 老虎社区

33a3e628

暂无个人介绍

IP属地：未知

67关注

3粉丝

0主题

0勋章

2021-06-22

pls like and comment

抱歉，原内容已删除

2021-06-11

Like and comment pls

抱歉，原内容已删除

2021-06-09

like and comment pls

Toplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote>

2021-05-23

comment and like pls

抱歉，原内容已删除

2021-05-19

like and comment pls

3 Things to Watch for in the Fed Minutes Today<blockquote>今日美联储会议纪要中值得关注的3件事</blockquote>

2021-05-17

like and comment psl

Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>

2021-05-17

oh no

Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>

2021-05-14

pls comment

抱歉，原内容已删除

2021-05-14

posting

Opinion: Why any stock market rally right now will be quick<blockquote>观点：为什么现在股市反弹会很快</blockquote>

2021-05-14

like and comment pls

抱歉，原内容已删除

2021-05-10

like and comment pls

抱歉，原内容已删除

2021-05-07

like pls

Yale's chief investment manager David Swensen dies at 67<blockquote>耶鲁大学首席投资经理大卫·斯文森去世，享年67岁</blockquote>

2021-03-24

like and comment pls

抱歉，原内容已删除

2021-03-23

ok

抱歉，原内容已删除

2021-03-22

comment and like

抱歉，原内容已删除

2021-03-22

comment pls

Powell says Fed will keep supporting economy ‘for as long as it takes’<blockquote>鲍威尔表示美联储将“只要需要”继续支持经济</blockquote>

2021-03-21

ok

抱歉，原内容已删除

2021-03-20

comment pls

Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>

2021-03-19

like pls

S&P 500 opens flat, heads for losing week as rising rate fears linger<blockquote>由于对利率上升的担忧挥之不去，标普500开盘持平，本周将下跌</blockquote>

2021-03-17

comment me pls

What Interest Rate Triggers The Next Crisis?<blockquote>什么利率会引发下一场危机？</blockquote>

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3574574983539751","uuid":"3574574983539751","gmtCreate":1611482284094,"gmtModify":1614650854171,"name":"33a3e628","pinyin":"quack","introduction":"","introductionEn":"","signature":"","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":3,"headSize":67,"tweetSize":34,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-1","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"出道虎友","description":"加入老虎社区500天","bigImgUrl":"https://static.tigerbbs.com/0e4d0ca1da0456dc7894c946d44bf9ab","smallImgUrl":"https://static.tigerbbs.com/0f2f65e8ce4cfaae8db2bea9b127f58b","grayImgUrl":"https://static.tigerbbs.com/c5948a31b6edf154422335b265235809","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.06.09","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"35ec162348d5460f88c959321e554969-1","templateUuid":"35ec162348d5460f88c959321e554969","name":"精英交易员","description":"证券或期货账户累计交易次数达到30次","bigImgUrl":"https://static.tigerbbs.com/ab0f87127c854ce3191a752d57b46edc","smallImgUrl":"https://static.tigerbbs.com/c9835ce48b8c8743566d344ac7a7ba8c","grayImgUrl":"https://static.tigerbbs.com/76754b53ce7a90019f132c1d2fbc698f","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"60.14%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":4,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":2,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":129949443,"gmtCreate":1624354109382,"gmtModify":1634007379692,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574574983539751","idStr":"3574574983539751"},"themes":[],"htmlText":"pls like and comment","listText":"pls like and comment","text":"pls like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/129949443","repostId":"1124495234","repostType":4,"isVote":1,"tweetType":1,"viewCount":1634,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188194640,"gmtCreate":1623423475380,"gmtModify":1634033349346,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574574983539751","idStr":"3574574983539751"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/188194640","repostId":"2142022769","repostType":4,"isVote":1,"tweetType":1,"viewCount":2173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189300269,"gmtCreate":1623243341251,"gmtModify":1634035460398,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574574983539751","idStr":"3574574983539751"},"themes":[],"htmlText":"like and comment pls","listText":"like and comment pls","text":"like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/189300269","repostId":"1150769391","repostType":4,"repost":{"id":"1150769391","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1623239634,"share":"https://www.laohu8.com/m/news/1150769391?lang=zh_CN&edition=full","pubTime":"2021-06-09 19:53","market":"us","language":"en","title":"Toplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150769391","media":"Tiger Newspress","summary":"Stock futures traded mixed Wednesday morning as investors considered more mixed data on the U.S. eco","content":"<p><ul>  <li>Stock futures traded mixed Wednesday morning as investors considered more mixed data on the U.S. economic recovery.</li>  <li>A resurgence in the social media-fueled \"meme stocks.</li>  <li>Newest meme stock Clover Health is set to soar again.</li>  <li>Shares of major banks came under some pressure as bond yields sank to one-month lows.</li> </ul> (June 9)&nbsp;U.S. stock index futures were little changed on Wednesday as a lack of clear catalysts kept trading slow, with investors awaiting fresh cues from inflation data this week and an upcoming Federal Reserve meeting.</p><p><blockquote><ul><li>周三上午股指期货交易涨跌互现，投资者考虑的美国经济复苏数据好坏参半。</li><li>社交媒体推动的“模因股票”复苏。</li><li>最新的模因股票Clover Health将再次飙升。</li><li>随着债券收益率跌至一个月低点，主要银行的股价面临一定压力。</li></ul>（6月9日）美国。股指期货周三几乎没有变化，因为缺乏明确的催化剂导致交易缓慢，投资者等待本周通胀数据和即将召开的美联储会议的新线索。</blockquote></p><p> At 7:48 a.m. ET, Dow e-minis were down 54 points, or 0.16%, S&amp;P 500 e-minis were up 0.5 points, or 0.01%, and Nasdaq 100 e-minis were up 30.25 points, or 0.22%.</p><p><blockquote>截至美国东部时间上午7:48，道指e-minis下跌54点，跌幅0.16%，标普500 e-minis上涨0.5点，跌幅0.01%，纳斯达克100 e-minis上涨30.25点，跌幅0.22%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e3a1c4aedbfac21d4c2feae0a05614f3\" tg-width=\"1242\" tg-height=\"478\" referrerpolicy=\"no-referrer\"><span>7:48 a.m. ET</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国东部时间上午7:48</span></p></blockquote></p><p> But buying into so-called “meme stocks” by small-time retail investors continued, with the new social media favorite Clover Health surging 25.73% in premarket trade after jumping 85% to a record high on Tuesday.</p><p><blockquote>但小型散户投资者继续买入所谓的“模因股票”，社交媒体新宠Clover Health在周二飙升85%至历史新高后，在盘前交易中飙升25.73%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ef37b731791f10c5962707211941a638\" tg-width=\"750\" tg-height=\"514\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> GameStop - the company most closely associated with the retail rally this year - rose 1.03% ahead of its quarterly results, due after the bell.</p><p><blockquote>游戏驿站是今年与零售业反弹关系最密切的公司，在盘后公布季度业绩之前上涨1.03%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ac557bd1a3e7455529267059a84f206b\" tg-width=\"750\" tg-height=\"514\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Wall Street indexes have moved little this week amid a dearth of cues, with most investors sticking to the sidelines ahead of key inflation data on Thursday.</p><p><blockquote>由于缺乏线索，华尔街指数本周几乎没有变动，大多数投资者在周四关键通胀数据公布之前保持观望。</blockquote></p><p> The Fed’s meeting next week is also expected to shed more light on the bank’s policy tapering plans. While inflation has surged in recent months, a sluggish labor market is broadly expected to keep the bank dovish.</p><p><blockquote>美联储下周的会议预计也将进一步阐明该行的政策缩减计划。尽管近几个月通胀飙升，但人们普遍预计低迷的劳动力市场将使央行保持鸽派立场。</blockquote></p><p> <h3><b>Stocks making the biggest moves in the premarket:</b></h3> <b>1)&nbsp;Clover Health(CLOV),Wendy's(WEN) </b>– The two stocksextended their gainsin premarket trading, after surging yesterday on increased social media attention. Clover – a seller of health-care insurance that went public via a SPAC deal in October – has risen for the past six days, capped by a nearly 86% surge Tuesday. It soared 24.2% in premarket action, while Wendy's – up nearly 26% in yesterday's trading – added another 4.3% this morning.</p><p><blockquote><h3><b>盘前涨幅最大的股票：</b></h3><b>1)Clover Health(CLOV)、Wendy's(WEN)</b>-这两只股票在昨天因社交媒体关注度增加而飙升后，在盘前交易中扩大了涨幅。Clover是一家医疗保险销售商，于10月份通过SPAC交易上市，过去六天股价上涨，周二飙升近86%。该股在盘前股价飙升24.2%，而Wendy's在昨天的交易中上涨了近26%，今天上午又上涨了4.3%。</blockquote></p><p> <b>2)&nbsp;Campbell Soup(CPB) </b>– The food producer reported quarterly earnings of 57 cents per share, missing consensus by 9 cents a share. Revenue also missed forecasts as results lagged year-ago figures that were boosted by pandemic-related demand. Campbell also cut its full-year forecast, reflecting both those quarterly results and the recent sale of its Plum baby food and snacks business. Campbell shares tumbled 5.8% in the premarket.</p><p><blockquote><b>2）金宝汤（CPB）</b>–该食品生产商公布的季度收益为每股57美分，比市场预期低9美分。由于业绩落后于受大流行相关需求提振的去年同期数据，收入也未达到预期。金宝汤还下调了全年预期，反映了这些季度业绩以及最近出售其Plum婴儿食品和零食业务。金宝汤股价盘前下跌5.8%。</blockquote></p><p> <b>3)&nbsp;Lordstown Motors(RIDE)</b> – Lordstown Motors said there was \"substantial doubt\" about its ability to continue as a going concern. The electric truck maker said in a Securities and Exchange Commission filing that it is having problems funding vehicle production. Lordstown plunged more than 16% yesterday ahead of the news, and slid another 4.2% in premarket trading.</p><p><blockquote><b>3)洛兹敦汽车公司(RIDE)</b>-洛兹敦汽车公司表示，对其持续经营的能力存在“重大疑问”。这家电动卡车制造商在向美国证券交易委员会提交的文件中表示，它在为汽车生产提供资金方面遇到了问题。昨天消息传出前，洛兹敦股价暴跌超过16%，盘前交易中又下跌4.2%。</blockquote></p><p> <b>4)&nbsp;Target(TGT) </b>– The retailer increased its quarterly dividend to 90 cents per share from 68 cents a share, a jump of 32%. The improved payout will go to shareholders of record as of Aug. 18, to be paid on Sept. 10.</p><p><blockquote><b>4）靶点（TGT）</b>-该零售商将季度股息从每股68美分提高到每股90美分，增幅为32%。改进后的派息将支付给截至8月18日登记在册的股东，并于9月10日支付。</blockquote></p><p> <b>5)&nbsp;Merck(MRK)</b> – The drugmaker struck an agreement to supply the government with molnupiravir, an oral treatment designed to treat mild to moderate cases of Covid-19. The drug is currently being evaluated in a phase 3 trial.</p><p><blockquote><b>5）默克（MRK）</b>–该制药商达成协议，向政府提供molnupiravir，这是一种旨在治疗轻度至中度Covid-19病例的口服治疗药物。该药物目前正在3期试验中进行评估。</blockquote></p><p> <b>6)&nbsp;Fastly(FSLY)</b> – Fastly issued an apology for Tuesday’s widespread internet outage, with the cloud computing company saying the incident was caused by a software bug that was triggered when a customer changed settings. Fastly rose 2.4% in the premarket.</p><p><blockquote><b>6)快速(FSLY)</b>-Fastly为周二的大范围互联网中断道歉，这家云计算公司表示，该事件是由客户更改设置时触发的软件错误引起的。Fastly盘前上涨2.4%。</blockquote></p><p> <b>7)&nbsp;Sherwin-Williams(SHW) </b>– Sherwin-Williams raised its sales and profit guidance for the year, as the paint maker sees pandemic-induced demand for its products continuing even as the pandemic recedes. The company is also raising its prices to deal with higher costs for raw materials. Sherwin-Williams fell 1.3% in the premarket.</p><p><blockquote><b>7）宣伟（SHW）</b>-宣伟上调了今年的销售和利润指引，因为该涂料制造商认为，即使疫情消退，疫情引发的对其产品的需求仍在继续。该公司还提高价格以应对原材料成本上涨。宣伟盘前下跌1.3%。</blockquote></p><p> <b>8)&nbsp;Casey’s General Stores(CASY)</b> – Casey’s reported quarterly earnings of $1.12 per share, beating the consensus estimate of 88 cents a share. The convenience store chain’s revenue exceeded estimates as well. Same-store sales, excluding gasoline purchases, rose 12.8% as customer traffic steadily increased.</p><p><blockquote><b>8)凯西综合商店(CASY)</b>–Casey报告的季度收益为每股1.12美元，超出了每股88美分的普遍预期。这家连锁便利店的收入也超出了预期。随着客流量稳步增加，不包括汽油购买的同店销售额增长了12.8%。</blockquote></p><p> <b>9)&nbsp;Fox Corp.(FOXA) </b>– Fox added 1.8% in the premarket following an upgrade to “overweight” from “equal weight” at Wells Fargo Securities, which feels the stock could benefit from Fox’s presence in sports gambling despite pressures from cord-cutting.</p><p><blockquote><b>9)福克斯公司(FOXA)</b>-富国银行证券(Wells Fargo Securities)将福克斯评级从“同等权重”上调至“跑赢大盘”，该公司认为，尽管面临裁员的压力，该股仍可能受益于福克斯在体育博彩领域的存在。</blockquote></p><p></p><p> <b>10)&nbsp;Abercrombie &amp; Fitch(ANF)</b> – The apparel retailer was upgraded to “buy” from “hold” at Jefferies, which points to ongoing benefits from years of brand elevation efforts as well as an increase in profit margins. Abercrombie rose 2.9% in premarket trading.</p><p><blockquote><b>10)Abercrombie&amp;Fitch(ANF)</b>-杰富瑞(Jefferies)将该服装零售商的评级从“持有”上调至“买入”，这表明多年来的品牌提升努力以及利润率的提高带来了持续的好处。Abercrombie在盘前交易中上涨2.9%。</blockquote></p><p> <b>11)&nbsp;GameStop(GME)</b> – The videogame retailer will report quarterly earnings after today’s closing bell. GameStop shares surged the past two days amid renewed buying in the so-called “meme” stocks.</p><p><blockquote><b>11）游戏驿站(GME)</b>-这家视频游戏零售商将在今天收盘后公布季度收益。过去两天，由于所谓“模因”股票的重新买盘，游戏驿站股价飙升。</blockquote></p><p> <b>12)&nbsp;Ferrari(RACE) </b>– Ferrari namedSTMicroelectronics(STM) executive Benedetto Vignaas its new CEO, filling a position that had been vacant for six months since Louis Camilleri retired as the automaker’s chief. Vigna – who runs chipmaker STMicro’s biggest division – will begin his new duties at Ferrari on Sept. 1.</p><p><blockquote><b>12）法拉利（比赛）</b>–法拉利任命意法半导体(STM)高管Benedetto Vignaa为新任首席执行官，填补自路易斯·卡米莱里(Louis Camilleri)从汽车制造商首席执行官职位上退休以来空缺了六个月的职位。维尼亚是芯片制造商意法半导体最大部门的负责人，他将于9月1日开始在法拉利履行新职责。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-09 19:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><ul>  <li>Stock futures traded mixed Wednesday morning as investors considered more mixed data on the U.S. economic recovery.</li>  <li>A resurgence in the social media-fueled \"meme stocks.</li>  <li>Newest meme stock Clover Health is set to soar again.</li>  <li>Shares of major banks came under some pressure as bond yields sank to one-month lows.</li> </ul> (June 9)&nbsp;U.S. stock index futures were little changed on Wednesday as a lack of clear catalysts kept trading slow, with investors awaiting fresh cues from inflation data this week and an upcoming Federal Reserve meeting.</p><p><blockquote><ul><li>周三上午股指期货交易涨跌互现，投资者考虑的美国经济复苏数据好坏参半。</li><li>社交媒体推动的“模因股票”复苏。</li><li>最新的模因股票Clover Health将再次飙升。</li><li>随着债券收益率跌至一个月低点，主要银行的股价面临一定压力。</li></ul>（6月9日）美国。股指期货周三几乎没有变化，因为缺乏明确的催化剂导致交易缓慢，投资者等待本周通胀数据和即将召开的美联储会议的新线索。</blockquote></p><p> At 7:48 a.m. ET, Dow e-minis were down 54 points, or 0.16%, S&amp;P 500 e-minis were up 0.5 points, or 0.01%, and Nasdaq 100 e-minis were up 30.25 points, or 0.22%.</p><p><blockquote>截至美国东部时间上午7:48，道指e-minis下跌54点，跌幅0.16%，标普500 e-minis上涨0.5点，跌幅0.01%，纳斯达克100 e-minis上涨30.25点，跌幅0.22%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e3a1c4aedbfac21d4c2feae0a05614f3\" tg-width=\"1242\" tg-height=\"478\" referrerpolicy=\"no-referrer\"><span>7:48 a.m. ET</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国东部时间上午7:48</span></p></blockquote></p><p> But buying into so-called “meme stocks” by small-time retail investors continued, with the new social media favorite Clover Health surging 25.73% in premarket trade after jumping 85% to a record high on Tuesday.</p><p><blockquote>但小型散户投资者继续买入所谓的“模因股票”，社交媒体新宠Clover Health在周二飙升85%至历史新高后，在盘前交易中飙升25.73%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ef37b731791f10c5962707211941a638\" tg-width=\"750\" tg-height=\"514\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> GameStop - the company most closely associated with the retail rally this year - rose 1.03% ahead of its quarterly results, due after the bell.</p><p><blockquote>游戏驿站是今年与零售业反弹关系最密切的公司，在盘后公布季度业绩之前上涨1.03%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ac557bd1a3e7455529267059a84f206b\" tg-width=\"750\" tg-height=\"514\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Wall Street indexes have moved little this week amid a dearth of cues, with most investors sticking to the sidelines ahead of key inflation data on Thursday.</p><p><blockquote>由于缺乏线索，华尔街指数本周几乎没有变动，大多数投资者在周四关键通胀数据公布之前保持观望。</blockquote></p><p> The Fed’s meeting next week is also expected to shed more light on the bank’s policy tapering plans. While inflation has surged in recent months, a sluggish labor market is broadly expected to keep the bank dovish.</p><p><blockquote>美联储下周的会议预计也将进一步阐明该行的政策缩减计划。尽管近几个月通胀飙升，但人们普遍预计低迷的劳动力市场将使央行保持鸽派立场。</blockquote></p><p> <h3><b>Stocks making the biggest moves in the premarket:</b></h3> <b>1)&nbsp;Clover Health(CLOV),Wendy's(WEN) </b>– The two stocksextended their gainsin premarket trading, after surging yesterday on increased social media attention. Clover – a seller of health-care insurance that went public via a SPAC deal in October – has risen for the past six days, capped by a nearly 86% surge Tuesday. It soared 24.2% in premarket action, while Wendy's – up nearly 26% in yesterday's trading – added another 4.3% this morning.</p><p><blockquote><h3><b>盘前涨幅最大的股票：</b></h3><b>1)Clover Health(CLOV)、Wendy's(WEN)</b>-这两只股票在昨天因社交媒体关注度增加而飙升后，在盘前交易中扩大了涨幅。Clover是一家医疗保险销售商，于10月份通过SPAC交易上市，过去六天股价上涨，周二飙升近86%。该股在盘前股价飙升24.2%，而Wendy's在昨天的交易中上涨了近26%，今天上午又上涨了4.3%。</blockquote></p><p> <b>2)&nbsp;Campbell Soup(CPB) </b>– The food producer reported quarterly earnings of 57 cents per share, missing consensus by 9 cents a share. Revenue also missed forecasts as results lagged year-ago figures that were boosted by pandemic-related demand. Campbell also cut its full-year forecast, reflecting both those quarterly results and the recent sale of its Plum baby food and snacks business. Campbell shares tumbled 5.8% in the premarket.</p><p><blockquote><b>2）金宝汤（CPB）</b>–该食品生产商公布的季度收益为每股57美分，比市场预期低9美分。由于业绩落后于受大流行相关需求提振的去年同期数据，收入也未达到预期。金宝汤还下调了全年预期，反映了这些季度业绩以及最近出售其Plum婴儿食品和零食业务。金宝汤股价盘前下跌5.8%。</blockquote></p><p> <b>3)&nbsp;Lordstown Motors(RIDE)</b> – Lordstown Motors said there was \"substantial doubt\" about its ability to continue as a going concern. The electric truck maker said in a Securities and Exchange Commission filing that it is having problems funding vehicle production. Lordstown plunged more than 16% yesterday ahead of the news, and slid another 4.2% in premarket trading.</p><p><blockquote><b>3)洛兹敦汽车公司(RIDE)</b>-洛兹敦汽车公司表示，对其持续经营的能力存在“重大疑问”。这家电动卡车制造商在向美国证券交易委员会提交的文件中表示，它在为汽车生产提供资金方面遇到了问题。昨天消息传出前，洛兹敦股价暴跌超过16%，盘前交易中又下跌4.2%。</blockquote></p><p> <b>4)&nbsp;Target(TGT) </b>– The retailer increased its quarterly dividend to 90 cents per share from 68 cents a share, a jump of 32%. The improved payout will go to shareholders of record as of Aug. 18, to be paid on Sept. 10.</p><p><blockquote><b>4）靶点（TGT）</b>-该零售商将季度股息从每股68美分提高到每股90美分，增幅为32%。改进后的派息将支付给截至8月18日登记在册的股东，并于9月10日支付。</blockquote></p><p> <b>5)&nbsp;Merck(MRK)</b> – The drugmaker struck an agreement to supply the government with molnupiravir, an oral treatment designed to treat mild to moderate cases of Covid-19. The drug is currently being evaluated in a phase 3 trial.</p><p><blockquote><b>5）默克（MRK）</b>–该制药商达成协议，向政府提供molnupiravir，这是一种旨在治疗轻度至中度Covid-19病例的口服治疗药物。该药物目前正在3期试验中进行评估。</blockquote></p><p> <b>6)&nbsp;Fastly(FSLY)</b> – Fastly issued an apology for Tuesday’s widespread internet outage, with the cloud computing company saying the incident was caused by a software bug that was triggered when a customer changed settings. Fastly rose 2.4% in the premarket.</p><p><blockquote><b>6)快速(FSLY)</b>-Fastly为周二的大范围互联网中断道歉，这家云计算公司表示，该事件是由客户更改设置时触发的软件错误引起的。Fastly盘前上涨2.4%。</blockquote></p><p> <b>7)&nbsp;Sherwin-Williams(SHW) </b>– Sherwin-Williams raised its sales and profit guidance for the year, as the paint maker sees pandemic-induced demand for its products continuing even as the pandemic recedes. The company is also raising its prices to deal with higher costs for raw materials. Sherwin-Williams fell 1.3% in the premarket.</p><p><blockquote><b>7）宣伟（SHW）</b>-宣伟上调了今年的销售和利润指引，因为该涂料制造商认为，即使疫情消退，疫情引发的对其产品的需求仍在继续。该公司还提高价格以应对原材料成本上涨。宣伟盘前下跌1.3%。</blockquote></p><p> <b>8)&nbsp;Casey’s General Stores(CASY)</b> – Casey’s reported quarterly earnings of $1.12 per share, beating the consensus estimate of 88 cents a share. The convenience store chain’s revenue exceeded estimates as well. Same-store sales, excluding gasoline purchases, rose 12.8% as customer traffic steadily increased.</p><p><blockquote><b>8)凯西综合商店(CASY)</b>–Casey报告的季度收益为每股1.12美元，超出了每股88美分的普遍预期。这家连锁便利店的收入也超出了预期。随着客流量稳步增加，不包括汽油购买的同店销售额增长了12.8%。</blockquote></p><p> <b>9)&nbsp;Fox Corp.(FOXA) </b>– Fox added 1.8% in the premarket following an upgrade to “overweight” from “equal weight” at Wells Fargo Securities, which feels the stock could benefit from Fox’s presence in sports gambling despite pressures from cord-cutting.</p><p><blockquote><b>9)福克斯公司(FOXA)</b>-富国银行证券(Wells Fargo Securities)将福克斯评级从“同等权重”上调至“跑赢大盘”，该公司认为，尽管面临裁员的压力，该股仍可能受益于福克斯在体育博彩领域的存在。</blockquote></p><p></p><p> <b>10)&nbsp;Abercrombie &amp; Fitch(ANF)</b> – The apparel retailer was upgraded to “buy” from “hold” at Jefferies, which points to ongoing benefits from years of brand elevation efforts as well as an increase in profit margins. Abercrombie rose 2.9% in premarket trading.</p><p><blockquote><b>10)Abercrombie&amp;Fitch(ANF)</b>-杰富瑞(Jefferies)将该服装零售商的评级从“持有”上调至“买入”，这表明多年来的品牌提升努力以及利润率的提高带来了持续的好处。Abercrombie在盘前交易中上涨2.9%。</blockquote></p><p> <b>11)&nbsp;GameStop(GME)</b> – The videogame retailer will report quarterly earnings after today’s closing bell. GameStop shares surged the past two days amid renewed buying in the so-called “meme” stocks.</p><p><blockquote><b>11）游戏驿站(GME)</b>-这家视频游戏零售商将在今天收盘后公布季度收益。过去两天，由于所谓“模因”股票的重新买盘，游戏驿站股价飙升。</blockquote></p><p> <b>12)&nbsp;Ferrari(RACE) </b>– Ferrari namedSTMicroelectronics(STM) executive Benedetto Vignaas its new CEO, filling a position that had been vacant for six months since Louis Camilleri retired as the automaker’s chief. Vigna – who runs chipmaker STMicro’s biggest division – will begin his new duties at Ferrari on Sept. 1.</p><p><blockquote><b>12）法拉利（比赛）</b>–法拉利任命意法半导体(STM)高管Benedetto Vignaa为新任首席执行官，填补自路易斯·卡米莱里(Louis Camilleri)从汽车制造商首席执行官职位上退休以来空缺了六个月的职位。维尼亚是芯片制造商意法半导体最大部门的负责人，他将于9月1日开始在法拉利履行新职责。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150769391","content_text":"Stock futures traded mixed Wednesday morning as investors considered more mixed data on the U.S. economic recovery.\nA resurgence in the social media-fueled \"meme stocks.\nNewest meme stock Clover Health is set to soar again.\nShares of major banks came under some pressure as bond yields sank to one-month lows.\n\n(June 9) U.S. stock index futures were little changed on Wednesday as a lack of clear catalysts kept trading slow, with investors awaiting fresh cues from inflation data this week and an upcoming Federal Reserve meeting.\nAt 7:48 a.m. ET, Dow e-minis were down 54 points, or 0.16%, S&P 500 e-minis were up 0.5 points, or 0.01%, and Nasdaq 100 e-minis were up 30.25 points, or 0.22%.\n7:48 a.m. ET\nBut buying into so-called “meme stocks” by small-time retail investors continued, with the new social media favorite Clover Health surging 25.73% in premarket trade after jumping 85% to a record high on Tuesday.\n\nGameStop - the company most closely associated with the retail rally this year - rose 1.03% ahead of its quarterly results, due after the bell.\n\nWall Street indexes have moved little this week amid a dearth of cues, with most investors sticking to the sidelines ahead of key inflation data on Thursday.\nThe Fed’s meeting next week is also expected to shed more light on the bank’s policy tapering plans. While inflation has surged in recent months, a sluggish labor market is broadly expected to keep the bank dovish.\nStocks making the biggest moves in the premarket:\n1) Clover Health(CLOV),Wendy's(WEN) – The two stocksextended their gainsin premarket trading, after surging yesterday on increased social media attention. Clover – a seller of health-care insurance that went public via a SPAC deal in October – has risen for the past six days, capped by a nearly 86% surge Tuesday. It soared 24.2% in premarket action, while Wendy's – up nearly 26% in yesterday's trading – added another 4.3% this morning.\n2) Campbell Soup(CPB) – The food producer reported quarterly earnings of 57 cents per share, missing consensus by 9 cents a share. Revenue also missed forecasts as results lagged year-ago figures that were boosted by pandemic-related demand. Campbell also cut its full-year forecast, reflecting both those quarterly results and the recent sale of its Plum baby food and snacks business. Campbell shares tumbled 5.8% in the premarket.\n3) Lordstown Motors(RIDE) – Lordstown Motors said there was \"substantial doubt\" about its ability to continue as a going concern. The electric truck maker said in a Securities and Exchange Commission filing that it is having problems funding vehicle production. Lordstown plunged more than 16% yesterday ahead of the news, and slid another 4.2% in premarket trading.\n4) Target(TGT) – The retailer increased its quarterly dividend to 90 cents per share from 68 cents a share, a jump of 32%. The improved payout will go to shareholders of record as of Aug. 18, to be paid on Sept. 10.\n5) Merck(MRK) – The drugmaker struck an agreement to supply the government with molnupiravir, an oral treatment designed to treat mild to moderate cases of Covid-19. The drug is currently being evaluated in a phase 3 trial.\n6) Fastly(FSLY) – Fastly issued an apology for Tuesday’s widespread internet outage, with the cloud computing company saying the incident was caused by a software bug that was triggered when a customer changed settings. Fastly rose 2.4% in the premarket.\n7) Sherwin-Williams(SHW) – Sherwin-Williams raised its sales and profit guidance for the year, as the paint maker sees pandemic-induced demand for its products continuing even as the pandemic recedes. The company is also raising its prices to deal with higher costs for raw materials. Sherwin-Williams fell 1.3% in the premarket.\n8) Casey’s General Stores(CASY) – Casey’s reported quarterly earnings of $1.12 per share, beating the consensus estimate of 88 cents a share. The convenience store chain’s revenue exceeded estimates as well. Same-store sales, excluding gasoline purchases, rose 12.8% as customer traffic steadily increased.\n9) Fox Corp.(FOXA) – Fox added 1.8% in the premarket following an upgrade to “overweight” from “equal weight” at Wells Fargo Securities, which feels the stock could benefit from Fox’s presence in sports gambling despite pressures from cord-cutting.\n10) Abercrombie & Fitch(ANF) – The apparel retailer was upgraded to “buy” from “hold” at Jefferies, which points to ongoing benefits from years of brand elevation efforts as well as an increase in profit margins. Abercrombie rose 2.9% in premarket trading.\n11) GameStop(GME) – The videogame retailer will report quarterly earnings after today’s closing bell. GameStop shares surged the past two days amid renewed buying in the so-called “meme” stocks.\n12) Ferrari(RACE) – Ferrari namedSTMicroelectronics(STM) executive Benedetto Vignaas its new CEO, filling a position that had been vacant for six months since Louis Camilleri retired as the automaker’s chief. Vigna – who runs chipmaker STMicro’s biggest division – will begin his new duties at Ferrari on Sept. 1.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":2116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133501852,"gmtCreate":1621762100176,"gmtModify":1634186711452,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574574983539751","idStr":"3574574983539751"},"themes":[],"htmlText":"comment and like pls","listText":"comment and like pls","text":"comment and like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/133501852","repostId":"2137907575","repostType":4,"isVote":1,"tweetType":1,"viewCount":2066,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197830011,"gmtCreate":1621437983833,"gmtModify":1634189133065,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574574983539751","idStr":"3574574983539751"},"themes":[],"htmlText":"like and comment pls","listText":"like and comment pls","text":"like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/197830011","repostId":"1103552481","repostType":4,"repost":{"id":"1103552481","kind":"news","pubTimestamp":1621428667,"share":"https://www.laohu8.com/m/news/1103552481?lang=zh_CN&edition=full","pubTime":"2021-05-19 20:51","market":"us","language":"en","title":"3 Things to Watch for in the Fed Minutes Today<blockquote>今日美联储会议纪要中值得关注的3件事</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103552481","media":"Barrons","summary":"The Federal Reserve’s latest meeting minutes aren’t expected to make much of a splash today, but inv","content":"<p>The Federal Reserve’s latest meeting minutes aren’t expected to make much of a splash today, but investors should still keep an eye out for a few different themes.</p><p><blockquote>美联储最新的会议纪要预计今天不会引起太大轰动，但投资者仍应关注一些不同的主题。</blockquote></p><p> The minutes are due out at 2 p.m. today, and Fed watchers may face a greater challenge than usual in deciphering their significance:&nbsp; A lot has changed in the economy since the April 28-29 meeting. The ensuing weeks have brought a&nbsp;surprisingly weak jobs report&nbsp;and a&nbsp;stronger-than-expected consumer inflation report, for example.</p><p><blockquote>会议纪要将于今天下午2点公布，美联储观察人士在解读其意义时可能会面临比平时更大的挑战：自4月28日至29日的会议以来，经济发生了很大变化。例如，接下来的几周带来了令人惊讶的疲软就业报告和强于预期的消费者通胀报告。</blockquote></p><p> And unlike&nbsp;last month’s meeting, there wasn’t an attention-grabbing selloff in Treasuries to command officials’ attention. The steep climb in yields abated at the end of March, even as economic data showed and stronger price pressures in April.&nbsp;The 10-year yield has&nbsp;dropped to 1.64%&nbsp;from 1.74% on March 31.</p><p><blockquote>与上个月的会议不同，美国国债并没有出现引人注目的抛售来引起官员的注意。尽管经济数据显示4月份价格压力更大，但收益率的急剧攀升在3月底有所减弱。10年期国债收益率已从3月31日的1.74%降至1.64%。</blockquote></p><p> Yet the document may still provide some clues about the central bank’s views. And officials have provided more perspective on policy since the latest meeting as well. Notably, Fed Vice Chair Richard Clarida spoke at a conference on Monday and discussed some recent economic data points as well.</p><p><blockquote>然而，这份文件仍可能为央行的观点提供一些线索。自上次会议以来，官员们也提供了更多关于政策的观点。值得注意的是，美联储副主席理查德·克拉里达在周一的一次会议上发表讲话，并讨论了最近的一些经济数据点。</blockquote></p><p> Here’s what strategists expect out of the meeting today, and what Clarida said about the topics:</p><p><blockquote>以下是策略师对今天会议的预期，以及克拉里达对这些主题的看法：</blockquote></p><p> <b>“Attuned and Attentive” to “Transitory” Inflation?</b></p><p><blockquote><b>“适应并关注”“暂时性”通货膨胀？</b></blockquote></p><p> One popular line among Fed officials, including Fed Chair Jerome Powell, has been the assurance that this spring is expected to bring a “transitory” rise in inflation, mostly related to the reopening of the U.S. economy after the pandemic brought a sharp deceleration in activity last year.</p><p><blockquote>包括美联储主席杰罗姆·鲍威尔（Jerome Powell）在内的美联储官员的一个流行观点是，今年春天预计将带来通胀“暂时”上升，这主要与去年疫情导致经济活动急剧减速后美国经济重新开放有关。</blockquote></p><p> Mizuho economists Steven Ricchiuto and Alex Pelle wrote in a May 18 note that they expect “several mentions of ‘transitory’ price pressures” in the minutes. They also highlighted that many of the steepest increases in consumer prices in April were in sectors where demand had been hit most by the pandemic, such as hotels and airfares. “So far [that] validates the Fed’s thinking,” they added.</p><p><blockquote>瑞穗经济学家Steven Ricchiuto和Alex Pelle在5月18日的一份报告中写道，他们预计会议纪要中“多次提到‘暂时’价格压力”。他们还强调，4月份消费者价格涨幅最大的许多行业都是需求受疫情打击最严重的行业，例如酒店和机票。“到目前为止，这证实了美联储的想法，”他们补充道。</blockquote></p><p> Yet at Monday’s conference, Clarida seemed to be repeating a different type of assurance about inflation:&nbsp; That the central bank would be “attuned and attentive” to any data showing higher price pressures.</p><p><blockquote>然而，在周一的会议上，克拉里达似乎在重复一种关于通胀的不同类型的保证：央行将“协调并关注”任何显示价格压力上升的数据。</blockquote></p><p> “In the CPI report, [reopening] did clearly put upward pressure on prices. Now our baseline view is that most of this is likely to be transitory, but we have to be attuned and attentive to the incoming data,” he said. “[The] key element of our mandate is price stability and an important component of price stability is well-anchored inflation expectations. If we were to see upward pressure on prices or inflation that threatened to put inflation expectations higher, I have no doubt we would use our tools to address that situation.”</p><p><blockquote>“在CPI报告中，[重新开放]确实明显给价格带来了上行压力。现在我们的基线观点是，其中大部分可能是暂时的，但我们必须适应并关注即将到来的数据，”他说。“我们任务的关键要素是价格稳定，而价格稳定的一个重要组成部分是稳定的通胀预期。如果我们看到价格或通胀面临上行压力，有可能推高通胀预期，我毫不怀疑我们会使用我们的工具来解决这种情况。”</blockquote></p><p> <b>Taper Timeline</b></p><p><blockquote><b>锥形时间表</b></blockquote></p><p> Investors will also be looking to see if the central bank provides any additional guidance on when it might start paring back its $120 billion in monthly bond purchases. Powell has said the Fed wants to make “substantial further progress” toward its goals of full employment and a long-term average of 2% inflation before it wants to pare down its purchases, but officials haven’t provided much additional guidance.</p><p><blockquote>投资者还将关注央行是否就何时开始削减每月1200亿美元的债券购买量提供任何额外指导。鲍威尔曾表示，美联储希望在削减购买之前，在实现充分就业和长期平均通胀率2%的目标方面取得“实质性的进一步进展”，但官员们没有提供太多额外指导。</blockquote></p><p> Most on Wall Street expect the Fed to discuss longer-term plans to reduce, or taper, its purchases&nbsp;late this summer or during the fall. NatWest Markets said in a Monday note that it expects the Fed to start talking about tapering its purchases in September and actually start to reduce the pace of bond-buying next year.</p><p><blockquote>华尔街大多数人预计，美联储将在今年夏末或秋季讨论减少或缩减购买规模的长期计划。NatWest Markets在周一的一份报告中表示，预计美联储将在9月份开始谈论缩减购债规模，并在明年实际上开始放缓购债步伐。</blockquote></p><p> So any more detailed discussion in the latest meeting minutes could come as a surprise to investors and potentially matter for markets.</p><p><blockquote>因此，最新会议纪要中任何更详细的讨论都可能令投资者感到意外，并可能对市场产生影响。</blockquote></p><p> <b>Labor-Market Outlook</b></p><p><blockquote><b>劳工市场展望</b></blockquote></p><p> One key factor that will determine the outlook for the Fed’s bond buying (and other accommodation) is the recovery in the labor market. And that remains up in the air, after the disappointing April jobs report.</p><p><blockquote>决定美联储债券购买（和其他宽松政策）前景的一个关键因素是劳动力市场的复苏。在令人失望的四月份就业报告之后，这一问题仍然悬而未决。</blockquote></p><p> Still, there is a chance investors could find more context on one of their questions in the minutes:&nbsp; How much improvement will be enough for the Fed to start withdrawing accommodation? In other words, what does “substantial further progress” mean?</p><p><blockquote>尽管如此，投资者仍有可能在会议纪要中找到有关他们的一个问题的更多背景：多少改善足以让美联储开始撤回宽松政策？换句话说，“实质性的进一步进展”是什么意思？</blockquote></p><p> Before the disappointing news on April’s labor market, most of Wall Street expected a strong month for jobs creation, another step toward the “string” of strong months of recovery that Powell had said was needed before the U.S. achieved “substantial further progress” toward the Fed’s goals. That may have prompted officials to discuss just how far along the recovery would need to go before the central bank could start stepping back.</p><p><blockquote>在4月份劳动力市场令人失望的消息传出之前，华尔街大多数人预计本月将创造就业机会强劲，这是鲍威尔曾表示，在美国实现“实质性的进一步进展”之前，需要实现“一系列”强劲复苏的又一步。美联储的目标。这可能促使官员们讨论复苏需要走多远，央行才能开始退出。</blockquote></p><p> Clarida discussed the April employment report on Monday as well.</p><p><blockquote>克拉里达周一还讨论了4月份的就业报告。</blockquote></p><p></p><p> “What the April employment report said to me is that the way we bring supply and demand into balance in the labor market, especially in the service sector, may take some time and may produce some upward pressure on prices as workers return to employment, so we have to be attuned and attentive to that data flow,” he said. “Per that April employment report, we have not made substantial further progress, but as the data comes in we as a committee will have to evaluate that, and ultimately make a judgment.”</p><p><blockquote>“四月份就业报告告诉我的是，我们使劳动力市场，特别是服务业供需平衡的方式可能需要一些时间，并且随着工人重返就业，可能会对价格产生一些上行压力，因此我们必须适应并关注数据流，”他说。“根据四月份就业报告，我们没有取得实质性的进一步进展，但随着数据的出现，我们作为一个委员会将不得不对其进行评估，并最终做出判断。”</blockquote></p><p> Ultimately, the importance of future labor-market data hints at the broader takeaway from the Fed’s meeting minutes:&nbsp; Coming months’ economic data may be the final arbiter of what the Fed does, and its plans to remove accommodation from markets and the economy. And the&nbsp;economic data has been so volatile&nbsp;during the reopening that the picture could change significantly by the time the Fed meets again in June.</p><p><blockquote>最终，未来劳动力市场数据的重要性暗示了美联储会议纪要的更广泛结论：未来几个月的经济数据可能是美联储行动及其取消市场和经济宽松计划的最终仲裁者。在重新开放期间，经济数据波动如此之大，以至于到美联储6月份再次开会时，情况可能会发生重大变化。</blockquote></p><p> That means investors will have to hold tight for a while longer to get a sense of when the central bank plans to start stepping back.</p><p><blockquote>这意味着投资者将不得不再持有一段时间才能了解央行计划何时开始退出。</blockquote></p><p> “We’re reluctant to call this an equilibrium of any sort – rather it’s much more likely to prove a temporary holding pattern as macro expectations are further refined,” wrote Ian Lyngen, strategist with BMO. “Clearly, we have more questions than answers.”</p><p><blockquote>BMO策略师Ian Lyngen写道：“我们不愿意将这种均衡视为任何形式的均衡，相反，随着宏观预期的进一步细化，它更有可能被证明是一种暂时的持有模式。”“显然，我们的问题多于答案。”</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Things to Watch for in the Fed Minutes Today<blockquote>今日美联储会议纪要中值得关注的3件事</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Things to Watch for in the Fed Minutes Today<blockquote>今日美联储会议纪要中值得关注的3件事</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-05-19 20:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Federal Reserve’s latest meeting minutes aren’t expected to make much of a splash today, but investors should still keep an eye out for a few different themes.</p><p><blockquote>美联储最新的会议纪要预计今天不会引起太大轰动，但投资者仍应关注一些不同的主题。</blockquote></p><p> The minutes are due out at 2 p.m. today, and Fed watchers may face a greater challenge than usual in deciphering their significance:&nbsp; A lot has changed in the economy since the April 28-29 meeting. The ensuing weeks have brought a&nbsp;surprisingly weak jobs report&nbsp;and a&nbsp;stronger-than-expected consumer inflation report, for example.</p><p><blockquote>会议纪要将于今天下午2点公布，美联储观察人士在解读其意义时可能会面临比平时更大的挑战：自4月28日至29日的会议以来，经济发生了很大变化。例如，接下来的几周带来了令人惊讶的疲软就业报告和强于预期的消费者通胀报告。</blockquote></p><p> And unlike&nbsp;last month’s meeting, there wasn’t an attention-grabbing selloff in Treasuries to command officials’ attention. The steep climb in yields abated at the end of March, even as economic data showed and stronger price pressures in April.&nbsp;The 10-year yield has&nbsp;dropped to 1.64%&nbsp;from 1.74% on March 31.</p><p><blockquote>与上个月的会议不同，美国国债并没有出现引人注目的抛售来引起官员的注意。尽管经济数据显示4月份价格压力更大，但收益率的急剧攀升在3月底有所减弱。10年期国债收益率已从3月31日的1.74%降至1.64%。</blockquote></p><p> Yet the document may still provide some clues about the central bank’s views. And officials have provided more perspective on policy since the latest meeting as well. Notably, Fed Vice Chair Richard Clarida spoke at a conference on Monday and discussed some recent economic data points as well.</p><p><blockquote>然而，这份文件仍可能为央行的观点提供一些线索。自上次会议以来，官员们也提供了更多关于政策的观点。值得注意的是，美联储副主席理查德·克拉里达在周一的一次会议上发表讲话，并讨论了最近的一些经济数据点。</blockquote></p><p> Here’s what strategists expect out of the meeting today, and what Clarida said about the topics:</p><p><blockquote>以下是策略师对今天会议的预期，以及克拉里达对这些主题的看法：</blockquote></p><p> <b>“Attuned and Attentive” to “Transitory” Inflation?</b></p><p><blockquote><b>“适应并关注”“暂时性”通货膨胀？</b></blockquote></p><p> One popular line among Fed officials, including Fed Chair Jerome Powell, has been the assurance that this spring is expected to bring a “transitory” rise in inflation, mostly related to the reopening of the U.S. economy after the pandemic brought a sharp deceleration in activity last year.</p><p><blockquote>包括美联储主席杰罗姆·鲍威尔（Jerome Powell）在内的美联储官员的一个流行观点是，今年春天预计将带来通胀“暂时”上升，这主要与去年疫情导致经济活动急剧减速后美国经济重新开放有关。</blockquote></p><p> Mizuho economists Steven Ricchiuto and Alex Pelle wrote in a May 18 note that they expect “several mentions of ‘transitory’ price pressures” in the minutes. They also highlighted that many of the steepest increases in consumer prices in April were in sectors where demand had been hit most by the pandemic, such as hotels and airfares. “So far [that] validates the Fed’s thinking,” they added.</p><p><blockquote>瑞穗经济学家Steven Ricchiuto和Alex Pelle在5月18日的一份报告中写道，他们预计会议纪要中“多次提到‘暂时’价格压力”。他们还强调，4月份消费者价格涨幅最大的许多行业都是需求受疫情打击最严重的行业，例如酒店和机票。“到目前为止，这证实了美联储的想法，”他们补充道。</blockquote></p><p> Yet at Monday’s conference, Clarida seemed to be repeating a different type of assurance about inflation:&nbsp; That the central bank would be “attuned and attentive” to any data showing higher price pressures.</p><p><blockquote>然而，在周一的会议上，克拉里达似乎在重复一种关于通胀的不同类型的保证：央行将“协调并关注”任何显示价格压力上升的数据。</blockquote></p><p> “In the CPI report, [reopening] did clearly put upward pressure on prices. Now our baseline view is that most of this is likely to be transitory, but we have to be attuned and attentive to the incoming data,” he said. “[The] key element of our mandate is price stability and an important component of price stability is well-anchored inflation expectations. If we were to see upward pressure on prices or inflation that threatened to put inflation expectations higher, I have no doubt we would use our tools to address that situation.”</p><p><blockquote>“在CPI报告中，[重新开放]确实明显给价格带来了上行压力。现在我们的基线观点是，其中大部分可能是暂时的，但我们必须适应并关注即将到来的数据，”他说。“我们任务的关键要素是价格稳定，而价格稳定的一个重要组成部分是稳定的通胀预期。如果我们看到价格或通胀面临上行压力，有可能推高通胀预期，我毫不怀疑我们会使用我们的工具来解决这种情况。”</blockquote></p><p> <b>Taper Timeline</b></p><p><blockquote><b>锥形时间表</b></blockquote></p><p> Investors will also be looking to see if the central bank provides any additional guidance on when it might start paring back its $120 billion in monthly bond purchases. Powell has said the Fed wants to make “substantial further progress” toward its goals of full employment and a long-term average of 2% inflation before it wants to pare down its purchases, but officials haven’t provided much additional guidance.</p><p><blockquote>投资者还将关注央行是否就何时开始削减每月1200亿美元的债券购买量提供任何额外指导。鲍威尔曾表示，美联储希望在削减购买之前，在实现充分就业和长期平均通胀率2%的目标方面取得“实质性的进一步进展”，但官员们没有提供太多额外指导。</blockquote></p><p> Most on Wall Street expect the Fed to discuss longer-term plans to reduce, or taper, its purchases&nbsp;late this summer or during the fall. NatWest Markets said in a Monday note that it expects the Fed to start talking about tapering its purchases in September and actually start to reduce the pace of bond-buying next year.</p><p><blockquote>华尔街大多数人预计，美联储将在今年夏末或秋季讨论减少或缩减购买规模的长期计划。NatWest Markets在周一的一份报告中表示，预计美联储将在9月份开始谈论缩减购债规模，并在明年实际上开始放缓购债步伐。</blockquote></p><p> So any more detailed discussion in the latest meeting minutes could come as a surprise to investors and potentially matter for markets.</p><p><blockquote>因此，最新会议纪要中任何更详细的讨论都可能令投资者感到意外，并可能对市场产生影响。</blockquote></p><p> <b>Labor-Market Outlook</b></p><p><blockquote><b>劳工市场展望</b></blockquote></p><p> One key factor that will determine the outlook for the Fed’s bond buying (and other accommodation) is the recovery in the labor market. And that remains up in the air, after the disappointing April jobs report.</p><p><blockquote>决定美联储债券购买（和其他宽松政策）前景的一个关键因素是劳动力市场的复苏。在令人失望的四月份就业报告之后，这一问题仍然悬而未决。</blockquote></p><p> Still, there is a chance investors could find more context on one of their questions in the minutes:&nbsp; How much improvement will be enough for the Fed to start withdrawing accommodation? In other words, what does “substantial further progress” mean?</p><p><blockquote>尽管如此，投资者仍有可能在会议纪要中找到有关他们的一个问题的更多背景：多少改善足以让美联储开始撤回宽松政策？换句话说，“实质性的进一步进展”是什么意思？</blockquote></p><p> Before the disappointing news on April’s labor market, most of Wall Street expected a strong month for jobs creation, another step toward the “string” of strong months of recovery that Powell had said was needed before the U.S. achieved “substantial further progress” toward the Fed’s goals. That may have prompted officials to discuss just how far along the recovery would need to go before the central bank could start stepping back.</p><p><blockquote>在4月份劳动力市场令人失望的消息传出之前，华尔街大多数人预计本月将创造就业机会强劲，这是鲍威尔曾表示，在美国实现“实质性的进一步进展”之前，需要实现“一系列”强劲复苏的又一步。美联储的目标。这可能促使官员们讨论复苏需要走多远，央行才能开始退出。</blockquote></p><p> Clarida discussed the April employment report on Monday as well.</p><p><blockquote>克拉里达周一还讨论了4月份的就业报告。</blockquote></p><p></p><p> “What the April employment report said to me is that the way we bring supply and demand into balance in the labor market, especially in the service sector, may take some time and may produce some upward pressure on prices as workers return to employment, so we have to be attuned and attentive to that data flow,” he said. “Per that April employment report, we have not made substantial further progress, but as the data comes in we as a committee will have to evaluate that, and ultimately make a judgment.”</p><p><blockquote>“四月份就业报告告诉我的是，我们使劳动力市场，特别是服务业供需平衡的方式可能需要一些时间，并且随着工人重返就业，可能会对价格产生一些上行压力，因此我们必须适应并关注数据流，”他说。“根据四月份就业报告，我们没有取得实质性的进一步进展，但随着数据的出现，我们作为一个委员会将不得不对其进行评估，并最终做出判断。”</blockquote></p><p> Ultimately, the importance of future labor-market data hints at the broader takeaway from the Fed’s meeting minutes:&nbsp; Coming months’ economic data may be the final arbiter of what the Fed does, and its plans to remove accommodation from markets and the economy. And the&nbsp;economic data has been so volatile&nbsp;during the reopening that the picture could change significantly by the time the Fed meets again in June.</p><p><blockquote>最终，未来劳动力市场数据的重要性暗示了美联储会议纪要的更广泛结论：未来几个月的经济数据可能是美联储行动及其取消市场和经济宽松计划的最终仲裁者。在重新开放期间，经济数据波动如此之大，以至于到美联储6月份再次开会时，情况可能会发生重大变化。</blockquote></p><p> That means investors will have to hold tight for a while longer to get a sense of when the central bank plans to start stepping back.</p><p><blockquote>这意味着投资者将不得不再持有一段时间才能了解央行计划何时开始退出。</blockquote></p><p> “We’re reluctant to call this an equilibrium of any sort – rather it’s much more likely to prove a temporary holding pattern as macro expectations are further refined,” wrote Ian Lyngen, strategist with BMO. “Clearly, we have more questions than answers.”</p><p><blockquote>BMO策略师Ian Lyngen写道：“我们不愿意将这种均衡视为任何形式的均衡，相反，随着宏观预期的进一步细化，它更有可能被证明是一种暂时的持有模式。”“显然，我们的问题多于答案。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/inflation-jobs-and-more-to-watch-for-in-todays-fed-minutes-release-51621421812?mod=hp_LEAD_3\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/inflation-jobs-and-more-to-watch-for-in-todays-fed-minutes-release-51621421812?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103552481","content_text":"The Federal Reserve’s latest meeting minutes aren’t expected to make much of a splash today, but investors should still keep an eye out for a few different themes.\nThe minutes are due out at 2 p.m. today, and Fed watchers may face a greater challenge than usual in deciphering their significance:  A lot has changed in the economy since the April 28-29 meeting. The ensuing weeks have brought a surprisingly weak jobs report and a stronger-than-expected consumer inflation report, for example.\nAnd unlike last month’s meeting, there wasn’t an attention-grabbing selloff in Treasuries to command officials’ attention. The steep climb in yields abated at the end of March, even as economic data showed and stronger price pressures in April. The 10-year yield has dropped to 1.64% from 1.74% on March 31.\nYet the document may still provide some clues about the central bank’s views. And officials have provided more perspective on policy since the latest meeting as well. Notably, Fed Vice Chair Richard Clarida spoke at a conference on Monday and discussed some recent economic data points as well.\nHere’s what strategists expect out of the meeting today, and what Clarida said about the topics:\n“Attuned and Attentive” to “Transitory” Inflation?\nOne popular line among Fed officials, including Fed Chair Jerome Powell, has been the assurance that this spring is expected to bring a “transitory” rise in inflation, mostly related to the reopening of the U.S. economy after the pandemic brought a sharp deceleration in activity last year.\nMizuho economists Steven Ricchiuto and Alex Pelle wrote in a May 18 note that they expect “several mentions of ‘transitory’ price pressures” in the minutes. They also highlighted that many of the steepest increases in consumer prices in April were in sectors where demand had been hit most by the pandemic, such as hotels and airfares. “So far [that] validates the Fed’s thinking,” they added.\nYet at Monday’s conference, Clarida seemed to be repeating a different type of assurance about inflation:  That the central bank would be “attuned and attentive” to any data showing higher price pressures.\n“In the CPI report, [reopening] did clearly put upward pressure on prices. Now our baseline view is that most of this is likely to be transitory, but we have to be attuned and attentive to the incoming data,” he said. “[The] key element of our mandate is price stability and an important component of price stability is well-anchored inflation expectations. If we were to see upward pressure on prices or inflation that threatened to put inflation expectations higher, I have no doubt we would use our tools to address that situation.”\nTaper Timeline\nInvestors will also be looking to see if the central bank provides any additional guidance on when it might start paring back its $120 billion in monthly bond purchases. Powell has said the Fed wants to make “substantial further progress” toward its goals of full employment and a long-term average of 2% inflation before it wants to pare down its purchases, but officials haven’t provided much additional guidance.\nMost on Wall Street expect the Fed to discuss longer-term plans to reduce, or taper, its purchases late this summer or during the fall. NatWest Markets said in a Monday note that it expects the Fed to start talking about tapering its purchases in September and actually start to reduce the pace of bond-buying next year.\nSo any more detailed discussion in the latest meeting minutes could come as a surprise to investors and potentially matter for markets.\nLabor-Market Outlook\nOne key factor that will determine the outlook for the Fed’s bond buying (and other accommodation) is the recovery in the labor market. And that remains up in the air, after the disappointing April jobs report.\nStill, there is a chance investors could find more context on one of their questions in the minutes:  How much improvement will be enough for the Fed to start withdrawing accommodation? In other words, what does “substantial further progress” mean?\nBefore the disappointing news on April’s labor market, most of Wall Street expected a strong month for jobs creation, another step toward the “string” of strong months of recovery that Powell had said was needed before the U.S. achieved “substantial further progress” toward the Fed’s goals. That may have prompted officials to discuss just how far along the recovery would need to go before the central bank could start stepping back.\nClarida discussed the April employment report on Monday as well.\n“What the April employment report said to me is that the way we bring supply and demand into balance in the labor market, especially in the service sector, may take some time and may produce some upward pressure on prices as workers return to employment, so we have to be attuned and attentive to that data flow,” he said. “Per that April employment report, we have not made substantial further progress, but as the data comes in we as a committee will have to evaluate that, and ultimately make a judgment.”\nUltimately, the importance of future labor-market data hints at the broader takeaway from the Fed’s meeting minutes:  Coming months’ economic data may be the final arbiter of what the Fed does, and its plans to remove accommodation from markets and the economy. And the economic data has been so volatile during the reopening that the picture could change significantly by the time the Fed meets again in June.\nThat means investors will have to hold tight for a while longer to get a sense of when the central bank plans to start stepping back.\n“We’re reluctant to call this an equilibrium of any sort – rather it’s much more likely to prove a temporary holding pattern as macro expectations are further refined,” wrote Ian Lyngen, strategist with BMO. “Clearly, we have more questions than answers.”","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1827,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":195392877,"gmtCreate":1621255987099,"gmtModify":1634193014193,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574574983539751","idStr":"3574574983539751"},"themes":[],"htmlText":"like and comment psl","listText":"like and comment psl","text":"like and comment psl","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/195392877","repostId":"1162277361","repostType":4,"repost":{"id":"1162277361","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621253925,"share":"https://www.laohu8.com/m/news/1162277361?lang=zh_CN&edition=full","pubTime":"2021-05-17 20:18","market":"us","language":"en","title":"Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162277361","media":"Tiger Newspress","summary":"Futures dip as focus turns to retail earningsDiscovery Inc. shares popped in premarket trading on a ","content":"<p><ul><li>Futures dip as focus turns to retail earnings</li></ul><ul><li>Discovery Inc. shares&nbsp;popped in premarket trading on a deal tomergemedia assets with AT&amp;T Inc.</li></ul>U.S. equity futures slipped with most stocks on Monday as investors weighed risks to the outlook including inflation and a spike in Covid-19 cases in parts of the world.Investors shifting their focus to retail earnings this week for clues on the strength of consumer spending.</p><p><blockquote><ul><li>焦点转向零售盈利，期货下跌</li></ul><ul><li>Discovery Inc.股价因与AT&amp;T Inc.合并媒体资产的交易而在盘前交易中上涨。</li></ul>周一，由于投资者权衡通胀和世界部分地区Covid-19病例激增等前景风险，美国股指期货与大多数股票一起下跌。投资者本周将注意力转向零售盈利，以寻找消费者支出实力的线索。</blockquote></p><p>At 8:10 a.m. ET, Dow e-minis were down 167 points, or 0.49%, S&amp;P 500 e-minis were down 19.25 points, or 0.46%, and Nasdaq 100 e-minis were down 76.50 points, or 0.57%.</p><p><blockquote>截至美国东部时间上午8:10，道指e-mini下跌167点，跌幅0.49%，标普500 e-mini下跌19.25点，跌幅0.46%，纳斯达克100 e-mini下跌76.50点，跌幅0.57%。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d37360df197edcc7e4b687957bf94b2\" tg-width=\"1080\" tg-height=\"368\"><span>*Source From Tiger Trade, EST 08:10</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:10</span></p></blockquote></p><p>Treasuries were little changed while gold climbed to thehighestin more than three months. Bitcoin&nbsp;steadied&nbsp;after Elon Musk said Tesla Inc. hasn’t sold from its holdings of the token.</p><p><blockquote>美国国债几乎没有变化，而黄金则攀升至三个多月来的最高水平。在Elon Musk表示特斯拉公司尚未出售其持有的代币后，比特币企稳。</blockquote></p><p>Shares of Discovery Inc&nbsp;jumped 12% in premarket trading after news reports said U.S. telecoms giant AT&amp;T Inc&nbsp;is nearing a deal to combine its media assets, including CNN and HBO, with the company. AT&amp;T shares gained 3%.</p><p><blockquote>Discovery Inc的股价在盘前交易中上涨12%，此前有新闻报道称，美国电信巨头AT&amp;T Inc即将达成协议，将其媒体资产（包括CNN和HBO）与该公司合并。AT&amp;T股价上涨3%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/18a378106946bba0102b107ce85fb0f6\" tg-width=\"1302\" tg-height=\"663\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/07ddd9475dca4cdcf71c890e3f8482cc\" tg-width=\"1302\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p><b>AT&amp;T</b>&nbsp;<b>(T),Discovery</b>&nbsp;<b>(DISCA)</b> – AT&amp;T and Discovery&nbsp;announced a deal&nbsp;to combine Discovery with AT&amp;T's WarnerMedia unit. The combination would be co-owned by current shareholders of both companies, and would create a new stronger streaming video challenger to the likes of&nbsp;Netflix&nbsp;(NFLX) and&nbsp;Walt Disney&nbsp;(DIS). AT&amp;T jumped 3% in the premarket and Discovery shares surged 12%.</p><p><blockquote><b>AT&amp;T</b> <b>(T)，发现</b> <b>（拨号）</b>——AT&amp;T和Discovery宣布达成协议，将Discovery与AT&amp;T旗下的WarnerMedia部门合并。此次合并将由两家公司的现有股东共同拥有，并将为Netflix(NFLX)和华特迪士尼(DIS)等公司创造一个新的、更强大的流媒体视频挑战者。AT&amp;T盘前上涨3%，Discovery股价飙升12%。</blockquote></p><p><b>Tesla&nbsp;(TSLA)</b> – Tesla CEO Elon Musk said the company&nbsp;has not sold any bitcoin&nbsp;after such speculation was fueled by Tesla's decision to stop taking bitcoin for automobile purchases. Tesla fell 2.1% in premarket trading.</p><p><blockquote><b>特斯拉(TSLA)</b>–特斯拉首席执行官Elon Musk表示，该公司尚未出售任何比特币，此前特斯拉决定停止使用比特币购买汽车，引发了此类猜测。特斯拉在盘前交易中下跌2.1%。</blockquote></p><p><b>ViacomCBS&nbsp;(VIAC) </b>– ViacomCBS resolved a dispute with former CEO Les Moonves, and will keep the $120 million in severance it had withheld after Moonves resigned amid accusations of sexual harassment which he has denied. Viacom shares rallied 2.5% in premarket trading.</p><p><blockquote><b>维亚康姆哥伦比亚广播公司(VIAC)</b>–ViacomCBS解决了与前首席执行官Les Moonves的纠纷，并将保留Moonves因性骚扰指控辞职后扣留的1.2亿美元遣散费，但他否认了这一指控。维亚康姆股价在盘前交易中上涨2.5%。</blockquote></p><p><b>Hostess Brands&nbsp;(TWNK) </b>– The maker of Twinkies and other snacks reported quarterly profit of 20 cents per share, a penny a share above estimates. Revenue also topped Wall Street forecasts. Hostess said it continues to see elevated at-home consumption of its snacks, as well as increased \"on-the-go\" sales.</p><p><blockquote><b>女主人品牌(TWNK)</b>–这家夹心饼干和其他零食制造商报告季度利润为每股20美分，比预期高出每股1美分。收入也超出了华尔街的预期。Hostess表示，其零食的家庭消费量继续增加，“移动”销量也有所增加。</blockquote></p><p><b>At Home Group&nbsp;(HOME) </b>– At Home Group's largest shareholder said it will oppose the deal to sell the home furnishings retailer to private-equity firm Hellman &amp; Friedman for $2.4 billion. CAS Investment Partners, which owns about 17% of At Home Group, made its objections in a letter to the company's board of directors that was seen by The Wall Street Journal. CAS feels the bid \"grossly undervalues\" the company.</p><p><blockquote><b>在家组（家）</b>-At Home Group最大股东表示，将反对以24亿美元将这家家居用品零售商出售给私募股权公司Hellman&amp;Friedman的交易。《华尔街日报》看到了持有At Home Group约17%股份的CAS Investment Partners在致该公司董事会的一封信中提出了反对意见。CAS认为此次出价“严重低估”了该公司的价值。</blockquote></p><p><b>Marathon Petroleum&nbsp;(MPC)</b> – Top Federal Trade Commission officials say Marathon Petroleum's sale of Speedway gas stations to the parent of the 7-11 chain may be illegal on competitive grounds. The $21 billion deal closed on Friday, but the officials say they will continue to investigate. Separately, Marathon announced a modified Dutch auction tender offer for up to $4 billion of its common shares.</p><p><blockquote><b>马拉松石油公司(MPC)</b>-美国联邦贸易委员会高级官员表示，马拉松石油公司将Speedway加油站出售给7-11连锁店的母公司可能因竞争原因而非法。这笔价值210亿美元的交易于周五完成，但官员们表示他们将继续调查。另外，马拉松宣布了一项修改后的荷兰拍卖要约收购，收购其最多40亿美元的普通股。</blockquote></p><p><b>MicroStrategy&nbsp;(MSTR) </b>– MicroStrategy tumbled 5.6% in premarket action amid a slide in the price of bitcoin to the lowest level in more than three months. The business analytics company holds roughly $5 billion worth of bitcoin. The cryptocurrency’s volatility is also impacting shares of&nbsp;Coinbase&nbsp;(COIN), the largest U.S. cryptocurrency exchange, which fell 3.5%.</p><p><blockquote><b>微策略(MSTR)</b>-由于比特币价格跌至三个多月来的最低水平，MicroStrategy在盘前下跌5.6%。这家商业分析公司持有价值约50亿美元的比特币。加密货币的波动也影响了美国最大的加密货币交易所Coinbase(COIN)的股价，该公司下跌了3.5%。</blockquote></p><p><b>Texas Roadhouse&nbsp;(TXRH)</b> – The restaurant chain’s shares rose 1% in the premarket after Deutsche Bank upgraded the stock to “buy” from “hold.” Deutsche Bank said recent trends point to the possibility that current revenue assumptions may be conservative, and it also points to the recent pullback in the stock’s price.</p><p><blockquote><b>德克萨斯旅馆(TXRH)</b>-德意志银行将该股评级从“持有”上调至“买入”后，该连锁餐厅股价盘前上涨1%。德意志银行表示，最近的趋势表明，目前的收入假设可能是保守的，也表明了该股价格最近的回调。</blockquote></p><p><b>Sanofi&nbsp;(SNY),GlaxoSmithKline&nbsp;(GSK)</b> – Sanofi and Glaxo said their experimental Covid-19 vaccine showed strong results in an early-stage study, with 95% to 100% efficacy. The drug companies plan to begin a phase 3 trial within a few weeks.</p><p><blockquote><b>赛诺菲(SNY)、葛兰素史克(GSK)</b>-赛诺菲和葛兰素表示，他们的实验性新冠疫苗在一项早期研究中显示出强劲的结果，有效性为95%至100%。制药公司计划在几周内开始3期试验。</blockquote></p><p><b>Blackstone&nbsp;(BX)</b> – Blackstone’s improved $6.5 billion bid for Crown Resorts was rejected by the Australian casino operator, which said the bid undervalued the company and was not in the best interests of shareholders.</p><p><blockquote><b>黑石(BX)</b>——黑石集团对皇冠度假村提出的65亿美元的改进出价被这家澳大利亚赌场运营商拒绝，该运营商表示，该出价低估了该公司的价值，不符合股东的最佳利益。</blockquote></p><p></p><p><b>Cummins&nbsp;(CMI)</b> – The maker of engines and other power solutions saw its stock rise 1% in the premarket after Bank of America Securities upgraded it to “buy” from “neutral,” saying it sees continued outperformance ahead amid an upbeat market for farm machinery and equipment rental.</p><p><blockquote><b>康明斯(CMI)</b>-这家发动机和其他动力解决方案制造商的股价在盘前上涨1%，此前美国银行证券将其评级从“中性”上调至“买入”，称在农业机械和设备租赁市场乐观的情况下，该公司预计未来将继续表现出色。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-17 20:18</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><ul><li>Futures dip as focus turns to retail earnings</li></ul><ul><li>Discovery Inc. shares&nbsp;popped in premarket trading on a deal tomergemedia assets with AT&amp;T Inc.</li></ul>U.S. equity futures slipped with most stocks on Monday as investors weighed risks to the outlook including inflation and a spike in Covid-19 cases in parts of the world.Investors shifting their focus to retail earnings this week for clues on the strength of consumer spending.</p><p><blockquote><ul><li>焦点转向零售盈利，期货下跌</li></ul><ul><li>Discovery Inc.股价因与AT&amp;T Inc.合并媒体资产的交易而在盘前交易中上涨。</li></ul>周一，由于投资者权衡通胀和世界部分地区Covid-19病例激增等前景风险，美国股指期货与大多数股票一起下跌。投资者本周将注意力转向零售盈利，以寻找消费者支出实力的线索。</blockquote></p><p>At 8:10 a.m. ET, Dow e-minis were down 167 points, or 0.49%, S&amp;P 500 e-minis were down 19.25 points, or 0.46%, and Nasdaq 100 e-minis were down 76.50 points, or 0.57%.</p><p><blockquote>截至美国东部时间上午8:10，道指e-mini下跌167点，跌幅0.49%，标普500 e-mini下跌19.25点，跌幅0.46%，纳斯达克100 e-mini下跌76.50点，跌幅0.57%。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d37360df197edcc7e4b687957bf94b2\" tg-width=\"1080\" tg-height=\"368\"><span>*Source From Tiger Trade, EST 08:10</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:10</span></p></blockquote></p><p>Treasuries were little changed while gold climbed to thehighestin more than three months. Bitcoin&nbsp;steadied&nbsp;after Elon Musk said Tesla Inc. hasn’t sold from its holdings of the token.</p><p><blockquote>美国国债几乎没有变化，而黄金则攀升至三个多月来的最高水平。在Elon Musk表示特斯拉公司尚未出售其持有的代币后，比特币企稳。</blockquote></p><p>Shares of Discovery Inc&nbsp;jumped 12% in premarket trading after news reports said U.S. telecoms giant AT&amp;T Inc&nbsp;is nearing a deal to combine its media assets, including CNN and HBO, with the company. AT&amp;T shares gained 3%.</p><p><blockquote>Discovery Inc的股价在盘前交易中上涨12%，此前有新闻报道称，美国电信巨头AT&amp;T Inc即将达成协议，将其媒体资产（包括CNN和HBO）与该公司合并。AT&amp;T股价上涨3%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/18a378106946bba0102b107ce85fb0f6\" tg-width=\"1302\" tg-height=\"663\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/07ddd9475dca4cdcf71c890e3f8482cc\" tg-width=\"1302\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p><b>AT&amp;T</b>&nbsp;<b>(T),Discovery</b>&nbsp;<b>(DISCA)</b> – AT&amp;T and Discovery&nbsp;announced a deal&nbsp;to combine Discovery with AT&amp;T's WarnerMedia unit. The combination would be co-owned by current shareholders of both companies, and would create a new stronger streaming video challenger to the likes of&nbsp;Netflix&nbsp;(NFLX) and&nbsp;Walt Disney&nbsp;(DIS). AT&amp;T jumped 3% in the premarket and Discovery shares surged 12%.</p><p><blockquote><b>AT&amp;T</b> <b>(T)，发现</b> <b>（拨号）</b>——AT&amp;T和Discovery宣布达成协议，将Discovery与AT&amp;T旗下的WarnerMedia部门合并。此次合并将由两家公司的现有股东共同拥有，并将为Netflix(NFLX)和华特迪士尼(DIS)等公司创造一个新的、更强大的流媒体视频挑战者。AT&amp;T盘前上涨3%，Discovery股价飙升12%。</blockquote></p><p><b>Tesla&nbsp;(TSLA)</b> – Tesla CEO Elon Musk said the company&nbsp;has not sold any bitcoin&nbsp;after such speculation was fueled by Tesla's decision to stop taking bitcoin for automobile purchases. Tesla fell 2.1% in premarket trading.</p><p><blockquote><b>特斯拉(TSLA)</b>–特斯拉首席执行官Elon Musk表示，该公司尚未出售任何比特币，此前特斯拉决定停止使用比特币购买汽车，引发了此类猜测。特斯拉在盘前交易中下跌2.1%。</blockquote></p><p><b>ViacomCBS&nbsp;(VIAC) </b>– ViacomCBS resolved a dispute with former CEO Les Moonves, and will keep the $120 million in severance it had withheld after Moonves resigned amid accusations of sexual harassment which he has denied. Viacom shares rallied 2.5% in premarket trading.</p><p><blockquote><b>维亚康姆哥伦比亚广播公司(VIAC)</b>–ViacomCBS解决了与前首席执行官Les Moonves的纠纷，并将保留Moonves因性骚扰指控辞职后扣留的1.2亿美元遣散费，但他否认了这一指控。维亚康姆股价在盘前交易中上涨2.5%。</blockquote></p><p><b>Hostess Brands&nbsp;(TWNK) </b>– The maker of Twinkies and other snacks reported quarterly profit of 20 cents per share, a penny a share above estimates. Revenue also topped Wall Street forecasts. Hostess said it continues to see elevated at-home consumption of its snacks, as well as increased \"on-the-go\" sales.</p><p><blockquote><b>女主人品牌(TWNK)</b>–这家夹心饼干和其他零食制造商报告季度利润为每股20美分，比预期高出每股1美分。收入也超出了华尔街的预期。Hostess表示，其零食的家庭消费量继续增加，“移动”销量也有所增加。</blockquote></p><p><b>At Home Group&nbsp;(HOME) </b>– At Home Group's largest shareholder said it will oppose the deal to sell the home furnishings retailer to private-equity firm Hellman &amp; Friedman for $2.4 billion. CAS Investment Partners, which owns about 17% of At Home Group, made its objections in a letter to the company's board of directors that was seen by The Wall Street Journal. CAS feels the bid \"grossly undervalues\" the company.</p><p><blockquote><b>在家组（家）</b>-At Home Group最大股东表示，将反对以24亿美元将这家家居用品零售商出售给私募股权公司Hellman&amp;Friedman的交易。《华尔街日报》看到了持有At Home Group约17%股份的CAS Investment Partners在致该公司董事会的一封信中提出了反对意见。CAS认为此次出价“严重低估”了该公司的价值。</blockquote></p><p><b>Marathon Petroleum&nbsp;(MPC)</b> – Top Federal Trade Commission officials say Marathon Petroleum's sale of Speedway gas stations to the parent of the 7-11 chain may be illegal on competitive grounds. The $21 billion deal closed on Friday, but the officials say they will continue to investigate. Separately, Marathon announced a modified Dutch auction tender offer for up to $4 billion of its common shares.</p><p><blockquote><b>马拉松石油公司(MPC)</b>-美国联邦贸易委员会高级官员表示，马拉松石油公司将Speedway加油站出售给7-11连锁店的母公司可能因竞争原因而非法。这笔价值210亿美元的交易于周五完成，但官员们表示他们将继续调查。另外，马拉松宣布了一项修改后的荷兰拍卖要约收购，收购其最多40亿美元的普通股。</blockquote></p><p><b>MicroStrategy&nbsp;(MSTR) </b>– MicroStrategy tumbled 5.6% in premarket action amid a slide in the price of bitcoin to the lowest level in more than three months. The business analytics company holds roughly $5 billion worth of bitcoin. The cryptocurrency’s volatility is also impacting shares of&nbsp;Coinbase&nbsp;(COIN), the largest U.S. cryptocurrency exchange, which fell 3.5%.</p><p><blockquote><b>微策略(MSTR)</b>-由于比特币价格跌至三个多月来的最低水平，MicroStrategy在盘前下跌5.6%。这家商业分析公司持有价值约50亿美元的比特币。加密货币的波动也影响了美国最大的加密货币交易所Coinbase(COIN)的股价，该公司下跌了3.5%。</blockquote></p><p><b>Texas Roadhouse&nbsp;(TXRH)</b> – The restaurant chain’s shares rose 1% in the premarket after Deutsche Bank upgraded the stock to “buy” from “hold.” Deutsche Bank said recent trends point to the possibility that current revenue assumptions may be conservative, and it also points to the recent pullback in the stock’s price.</p><p><blockquote><b>德克萨斯旅馆(TXRH)</b>-德意志银行将该股评级从“持有”上调至“买入”后，该连锁餐厅股价盘前上涨1%。德意志银行表示，最近的趋势表明，目前的收入假设可能是保守的，也表明了该股价格最近的回调。</blockquote></p><p><b>Sanofi&nbsp;(SNY),GlaxoSmithKline&nbsp;(GSK)</b> – Sanofi and Glaxo said their experimental Covid-19 vaccine showed strong results in an early-stage study, with 95% to 100% efficacy. The drug companies plan to begin a phase 3 trial within a few weeks.</p><p><blockquote><b>赛诺菲(SNY)、葛兰素史克(GSK)</b>-赛诺菲和葛兰素表示，他们的实验性新冠疫苗在一项早期研究中显示出强劲的结果，有效性为95%至100%。制药公司计划在几周内开始3期试验。</blockquote></p><p><b>Blackstone&nbsp;(BX)</b> – Blackstone’s improved $6.5 billion bid for Crown Resorts was rejected by the Australian casino operator, which said the bid undervalued the company and was not in the best interests of shareholders.</p><p><blockquote><b>黑石(BX)</b>——黑石集团对皇冠度假村提出的65亿美元的改进出价被这家澳大利亚赌场运营商拒绝，该运营商表示，该出价低估了该公司的价值，不符合股东的最佳利益。</blockquote></p><p></p><p><b>Cummins&nbsp;(CMI)</b> – The maker of engines and other power solutions saw its stock rise 1% in the premarket after Bank of America Securities upgraded it to “buy” from “neutral,” saying it sees continued outperformance ahead amid an upbeat market for farm machinery and equipment rental.</p><p><blockquote><b>康明斯(CMI)</b>-这家发动机和其他动力解决方案制造商的股价在盘前上涨1%，此前美国银行证券将其评级从“中性”上调至“买入”，称在农业机械和设备租赁市场乐观的情况下，该公司预计未来将继续表现出色。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"T":"At&T",".DJI":"道琼斯","BX":"黑石","DISCA":"探索传播",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162277361","content_text":"Futures dip as focus turns to retail earningsDiscovery Inc. shares popped in premarket trading on a deal tomergemedia assets with AT&T Inc.U.S. equity futures slipped with most stocks on Monday as investors weighed risks to the outlook including inflation and a spike in Covid-19 cases in parts of the world.Investors shifting their focus to retail earnings this week for clues on the strength of consumer spending.At 8:10 a.m. ET, Dow e-minis were down 167 points, or 0.49%, S&P 500 e-minis were down 19.25 points, or 0.46%, and Nasdaq 100 e-minis were down 76.50 points, or 0.57%.*Source From Tiger Trade, EST 08:10Treasuries were little changed while gold climbed to thehighestin more than three months. Bitcoin steadied after Elon Musk said Tesla Inc. hasn’t sold from its holdings of the token.Shares of Discovery Inc jumped 12% in premarket trading after news reports said U.S. telecoms giant AT&T Inc is nearing a deal to combine its media assets, including CNN and HBO, with the company. AT&T shares gained 3%.Stocks making the biggest moves in the premarket:AT&T (T),Discovery (DISCA) – AT&T and Discovery announced a deal to combine Discovery with AT&T's WarnerMedia unit. The combination would be co-owned by current shareholders of both companies, and would create a new stronger streaming video challenger to the likes of Netflix (NFLX) and Walt Disney (DIS). AT&T jumped 3% in the premarket and Discovery shares surged 12%.Tesla (TSLA) – Tesla CEO Elon Musk said the company has not sold any bitcoin after such speculation was fueled by Tesla's decision to stop taking bitcoin for automobile purchases. Tesla fell 2.1% in premarket trading.ViacomCBS (VIAC) – ViacomCBS resolved a dispute with former CEO Les Moonves, and will keep the $120 million in severance it had withheld after Moonves resigned amid accusations of sexual harassment which he has denied. Viacom shares rallied 2.5% in premarket trading.Hostess Brands (TWNK) – The maker of Twinkies and other snacks reported quarterly profit of 20 cents per share, a penny a share above estimates. Revenue also topped Wall Street forecasts. Hostess said it continues to see elevated at-home consumption of its snacks, as well as increased \"on-the-go\" sales.At Home Group (HOME) – At Home Group's largest shareholder said it will oppose the deal to sell the home furnishings retailer to private-equity firm Hellman & Friedman for $2.4 billion. CAS Investment Partners, which owns about 17% of At Home Group, made its objections in a letter to the company's board of directors that was seen by The Wall Street Journal. CAS feels the bid \"grossly undervalues\" the company.Marathon Petroleum (MPC) – Top Federal Trade Commission officials say Marathon Petroleum's sale of Speedway gas stations to the parent of the 7-11 chain may be illegal on competitive grounds. The $21 billion deal closed on Friday, but the officials say they will continue to investigate. Separately, Marathon announced a modified Dutch auction tender offer for up to $4 billion of its common shares.MicroStrategy (MSTR) – MicroStrategy tumbled 5.6% in premarket action amid a slide in the price of bitcoin to the lowest level in more than three months. The business analytics company holds roughly $5 billion worth of bitcoin. The cryptocurrency’s volatility is also impacting shares of Coinbase (COIN), the largest U.S. cryptocurrency exchange, which fell 3.5%.Texas Roadhouse (TXRH) – The restaurant chain’s shares rose 1% in the premarket after Deutsche Bank upgraded the stock to “buy” from “hold.” Deutsche Bank said recent trends point to the possibility that current revenue assumptions may be conservative, and it also points to the recent pullback in the stock’s price.Sanofi (SNY),GlaxoSmithKline (GSK) – Sanofi and Glaxo said their experimental Covid-19 vaccine showed strong results in an early-stage study, with 95% to 100% efficacy. The drug companies plan to begin a phase 3 trial within a few weeks.Blackstone (BX) – Blackstone’s improved $6.5 billion bid for Crown Resorts was rejected by the Australian casino operator, which said the bid undervalued the company and was not in the best interests of shareholders.Cummins (CMI) – The maker of engines and other power solutions saw its stock rise 1% in the premarket after Bank of America Securities upgraded it to “buy” from “neutral,” saying it sees continued outperformance ahead amid an upbeat market for farm machinery and equipment rental.","news_type":1,"symbols_score_info":{"NQmain":0.9,".DJI":0.9,".SPX":0.9,"ESmain":0.9,"DISCA":0.9,"T":0.9,"VIAC":0.9,"BX":0.9,"TSLA":0.9,"YMmain":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":195392354,"gmtCreate":1621255976778,"gmtModify":1634193014432,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574574983539751","idStr":"3574574983539751"},"themes":[],"htmlText":"oh no","listText":"oh no","text":"oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/195392354","repostId":"1162277361","repostType":4,"repost":{"id":"1162277361","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621253925,"share":"https://www.laohu8.com/m/news/1162277361?lang=zh_CN&edition=full","pubTime":"2021-05-17 20:18","market":"us","language":"en","title":"Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162277361","media":"Tiger Newspress","summary":"Futures dip as focus turns to retail earningsDiscovery Inc. shares popped in premarket trading on a ","content":"<p><ul><li>Futures dip as focus turns to retail earnings</li></ul><ul><li>Discovery Inc. shares&nbsp;popped in premarket trading on a deal tomergemedia assets with AT&amp;T Inc.</li></ul>U.S. equity futures slipped with most stocks on Monday as investors weighed risks to the outlook including inflation and a spike in Covid-19 cases in parts of the world.Investors shifting their focus to retail earnings this week for clues on the strength of consumer spending.</p><p><blockquote><ul><li>焦点转向零售盈利，期货下跌</li></ul><ul><li>Discovery Inc.股价因与AT&amp;T Inc.合并媒体资产的交易而在盘前交易中上涨。</li></ul>周一，由于投资者权衡通胀和世界部分地区Covid-19病例激增等前景风险，美国股指期货与大多数股票一起下跌。投资者本周将注意力转向零售盈利，以寻找消费者支出实力的线索。</blockquote></p><p>At 8:10 a.m. ET, Dow e-minis were down 167 points, or 0.49%, S&amp;P 500 e-minis were down 19.25 points, or 0.46%, and Nasdaq 100 e-minis were down 76.50 points, or 0.57%.</p><p><blockquote>截至美国东部时间上午8:10，道指e-mini下跌167点，跌幅0.49%，标普500 e-mini下跌19.25点，跌幅0.46%，纳斯达克100 e-mini下跌76.50点，跌幅0.57%。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d37360df197edcc7e4b687957bf94b2\" tg-width=\"1080\" tg-height=\"368\"><span>*Source From Tiger Trade, EST 08:10</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:10</span></p></blockquote></p><p>Treasuries were little changed while gold climbed to thehighestin more than three months. Bitcoin&nbsp;steadied&nbsp;after Elon Musk said Tesla Inc. hasn’t sold from its holdings of the token.</p><p><blockquote>美国国债几乎没有变化，而黄金则攀升至三个多月来的最高水平。在Elon Musk表示特斯拉公司尚未出售其持有的代币后，比特币企稳。</blockquote></p><p>Shares of Discovery Inc&nbsp;jumped 12% in premarket trading after news reports said U.S. telecoms giant AT&amp;T Inc&nbsp;is nearing a deal to combine its media assets, including CNN and HBO, with the company. AT&amp;T shares gained 3%.</p><p><blockquote>Discovery Inc的股价在盘前交易中上涨12%，此前有新闻报道称，美国电信巨头AT&amp;T Inc即将达成协议，将其媒体资产（包括CNN和HBO）与该公司合并。AT&amp;T股价上涨3%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/18a378106946bba0102b107ce85fb0f6\" tg-width=\"1302\" tg-height=\"663\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/07ddd9475dca4cdcf71c890e3f8482cc\" tg-width=\"1302\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p><b>AT&amp;T</b>&nbsp;<b>(T),Discovery</b>&nbsp;<b>(DISCA)</b> – AT&amp;T and Discovery&nbsp;announced a deal&nbsp;to combine Discovery with AT&amp;T's WarnerMedia unit. The combination would be co-owned by current shareholders of both companies, and would create a new stronger streaming video challenger to the likes of&nbsp;Netflix&nbsp;(NFLX) and&nbsp;Walt Disney&nbsp;(DIS). AT&amp;T jumped 3% in the premarket and Discovery shares surged 12%.</p><p><blockquote><b>AT&amp;T</b> <b>(T)，发现</b> <b>（拨号）</b>——AT&amp;T和Discovery宣布达成协议，将Discovery与AT&amp;T旗下的WarnerMedia部门合并。此次合并将由两家公司的现有股东共同拥有，并将为Netflix(NFLX)和华特迪士尼(DIS)等公司创造一个新的、更强大的流媒体视频挑战者。AT&amp;T盘前上涨3%，Discovery股价飙升12%。</blockquote></p><p><b>Tesla&nbsp;(TSLA)</b> – Tesla CEO Elon Musk said the company&nbsp;has not sold any bitcoin&nbsp;after such speculation was fueled by Tesla's decision to stop taking bitcoin for automobile purchases. Tesla fell 2.1% in premarket trading.</p><p><blockquote><b>特斯拉(TSLA)</b>–特斯拉首席执行官Elon Musk表示，该公司尚未出售任何比特币，此前特斯拉决定停止使用比特币购买汽车，引发了此类猜测。特斯拉在盘前交易中下跌2.1%。</blockquote></p><p><b>ViacomCBS&nbsp;(VIAC) </b>– ViacomCBS resolved a dispute with former CEO Les Moonves, and will keep the $120 million in severance it had withheld after Moonves resigned amid accusations of sexual harassment which he has denied. Viacom shares rallied 2.5% in premarket trading.</p><p><blockquote><b>维亚康姆哥伦比亚广播公司(VIAC)</b>–ViacomCBS解决了与前首席执行官Les Moonves的纠纷，并将保留Moonves因性骚扰指控辞职后扣留的1.2亿美元遣散费，但他否认了这一指控。维亚康姆股价在盘前交易中上涨2.5%。</blockquote></p><p><b>Hostess Brands&nbsp;(TWNK) </b>– The maker of Twinkies and other snacks reported quarterly profit of 20 cents per share, a penny a share above estimates. Revenue also topped Wall Street forecasts. Hostess said it continues to see elevated at-home consumption of its snacks, as well as increased \"on-the-go\" sales.</p><p><blockquote><b>女主人品牌(TWNK)</b>–这家夹心饼干和其他零食制造商报告季度利润为每股20美分，比预期高出每股1美分。收入也超出了华尔街的预期。Hostess表示，其零食的家庭消费量继续增加，“移动”销量也有所增加。</blockquote></p><p><b>At Home Group&nbsp;(HOME) </b>– At Home Group's largest shareholder said it will oppose the deal to sell the home furnishings retailer to private-equity firm Hellman &amp; Friedman for $2.4 billion. CAS Investment Partners, which owns about 17% of At Home Group, made its objections in a letter to the company's board of directors that was seen by The Wall Street Journal. CAS feels the bid \"grossly undervalues\" the company.</p><p><blockquote><b>在家组（家）</b>-At Home Group最大股东表示，将反对以24亿美元将这家家居用品零售商出售给私募股权公司Hellman&amp;Friedman的交易。《华尔街日报》看到了持有At Home Group约17%股份的CAS Investment Partners在致该公司董事会的一封信中提出了反对意见。CAS认为此次出价“严重低估”了该公司的价值。</blockquote></p><p><b>Marathon Petroleum&nbsp;(MPC)</b> – Top Federal Trade Commission officials say Marathon Petroleum's sale of Speedway gas stations to the parent of the 7-11 chain may be illegal on competitive grounds. The $21 billion deal closed on Friday, but the officials say they will continue to investigate. Separately, Marathon announced a modified Dutch auction tender offer for up to $4 billion of its common shares.</p><p><blockquote><b>马拉松石油公司(MPC)</b>-美国联邦贸易委员会高级官员表示，马拉松石油公司将Speedway加油站出售给7-11连锁店的母公司可能因竞争原因而非法。这笔价值210亿美元的交易于周五完成，但官员们表示他们将继续调查。另外，马拉松宣布了一项修改后的荷兰拍卖要约收购，收购其最多40亿美元的普通股。</blockquote></p><p><b>MicroStrategy&nbsp;(MSTR) </b>– MicroStrategy tumbled 5.6% in premarket action amid a slide in the price of bitcoin to the lowest level in more than three months. The business analytics company holds roughly $5 billion worth of bitcoin. The cryptocurrency’s volatility is also impacting shares of&nbsp;Coinbase&nbsp;(COIN), the largest U.S. cryptocurrency exchange, which fell 3.5%.</p><p><blockquote><b>微策略(MSTR)</b>-由于比特币价格跌至三个多月来的最低水平，MicroStrategy在盘前下跌5.6%。这家商业分析公司持有价值约50亿美元的比特币。加密货币的波动也影响了美国最大的加密货币交易所Coinbase(COIN)的股价，该公司下跌了3.5%。</blockquote></p><p><b>Texas Roadhouse&nbsp;(TXRH)</b> – The restaurant chain’s shares rose 1% in the premarket after Deutsche Bank upgraded the stock to “buy” from “hold.” Deutsche Bank said recent trends point to the possibility that current revenue assumptions may be conservative, and it also points to the recent pullback in the stock’s price.</p><p><blockquote><b>德克萨斯旅馆(TXRH)</b>-德意志银行将该股评级从“持有”上调至“买入”后，该连锁餐厅股价盘前上涨1%。德意志银行表示，最近的趋势表明，目前的收入假设可能是保守的，也表明了该股价格最近的回调。</blockquote></p><p><b>Sanofi&nbsp;(SNY),GlaxoSmithKline&nbsp;(GSK)</b> – Sanofi and Glaxo said their experimental Covid-19 vaccine showed strong results in an early-stage study, with 95% to 100% efficacy. The drug companies plan to begin a phase 3 trial within a few weeks.</p><p><blockquote><b>赛诺菲(SNY)、葛兰素史克(GSK)</b>-赛诺菲和葛兰素表示，他们的实验性新冠疫苗在一项早期研究中显示出强劲的结果，有效性为95%至100%。制药公司计划在几周内开始3期试验。</blockquote></p><p><b>Blackstone&nbsp;(BX)</b> – Blackstone’s improved $6.5 billion bid for Crown Resorts was rejected by the Australian casino operator, which said the bid undervalued the company and was not in the best interests of shareholders.</p><p><blockquote><b>黑石(BX)</b>——黑石集团对皇冠度假村提出的65亿美元的改进出价被这家澳大利亚赌场运营商拒绝，该运营商表示，该出价低估了该公司的价值，不符合股东的最佳利益。</blockquote></p><p></p><p><b>Cummins&nbsp;(CMI)</b> – The maker of engines and other power solutions saw its stock rise 1% in the premarket after Bank of America Securities upgraded it to “buy” from “neutral,” saying it sees continued outperformance ahead amid an upbeat market for farm machinery and equipment rental.</p><p><blockquote><b>康明斯(CMI)</b>-这家发动机和其他动力解决方案制造商的股价在盘前上涨1%，此前美国银行证券将其评级从“中性”上调至“买入”，称在农业机械和设备租赁市场乐观的情况下，该公司预计未来将继续表现出色。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-17 20:18</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><ul><li>Futures dip as focus turns to retail earnings</li></ul><ul><li>Discovery Inc. shares&nbsp;popped in premarket trading on a deal tomergemedia assets with AT&amp;T Inc.</li></ul>U.S. equity futures slipped with most stocks on Monday as investors weighed risks to the outlook including inflation and a spike in Covid-19 cases in parts of the world.Investors shifting their focus to retail earnings this week for clues on the strength of consumer spending.</p><p><blockquote><ul><li>焦点转向零售盈利，期货下跌</li></ul><ul><li>Discovery Inc.股价因与AT&amp;T Inc.合并媒体资产的交易而在盘前交易中上涨。</li></ul>周一，由于投资者权衡通胀和世界部分地区Covid-19病例激增等前景风险，美国股指期货与大多数股票一起下跌。投资者本周将注意力转向零售盈利，以寻找消费者支出实力的线索。</blockquote></p><p>At 8:10 a.m. ET, Dow e-minis were down 167 points, or 0.49%, S&amp;P 500 e-minis were down 19.25 points, or 0.46%, and Nasdaq 100 e-minis were down 76.50 points, or 0.57%.</p><p><blockquote>截至美国东部时间上午8:10，道指e-mini下跌167点，跌幅0.49%，标普500 e-mini下跌19.25点，跌幅0.46%，纳斯达克100 e-mini下跌76.50点，跌幅0.57%。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d37360df197edcc7e4b687957bf94b2\" tg-width=\"1080\" tg-height=\"368\"><span>*Source From Tiger Trade, EST 08:10</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:10</span></p></blockquote></p><p>Treasuries were little changed while gold climbed to thehighestin more than three months. Bitcoin&nbsp;steadied&nbsp;after Elon Musk said Tesla Inc. hasn’t sold from its holdings of the token.</p><p><blockquote>美国国债几乎没有变化，而黄金则攀升至三个多月来的最高水平。在Elon Musk表示特斯拉公司尚未出售其持有的代币后，比特币企稳。</blockquote></p><p>Shares of Discovery Inc&nbsp;jumped 12% in premarket trading after news reports said U.S. telecoms giant AT&amp;T Inc&nbsp;is nearing a deal to combine its media assets, including CNN and HBO, with the company. AT&amp;T shares gained 3%.</p><p><blockquote>Discovery Inc的股价在盘前交易中上涨12%，此前有新闻报道称，美国电信巨头AT&amp;T Inc即将达成协议，将其媒体资产（包括CNN和HBO）与该公司合并。AT&amp;T股价上涨3%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/18a378106946bba0102b107ce85fb0f6\" tg-width=\"1302\" tg-height=\"663\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/07ddd9475dca4cdcf71c890e3f8482cc\" tg-width=\"1302\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p><b>AT&amp;T</b>&nbsp;<b>(T),Discovery</b>&nbsp;<b>(DISCA)</b> – AT&amp;T and Discovery&nbsp;announced a deal&nbsp;to combine Discovery with AT&amp;T's WarnerMedia unit. The combination would be co-owned by current shareholders of both companies, and would create a new stronger streaming video challenger to the likes of&nbsp;Netflix&nbsp;(NFLX) and&nbsp;Walt Disney&nbsp;(DIS). AT&amp;T jumped 3% in the premarket and Discovery shares surged 12%.</p><p><blockquote><b>AT&amp;T</b> <b>(T)，发现</b> <b>（拨号）</b>——AT&amp;T和Discovery宣布达成协议，将Discovery与AT&amp;T旗下的WarnerMedia部门合并。此次合并将由两家公司的现有股东共同拥有，并将为Netflix(NFLX)和华特迪士尼(DIS)等公司创造一个新的、更强大的流媒体视频挑战者。AT&amp;T盘前上涨3%，Discovery股价飙升12%。</blockquote></p><p><b>Tesla&nbsp;(TSLA)</b> – Tesla CEO Elon Musk said the company&nbsp;has not sold any bitcoin&nbsp;after such speculation was fueled by Tesla's decision to stop taking bitcoin for automobile purchases. Tesla fell 2.1% in premarket trading.</p><p><blockquote><b>特斯拉(TSLA)</b>–特斯拉首席执行官Elon Musk表示，该公司尚未出售任何比特币，此前特斯拉决定停止使用比特币购买汽车，引发了此类猜测。特斯拉在盘前交易中下跌2.1%。</blockquote></p><p><b>ViacomCBS&nbsp;(VIAC) </b>– ViacomCBS resolved a dispute with former CEO Les Moonves, and will keep the $120 million in severance it had withheld after Moonves resigned amid accusations of sexual harassment which he has denied. Viacom shares rallied 2.5% in premarket trading.</p><p><blockquote><b>维亚康姆哥伦比亚广播公司(VIAC)</b>–ViacomCBS解决了与前首席执行官Les Moonves的纠纷，并将保留Moonves因性骚扰指控辞职后扣留的1.2亿美元遣散费，但他否认了这一指控。维亚康姆股价在盘前交易中上涨2.5%。</blockquote></p><p><b>Hostess Brands&nbsp;(TWNK) </b>– The maker of Twinkies and other snacks reported quarterly profit of 20 cents per share, a penny a share above estimates. Revenue also topped Wall Street forecasts. Hostess said it continues to see elevated at-home consumption of its snacks, as well as increased \"on-the-go\" sales.</p><p><blockquote><b>女主人品牌(TWNK)</b>–这家夹心饼干和其他零食制造商报告季度利润为每股20美分，比预期高出每股1美分。收入也超出了华尔街的预期。Hostess表示，其零食的家庭消费量继续增加，“移动”销量也有所增加。</blockquote></p><p><b>At Home Group&nbsp;(HOME) </b>– At Home Group's largest shareholder said it will oppose the deal to sell the home furnishings retailer to private-equity firm Hellman &amp; Friedman for $2.4 billion. CAS Investment Partners, which owns about 17% of At Home Group, made its objections in a letter to the company's board of directors that was seen by The Wall Street Journal. CAS feels the bid \"grossly undervalues\" the company.</p><p><blockquote><b>在家组（家）</b>-At Home Group最大股东表示，将反对以24亿美元将这家家居用品零售商出售给私募股权公司Hellman&amp;Friedman的交易。《华尔街日报》看到了持有At Home Group约17%股份的CAS Investment Partners在致该公司董事会的一封信中提出了反对意见。CAS认为此次出价“严重低估”了该公司的价值。</blockquote></p><p><b>Marathon Petroleum&nbsp;(MPC)</b> – Top Federal Trade Commission officials say Marathon Petroleum's sale of Speedway gas stations to the parent of the 7-11 chain may be illegal on competitive grounds. The $21 billion deal closed on Friday, but the officials say they will continue to investigate. Separately, Marathon announced a modified Dutch auction tender offer for up to $4 billion of its common shares.</p><p><blockquote><b>马拉松石油公司(MPC)</b>-美国联邦贸易委员会高级官员表示，马拉松石油公司将Speedway加油站出售给7-11连锁店的母公司可能因竞争原因而非法。这笔价值210亿美元的交易于周五完成，但官员们表示他们将继续调查。另外，马拉松宣布了一项修改后的荷兰拍卖要约收购，收购其最多40亿美元的普通股。</blockquote></p><p><b>MicroStrategy&nbsp;(MSTR) </b>– MicroStrategy tumbled 5.6% in premarket action amid a slide in the price of bitcoin to the lowest level in more than three months. The business analytics company holds roughly $5 billion worth of bitcoin. The cryptocurrency’s volatility is also impacting shares of&nbsp;Coinbase&nbsp;(COIN), the largest U.S. cryptocurrency exchange, which fell 3.5%.</p><p><blockquote><b>微策略(MSTR)</b>-由于比特币价格跌至三个多月来的最低水平，MicroStrategy在盘前下跌5.6%。这家商业分析公司持有价值约50亿美元的比特币。加密货币的波动也影响了美国最大的加密货币交易所Coinbase(COIN)的股价，该公司下跌了3.5%。</blockquote></p><p><b>Texas Roadhouse&nbsp;(TXRH)</b> – The restaurant chain’s shares rose 1% in the premarket after Deutsche Bank upgraded the stock to “buy” from “hold.” Deutsche Bank said recent trends point to the possibility that current revenue assumptions may be conservative, and it also points to the recent pullback in the stock’s price.</p><p><blockquote><b>德克萨斯旅馆(TXRH)</b>-德意志银行将该股评级从“持有”上调至“买入”后，该连锁餐厅股价盘前上涨1%。德意志银行表示，最近的趋势表明，目前的收入假设可能是保守的，也表明了该股价格最近的回调。</blockquote></p><p><b>Sanofi&nbsp;(SNY),GlaxoSmithKline&nbsp;(GSK)</b> – Sanofi and Glaxo said their experimental Covid-19 vaccine showed strong results in an early-stage study, with 95% to 100% efficacy. The drug companies plan to begin a phase 3 trial within a few weeks.</p><p><blockquote><b>赛诺菲(SNY)、葛兰素史克(GSK)</b>-赛诺菲和葛兰素表示，他们的实验性新冠疫苗在一项早期研究中显示出强劲的结果，有效性为95%至100%。制药公司计划在几周内开始3期试验。</blockquote></p><p><b>Blackstone&nbsp;(BX)</b> – Blackstone’s improved $6.5 billion bid for Crown Resorts was rejected by the Australian casino operator, which said the bid undervalued the company and was not in the best interests of shareholders.</p><p><blockquote><b>黑石(BX)</b>——黑石集团对皇冠度假村提出的65亿美元的改进出价被这家澳大利亚赌场运营商拒绝，该运营商表示，该出价低估了该公司的价值，不符合股东的最佳利益。</blockquote></p><p></p><p><b>Cummins&nbsp;(CMI)</b> – The maker of engines and other power solutions saw its stock rise 1% in the premarket after Bank of America Securities upgraded it to “buy” from “neutral,” saying it sees continued outperformance ahead amid an upbeat market for farm machinery and equipment rental.</p><p><blockquote><b>康明斯(CMI)</b>-这家发动机和其他动力解决方案制造商的股价在盘前上涨1%，此前美国银行证券将其评级从“中性”上调至“买入”，称在农业机械和设备租赁市场乐观的情况下，该公司预计未来将继续表现出色。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"T":"At&T",".DJI":"道琼斯","BX":"黑石","DISCA":"探索传播",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162277361","content_text":"Futures dip as focus turns to retail earningsDiscovery Inc. shares popped in premarket trading on a deal tomergemedia assets with AT&T Inc.U.S. equity futures slipped with most stocks on Monday as investors weighed risks to the outlook including inflation and a spike in Covid-19 cases in parts of the world.Investors shifting their focus to retail earnings this week for clues on the strength of consumer spending.At 8:10 a.m. ET, Dow e-minis were down 167 points, or 0.49%, S&P 500 e-minis were down 19.25 points, or 0.46%, and Nasdaq 100 e-minis were down 76.50 points, or 0.57%.*Source From Tiger Trade, EST 08:10Treasuries were little changed while gold climbed to thehighestin more than three months. Bitcoin steadied after Elon Musk said Tesla Inc. hasn’t sold from its holdings of the token.Shares of Discovery Inc jumped 12% in premarket trading after news reports said U.S. telecoms giant AT&T Inc is nearing a deal to combine its media assets, including CNN and HBO, with the company. AT&T shares gained 3%.Stocks making the biggest moves in the premarket:AT&T (T),Discovery (DISCA) – AT&T and Discovery announced a deal to combine Discovery with AT&T's WarnerMedia unit. The combination would be co-owned by current shareholders of both companies, and would create a new stronger streaming video challenger to the likes of Netflix (NFLX) and Walt Disney (DIS). AT&T jumped 3% in the premarket and Discovery shares surged 12%.Tesla (TSLA) – Tesla CEO Elon Musk said the company has not sold any bitcoin after such speculation was fueled by Tesla's decision to stop taking bitcoin for automobile purchases. Tesla fell 2.1% in premarket trading.ViacomCBS (VIAC) – ViacomCBS resolved a dispute with former CEO Les Moonves, and will keep the $120 million in severance it had withheld after Moonves resigned amid accusations of sexual harassment which he has denied. Viacom shares rallied 2.5% in premarket trading.Hostess Brands (TWNK) – The maker of Twinkies and other snacks reported quarterly profit of 20 cents per share, a penny a share above estimates. Revenue also topped Wall Street forecasts. Hostess said it continues to see elevated at-home consumption of its snacks, as well as increased \"on-the-go\" sales.At Home Group (HOME) – At Home Group's largest shareholder said it will oppose the deal to sell the home furnishings retailer to private-equity firm Hellman & Friedman for $2.4 billion. CAS Investment Partners, which owns about 17% of At Home Group, made its objections in a letter to the company's board of directors that was seen by The Wall Street Journal. CAS feels the bid \"grossly undervalues\" the company.Marathon Petroleum (MPC) – Top Federal Trade Commission officials say Marathon Petroleum's sale of Speedway gas stations to the parent of the 7-11 chain may be illegal on competitive grounds. The $21 billion deal closed on Friday, but the officials say they will continue to investigate. Separately, Marathon announced a modified Dutch auction tender offer for up to $4 billion of its common shares.MicroStrategy (MSTR) – MicroStrategy tumbled 5.6% in premarket action amid a slide in the price of bitcoin to the lowest level in more than three months. The business analytics company holds roughly $5 billion worth of bitcoin. The cryptocurrency’s volatility is also impacting shares of Coinbase (COIN), the largest U.S. cryptocurrency exchange, which fell 3.5%.Texas Roadhouse (TXRH) – The restaurant chain’s shares rose 1% in the premarket after Deutsche Bank upgraded the stock to “buy” from “hold.” Deutsche Bank said recent trends point to the possibility that current revenue assumptions may be conservative, and it also points to the recent pullback in the stock’s price.Sanofi (SNY),GlaxoSmithKline (GSK) – Sanofi and Glaxo said their experimental Covid-19 vaccine showed strong results in an early-stage study, with 95% to 100% efficacy. The drug companies plan to begin a phase 3 trial within a few weeks.Blackstone (BX) – Blackstone’s improved $6.5 billion bid for Crown Resorts was rejected by the Australian casino operator, which said the bid undervalued the company and was not in the best interests of shareholders.Cummins (CMI) – The maker of engines and other power solutions saw its stock rise 1% in the premarket after Bank of America Securities upgraded it to “buy” from “neutral,” saying it sees continued outperformance ahead amid an upbeat market for farm machinery and equipment rental.","news_type":1,"symbols_score_info":{"NQmain":0.9,".DJI":0.9,".SPX":0.9,"ESmain":0.9,"DISCA":0.9,"T":0.9,"VIAC":0.9,"BX":0.9,"TSLA":0.9,"YMmain":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2328,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196916204,"gmtCreate":1621004397708,"gmtModify":1634194609532,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574574983539751","idStr":"3574574983539751"},"themes":[],"htmlText":"pls comment","listText":"pls comment","text":"pls comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/196916204","repostId":"1185220705","repostType":4,"isVote":1,"tweetType":1,"viewCount":1508,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196916382,"gmtCreate":1621004374446,"gmtModify":1634194609770,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574574983539751","idStr":"3574574983539751"},"themes":[],"htmlText":"posting","listText":"posting","text":"posting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/196916382","repostId":"1111018641","repostType":4,"repost":{"id":"1111018641","kind":"news","pubTimestamp":1621000588,"share":"https://www.laohu8.com/m/news/1111018641?lang=zh_CN&edition=full","pubTime":"2021-05-14 21:56","market":"us","language":"en","title":"Opinion: Why any stock market rally right now will be quick<blockquote>观点：为什么现在股市反弹会很快</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1111018641","media":"MarketWatch","summary":"Market-timers are running with the bulls but quick to turn bearish.\n\nContrarian investors suspect th","content":"<p>  <b>Market-timers are running with the bulls but quick to turn bearish.</b>  Contrarian investors suspect that the stock market’s recent decline has run its course — for now.</p><p><blockquote><b>市场定时器与多头一起运行，但很快就转向看跌。</b>逆向投资者怀疑股市最近的下跌已经结束——就目前而言。</blockquote></p><p> That’s because these market timers, especially those who focus on the NasdaqNDX,1.07%market in particular, have become sufficiently bearish that the short-term path of least resistance has turned up. Still, it’s not clear that any new rally will have much lasting power. An even more serious U.S. market decline cannot be ruled out over the coming couple of months.</p><p><blockquote>这是因为这些市场定时器，尤其是那些关注纳斯达克NDX（尤其是1.07%市场）的市场定时器，已经变得足够看跌，以至于阻力最小的短期路径已经出现。尽管如此，尚不清楚任何新的反弹是否会产生持久的力量。不排除未来几个月美国市场会出现更严重的下滑。</blockquote></p><p> For now, the recent decline appears to have been quite modest by historical standards, smaller even than what satisfies the semi-official definition of a correction as a 10% decline. Before Thursday’s big rally, the Dow Jones Industrial AverageDJIA,0.85%had fallen around 1,200 points from its previous all-time high, or 3.4%. The S&amp;P 500SPX,0.98%was 4.0% below its high, and the Nasdaq CompositeCOMP,1.13%was down 7.8%.</p><p><blockquote>就目前而言，按照历史标准，最近的跌幅似乎相当温和，甚至小于半官方定义的10%跌幅。在周四大幅上涨之前，道琼斯工业平均指数DJIA已较之前的历史高点（即3.4%）下跌约1,200点，跌幅为0.85%。标准普尔500SPX指数(0.98%)较高点低4.0%，纳斯达克综合指数(1.13%)下跌7.8%。</blockquote></p><p> Consider how the Nasdaq-focused market timers reacted to these declines. As you can see from the chart below, their average recommended equity exposure (as represented by the Hulbert Nasdaq Newsletter Sentiment Index, or HNNSI) fell to minus 10.7%. That means that the Nasdaq-focused market timers are now recommending that their clients allocate an average of 10.7% of their equity trading portfolios to going short. As recently as April 29, this average exposure level stood at plus 83.6%.</p><p><blockquote>考虑一下关注纳斯达克的市场定时器对这些下跌的反应。从下图可以看出，他们的平均推荐股票敞口（以赫伯特·纳斯达克时事通讯情绪指数（HNNSI）为代表）降至负10.7%。这意味着专注于纳斯达克的市场定时器现在建议他们的客户将平均10.7%的股票交易投资组合分配给做空。就在4月29日，这一平均暴露水平为+83.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d550f647619d600d419397967f7bb778\" tg-width=\"1260\" tg-height=\"928\"></p><p><blockquote></blockquote></p><p> That reflects a remarkably quick rush for the exits — 94.3 percentage points in just 10 trading sessions. In fact, out of the 5,000+ trading days since 2000, there have been only 18 — 0.3% — in which the HNNSI’s decline over the trailing 10 days was greater.</p><p><blockquote>这反映出退出的速度非常快——短短10个交易日内就退出了94.3个百分点。事实上，自2000年以来的5,000多个交易日中，只有18-0.3%，其中HNNSI在过去10天的跌幅更大。</blockquote></p><p> To appreciate the contrarian significance of this, consider that, on average following those past few occasions when the HNNSI declined by this much and this fast, the Nasdaq Composite was 5.3% higher in one month’s time.</p><p><blockquote>为了理解这一点的逆向意义，请考虑一下，在过去几次HNNSI下跌幅度如此之大、如此之快之后，纳斯达克综合指数在一个月内平均上涨了5.3%。</blockquote></p><p> Why, then, haven’t the contrarians become more bullish? The answer is also evident in the chart: The HNNSI’s plunge over the past 10 days stopped well short of the excessive bearish zone, defined as being in the bottom 10% of the historical distribution. That zone is represented by the beige-shaded box at the bottom of the chart.</p><p><blockquote>那么，为什么逆向投资者没有变得更加看涨呢？答案在图表中也很明显：HNNSI在过去10天的暴跌远低于过度看跌区域，过度看跌区域被定义为处于历史分布的底部10%。该区域由图表底部的米色阴影框表示。</blockquote></p><p> The last time the HNNSI fell into that zone was in March 2020. That was when the market’s “wall of worry” became incredibly strong and was able to support an impressive rally. That wall today is not as strong.</p><p><blockquote>HNNSI上一次落入该区域是在2020年3月。就在那时，市场的“担忧之墙”变得异常坚固，并能够支撑令人印象深刻的反弹。今天的那堵墙没有那么坚固了。</blockquote></p><p> The sentiment picture that the recent data are painting shows the market timers to be trigger-happy. They are quick to jump on the bullish bandwagon when the market rallies, and then jump on the bearish bandwagon when the market declines. As a result, both rallies and declines tend to be short-lived.</p><p><blockquote>最近的数据描绘的情绪图景显示，市场计时器乐于触发。当市场反弹时，他们会迅速加入看涨行列，然后当市场下跌时，他们会加入看跌行列。因此，无论是上涨还是下跌都往往是短暂的。</blockquote></p><p> A longer-lasting rally will require more extreme bearishness among the market timers, and for them to stubbornly hold onto their bearishness in the wake of the rally’s initial liftoff. Except for that to happen, the market to itself most likely would have to suffer a worse decline than we’ve experienced in recent days. In the meantime, enjoy this rally — while it lasts.</p><p><blockquote>更持久的反弹将需要市场计时器更加极端的看跌情绪，并且他们在反弹最初起飞后顽固地坚持看跌情绪。除非发生这种情况，否则市场本身很可能会遭受比我们最近几天经历的更严重的下跌。与此同时，享受这场反弹——趁它持续。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opinion: Why any stock market rally right now will be quick<blockquote>观点：为什么现在股市反弹会很快</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpinion: Why any stock market rally right now will be quick<blockquote>观点：为什么现在股市反弹会很快</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-05-14 21:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Market-timers are running with the bulls but quick to turn bearish.</b>  Contrarian investors suspect that the stock market’s recent decline has run its course — for now.</p><p><blockquote><b>市场定时器与多头一起运行，但很快就转向看跌。</b>逆向投资者怀疑股市最近的下跌已经结束——就目前而言。</blockquote></p><p> That’s because these market timers, especially those who focus on the NasdaqNDX,1.07%market in particular, have become sufficiently bearish that the short-term path of least resistance has turned up. Still, it’s not clear that any new rally will have much lasting power. An even more serious U.S. market decline cannot be ruled out over the coming couple of months.</p><p><blockquote>这是因为这些市场定时器，尤其是那些关注纳斯达克NDX（尤其是1.07%市场）的市场定时器，已经变得足够看跌，以至于阻力最小的短期路径已经出现。尽管如此，尚不清楚任何新的反弹是否会产生持久的力量。不排除未来几个月美国市场会出现更严重的下滑。</blockquote></p><p> For now, the recent decline appears to have been quite modest by historical standards, smaller even than what satisfies the semi-official definition of a correction as a 10% decline. Before Thursday’s big rally, the Dow Jones Industrial AverageDJIA,0.85%had fallen around 1,200 points from its previous all-time high, or 3.4%. The S&amp;P 500SPX,0.98%was 4.0% below its high, and the Nasdaq CompositeCOMP,1.13%was down 7.8%.</p><p><blockquote>就目前而言，按照历史标准，最近的跌幅似乎相当温和，甚至小于半官方定义的10%跌幅。在周四大幅上涨之前，道琼斯工业平均指数DJIA已较之前的历史高点（即3.4%）下跌约1,200点，跌幅为0.85%。标准普尔500SPX指数(0.98%)较高点低4.0%，纳斯达克综合指数(1.13%)下跌7.8%。</blockquote></p><p> Consider how the Nasdaq-focused market timers reacted to these declines. As you can see from the chart below, their average recommended equity exposure (as represented by the Hulbert Nasdaq Newsletter Sentiment Index, or HNNSI) fell to minus 10.7%. That means that the Nasdaq-focused market timers are now recommending that their clients allocate an average of 10.7% of their equity trading portfolios to going short. As recently as April 29, this average exposure level stood at plus 83.6%.</p><p><blockquote>考虑一下关注纳斯达克的市场定时器对这些下跌的反应。从下图可以看出，他们的平均推荐股票敞口（以赫伯特·纳斯达克时事通讯情绪指数（HNNSI）为代表）降至负10.7%。这意味着专注于纳斯达克的市场定时器现在建议他们的客户将平均10.7%的股票交易投资组合分配给做空。就在4月29日，这一平均暴露水平为+83.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d550f647619d600d419397967f7bb778\" tg-width=\"1260\" tg-height=\"928\"></p><p><blockquote></blockquote></p><p> That reflects a remarkably quick rush for the exits — 94.3 percentage points in just 10 trading sessions. In fact, out of the 5,000+ trading days since 2000, there have been only 18 — 0.3% — in which the HNNSI’s decline over the trailing 10 days was greater.</p><p><blockquote>这反映出退出的速度非常快——短短10个交易日内就退出了94.3个百分点。事实上，自2000年以来的5,000多个交易日中，只有18-0.3%，其中HNNSI在过去10天的跌幅更大。</blockquote></p><p> To appreciate the contrarian significance of this, consider that, on average following those past few occasions when the HNNSI declined by this much and this fast, the Nasdaq Composite was 5.3% higher in one month’s time.</p><p><blockquote>为了理解这一点的逆向意义，请考虑一下，在过去几次HNNSI下跌幅度如此之大、如此之快之后，纳斯达克综合指数在一个月内平均上涨了5.3%。</blockquote></p><p> Why, then, haven’t the contrarians become more bullish? The answer is also evident in the chart: The HNNSI’s plunge over the past 10 days stopped well short of the excessive bearish zone, defined as being in the bottom 10% of the historical distribution. That zone is represented by the beige-shaded box at the bottom of the chart.</p><p><blockquote>那么，为什么逆向投资者没有变得更加看涨呢？答案在图表中也很明显：HNNSI在过去10天的暴跌远低于过度看跌区域，过度看跌区域被定义为处于历史分布的底部10%。该区域由图表底部的米色阴影框表示。</blockquote></p><p> The last time the HNNSI fell into that zone was in March 2020. That was when the market’s “wall of worry” became incredibly strong and was able to support an impressive rally. That wall today is not as strong.</p><p><blockquote>HNNSI上一次落入该区域是在2020年3月。就在那时，市场的“担忧之墙”变得异常坚固，并能够支撑令人印象深刻的反弹。今天的那堵墙没有那么坚固了。</blockquote></p><p> The sentiment picture that the recent data are painting shows the market timers to be trigger-happy. They are quick to jump on the bullish bandwagon when the market rallies, and then jump on the bearish bandwagon when the market declines. As a result, both rallies and declines tend to be short-lived.</p><p><blockquote>最近的数据描绘的情绪图景显示，市场计时器乐于触发。当市场反弹时，他们会迅速加入看涨行列，然后当市场下跌时，他们会加入看跌行列。因此，无论是上涨还是下跌都往往是短暂的。</blockquote></p><p> A longer-lasting rally will require more extreme bearishness among the market timers, and for them to stubbornly hold onto their bearishness in the wake of the rally’s initial liftoff. Except for that to happen, the market to itself most likely would have to suffer a worse decline than we’ve experienced in recent days. In the meantime, enjoy this rally — while it lasts.</p><p><blockquote>更持久的反弹将需要市场计时器更加极端的看跌情绪，并且他们在反弹最初起飞后顽固地坚持看跌情绪。除非发生这种情况，否则市场本身很可能会遭受比我们最近几天经历的更严重的下跌。与此同时，享受这场反弹——趁它持续。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/why-any-stock-market-rally-right-now-will-be-quick-11620958836?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/why-any-stock-market-rally-right-now-will-be-quick-11620958836?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111018641","content_text":"Market-timers are running with the bulls but quick to turn bearish.\n\nContrarian investors suspect that the stock market’s recent decline has run its course — for now.\nThat’s because these market timers, especially those who focus on the NasdaqNDX,1.07%market in particular, have become sufficiently bearish that the short-term path of least resistance has turned up. Still, it’s not clear that any new rally will have much lasting power. An even more serious U.S. market decline cannot be ruled out over the coming couple of months.\nFor now, the recent decline appears to have been quite modest by historical standards, smaller even than what satisfies the semi-official definition of a correction as a 10% decline. Before Thursday’s big rally, the Dow Jones Industrial AverageDJIA,0.85%had fallen around 1,200 points from its previous all-time high, or 3.4%. The S&P 500SPX,0.98%was 4.0% below its high, and the Nasdaq CompositeCOMP,1.13%was down 7.8%.\nConsider how the Nasdaq-focused market timers reacted to these declines. As you can see from the chart below, their average recommended equity exposure (as represented by the Hulbert Nasdaq Newsletter Sentiment Index, or HNNSI) fell to minus 10.7%. That means that the Nasdaq-focused market timers are now recommending that their clients allocate an average of 10.7% of their equity trading portfolios to going short. As recently as April 29, this average exposure level stood at plus 83.6%.\n\nThat reflects a remarkably quick rush for the exits — 94.3 percentage points in just 10 trading sessions. In fact, out of the 5,000+ trading days since 2000, there have been only 18 — 0.3% — in which the HNNSI’s decline over the trailing 10 days was greater.\nTo appreciate the contrarian significance of this, consider that, on average following those past few occasions when the HNNSI declined by this much and this fast, the Nasdaq Composite was 5.3% higher in one month’s time.\nWhy, then, haven’t the contrarians become more bullish? The answer is also evident in the chart: The HNNSI’s plunge over the past 10 days stopped well short of the excessive bearish zone, defined as being in the bottom 10% of the historical distribution. That zone is represented by the beige-shaded box at the bottom of the chart.\nThe last time the HNNSI fell into that zone was in March 2020. That was when the market’s “wall of worry” became incredibly strong and was able to support an impressive rally. That wall today is not as strong.\nThe sentiment picture that the recent data are painting shows the market timers to be trigger-happy. They are quick to jump on the bullish bandwagon when the market rallies, and then jump on the bearish bandwagon when the market declines. As a result, both rallies and declines tend to be short-lived.\nA longer-lasting rally will require more extreme bearishness among the market timers, and for them to stubbornly hold onto their bearishness in the wake of the rally’s initial liftoff. Except for that to happen, the market to itself most likely would have to suffer a worse decline than we’ve experienced in recent days. In the meantime, enjoy this rally — while it lasts.","news_type":1,"symbols_score_info":{"SPY":0.9,".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1598,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":198321880,"gmtCreate":1620929802340,"gmtModify":1634195214860,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574574983539751","idStr":"3574574983539751"},"themes":[],"htmlText":"like and comment pls","listText":"like and comment pls","text":"like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/198321880","repostId":"1116555518","repostType":4,"isVote":1,"tweetType":1,"viewCount":2013,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199003777,"gmtCreate":1620655378399,"gmtModify":1634197372500,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574574983539751","idStr":"3574574983539751"},"themes":[],"htmlText":"like and comment pls","listText":"like and comment pls","text":"like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/199003777","repostId":"1152509517","repostType":4,"isVote":1,"tweetType":1,"viewCount":800,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105701897,"gmtCreate":1620330386919,"gmtModify":1634206077340,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574574983539751","idStr":"3574574983539751"},"themes":[],"htmlText":"like pls","listText":"like pls","text":"like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/105701897","repostId":"1188985089","repostType":4,"repost":{"id":"1188985089","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620309854,"share":"https://www.laohu8.com/m/news/1188985089?lang=zh_CN&edition=full","pubTime":"2021-05-06 22:04","market":"other","language":"en","title":"Yale's chief investment manager David Swensen dies at 67<blockquote>耶鲁大学首席投资经理大卫·斯文森去世，享年67岁</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188985089","media":"Tiger Newspress","summary":"David Swensen, the head of Yale University’s endowment who helped reshape how institutions manage th","content":"<p>David Swensen, the head of Yale University’s endowment who helped reshape how institutions manage their money, has died from cancer aged 67.</p><p><blockquote>耶鲁大学捐赠基金负责人大卫·斯文森(David Swensen)因癌症去世，享年67岁，他帮助重塑了机构管理资金的方式。</blockquote></p><p>After stints at Salomon Brothers and Lehman Brothers, Swensen returned to his alma mater in 1985 to lead its investment office. At the time, endowments were typically conservatively managed, but Swensen overhauled the model dramatically, taking advantage of their long-term focus to invest heavily in the nascent private equity and hedge fund industries.</p><p><blockquote>在所罗门兄弟和雷曼兄弟工作后，斯文森于1985年回到母校领导其投资办公室。当时，捐赠基金的管理通常是保守的，但斯文森大幅改革了这一模式，利用其长期关注的优势，大力投资新兴的私募股权和对冲基金行业。</blockquote></p><p>His approach was so successful it revolutionised how endowments and many other institutional investors allocate their money, and the “Yale model” spread and helped change the wider investment industry.</p><p><blockquote>他的方法非常成功，彻底改变了捐赠基金和许多其他机构投资者分配资金的方式，“耶鲁模式”传播开来，并帮助改变了更广泛的投资行业。</blockquote></p><p>“With his guidance, Yale’s endowment yielded returns that established him as a legend among institutional investors,” Peter Salovey, Yale’s president, said in a statement. “A natural teacher, he prepared a generation of institutional investors who have gone on to lead investment offices at other colleges and universities, further extending the scope of David’s influence.”</p><p><blockquote>耶鲁大学校长彼得·萨洛维在一份声明中表示：“在他的指导下，耶鲁大学的捐赠基金产生了回报，使他成为机构投资者中的传奇人物。”“作为一名天生的老师，他培养了一代机构投资者，他们后来领导了其他学院和大学的投资办公室，进一步扩大了大卫的影响范围。”</blockquote></p><p>The Yale Investments Office managed $31.2bn as of June 2020, and says it has averaged annual returns of 12. 4 per cent a year over the past three decades. In the 2021 fiscal year its contributions accounted for over a third of the university’s overall revenues.</p><p><blockquote>截至2020年6月，耶鲁投资办公室管理着312亿美元的资产，并表示在过去30年里，该办公室的平均年回报率为12.在2021财年，它的贡献占该大学总收入的三分之一以上。</blockquote></p><p>Almost a quarter of the endowment is invested in venture capital, and combined with private equity, hedge funds and real estate, so-called “alternative” investments account for nearly three quarters of its assets.</p><p><blockquote>几乎四分之一的捐赠基金投资于风险投资，加上私募股权、对冲基金和房地产，所谓的“另类”投资占其资产的近四分之三。</blockquote></p><p><b>Early life and education</b></p><p><blockquote><b>早期生活和教育</b></blockquote></p><p>David F. Swensen was born inRiver Falls, Wisconsin. His father, Richard Swensen, was a chemistry professor and dean at the University of Wisconsin-River Falls. His mother, Grace, after raising six children, became a Lutheran minister. After graduating from River Falls High School in 1971 Swensen elected to stay in his hometown of River Falls and receive hisB.A.andB.S.in 1975 from theUniversity of Wisconsin-River Fallswhere his father Richard Swensen was a professor. Swensen pursued a PhD ineconomicsat Yale, where he wrote hisdissertation,<i>A Model for the Valuation ofCorporate Bonds.</i>One of Swensen's dissertation advisers at Yale wasJames Tobin, a top economic adviser toJohn F. Kennedyadministration and a future Nobel Prize laureate in economics. According to Charles Ellis, founder of Greenwich Associates and former chair of Yale's investment committee, \"When it snowed, David went to Jim's house to shovel the sidewalk\". James Tobin's Nobel Prize, among other things, was for his contribution in creation of Modern Portfolio Theory. Swensen was fascinated by the idea of Modern Portfolio Theory. During his 2018 reunion speech Swensen said: \"For a given level of return, if you diversify you can get that return at lower risk. For a given level of risk, if you diversify you can get a higher return. That's pretty cool! Free lunch!\"</p><p><blockquote>大卫·F·斯文森出生于威斯康星州的里弗福尔斯。他的父亲理查德·斯文森是威斯康星大学里弗福尔斯分校的化学教授兼院长。他的母亲格蕾丝在抚养了六个孩子后，成为了一名路德教牧师。1971年从里弗福尔斯高中毕业后，斯文森选择留在他的家乡里弗福尔斯，并于1975年在威斯康星大学里弗福尔斯分校获得学士学位和学士学位，他的父亲理查德·斯文森是该校的教授。斯文森在耶鲁大学攻读经济学博士学位，<i>公司债券估值模型。</i>斯文森在耶鲁大学的论文导师之一是詹姆斯·托宾，他是约翰·肯尼迪政府的高级经济顾问，也是未来的诺贝尔经济学奖得主。据格林威治联合公司创始人、耶鲁大学投资委员会前主席查尔斯·埃利斯说，“下雪的时候，大卫去吉姆家铲人行道”。詹姆斯·托宾获得诺贝尔奖的原因之一是他在创立现代投资组合理论方面的贡献。斯文森对现代投资组合理论的理念非常着迷。斯文森在2018年的团聚演讲中表示：“对于给定的回报水平，如果你分散投资，你可以以较低的风险获得回报。对于给定的风险水平，如果你分散投资，你可以获得更高的回报。这太酷了！免费午餐！”</blockquote></p><p><b>Investment career</b></p><p><blockquote><b>投资生涯</b></blockquote></p><p>Swensen began his investment career in the early 1980s, and has since advised theCarnegie Corporation, theNew York Stock Exchange, theHoward Hughes Medical Institute, theCourtauld Institute of Art, theYale-New Haven Hospital, The Investment Fund for Foundations (TIFF), theEdna McConnell Clark Foundation, and the States of&nbsp;Connecticut&nbsp;and&nbsp;Massachusetts.</p><p><blockquote>斯文森于20世纪80年代初开始了他的投资生涯，此后曾为卡内基公司、纽约证券交易所、霍华德休斯医学研究所、考陶德艺术研究所、耶鲁-纽黑文医院、基金会投资基金(TIFF)、DNA McConnell Clark基金会以及康涅狄格州和马萨诸塞州提供咨询服务。</blockquote></p><p><b>Salomon Brothers</b></p><p><blockquote><b>所罗门兄弟</b></blockquote></p><p>Following his academic interest in valuation of corporate bonds, Swensen joined Salomon Brothers in 1980. This career move was suggested by a Salomon Brothers investment banker and Yale alumni, Gene Dattel, who was deeply impressed by Swensen. In 1981 Swensen worked to structure the world's first swap agreement, a deal betweenIBMand theWorld Bankwhich allowed to hedge their exposure to Swiss francs and German marks.</p><p><blockquote>出于对公司债券估值的学术兴趣，斯文森于1980年加入所罗门兄弟公司。这一职业转变是由所罗门兄弟投资银行家、耶鲁校友吉恩·达特尔建议的，他对斯文森印象深刻。1981年，斯文森致力于构建世界上第一个互换协议，这是IBM和世界银行之间的一项交易，允许他们对冲瑞士法郎和德国马克的风险敞口。</blockquote></p><p><b>Lehman Brothers</b></p><p><blockquote><b>雷曼兄弟</b></blockquote></p><p>Prior to joining Yale in 1985, Swensen spent six years onWall Streetas senior vice president atLehman Brothers,&nbsp;specializing in the firm'sswapactivities, and as an associate incorporate financeforSalomon Brothers(here he worked for three years prior to joining Lehman Brothers), where his work focused on developing new financial technologies. Swensen engineered the first swap transaction according to<i>When Genius Failed: The Rise and Fall of Long-Term Capital Management</i>byRoger Lowenstein.</p><p><blockquote>在1985年加入耶鲁大学之前，斯文森在华尔街工作了六年，担任雷曼兄弟公司的高级副总裁，专门从事该公司的互换活动，并担任所罗门兄弟公司的合伙人（在加入雷曼兄弟之前，他在这里工作了三年），他的工作重点是开发新的金融技术。斯文森根据<i>当天才失败时：长期资本管理的兴衰</i>作者：罗杰·洛温斯坦。</blockquote></p><p><b>Yale University endowment</b></p><p><blockquote><b>耶鲁大学捐赠</b></blockquote></p><p></p><p>Swensen was tapped to serve as the Yale endowment manager at age 31 in 1985.&nbsp;This position was offered by Swensen's other dissertation adviser, Yale's provost,William Brainard. Swensen's candidacy was suggested by James Tobin, who, despite his former student's young age, believed he could be the right person. Swensen was hesitant about taking the job at first, since he did not know much about portfolio management aside from his studies in graduate school. Nevertheless, Brainard convinced him to take the position and Swensen started on April 1, 1985 by taking 80% pay cut.&nbsp;A year later, in 1986, he was joined by Yale College and School of Management graduate Dean Takahashi, who soon became Swensen's trusted deputy. In 1985, when Swensen started managing the endowment, it was worth $1 billion; in 2019 it was worth $29.4 billion.</p><p><blockquote>1985年，31岁的斯文森被任命为耶鲁大学捐赠基金经理。这个职位是由斯文森的另一位论文导师、耶鲁大学教务长威廉·布雷纳德提供的。詹姆斯·托宾建议斯文森参选，尽管他以前的学生年龄很小，但他相信他可能是合适的人选。斯文森起初对接受这份工作犹豫不决，因为除了在研究生院的学习之外，他对投资组合管理了解不多。尽管如此，布雷纳德还是说服他接受了这个职位，斯文森从1985年4月1日开始减薪80%。一年后，在1986年，耶鲁大学和管理学院毕业生高桥院长加入了他的行列，他很快成为斯文森信任的副手。1985年，当斯文森开始管理该捐赠基金时，它价值10亿美元；2019年，其价值为294亿美元。</blockquote></p><p>As of 2005, the fund has managed annualized returns of 16.1%. He has been called \"Yale's 8 billion dollar man\" for his attainment of nearly $8 billion for the college endowment from 1985 to 2005.&nbsp;According to former Yale President, economistRichard Levin, Swensen's \"contribution\" to Yale is greater than the sum of all the donations made in more than two decades. \"We've just done better,\" Levin says, because of Swensen's \"uncanny ability\" to pick the best outside money managers. Swensen's former staff members, who later became managers of other endowment funds - includingMIT,StanfordandPrinceton- also showed impressive results in multiplying fund wealth.</p><p><blockquote>截至2005年，该基金管理的年化回报率为16.1%。他被称为“耶鲁80亿美元的人”，因为他从1985年到2005年为大学捐赠了近80亿美元。根据耶鲁前校长、经济学家理查德·莱文的说法，斯文森对耶鲁的“贡献”超过了二十多年来所有捐款的总和。“我们做得更好了，”莱文说，因为斯文森拥有挑选最佳外部基金经理的“不可思议的能力”。斯文森的前员工后来成为其他捐赠基金的经理——包括麻省理工学院、斯坦福大学和普林斯顿大学——在基金财富倍增方面也表现出了令人印象深刻的成果。</blockquote></p><p>In September 2014, Swensen began to move the Yale endowment away from investment in companies that have a large greenhouse footprint, expressing Yale's preferences in a letter to the endowment's money managers. The letter asked them to consider the effect of their investments on climate change, and to refrain from investing in companies that do not make reasonable efforts to reduce carbon emissions. This method was characterized by Swensen as a more subtle and flexible approach, as opposed to outright divestment.</p><p><blockquote>2014年9月，斯文森开始让耶鲁捐赠基金不再投资温室气体排放量大的公司，并在给捐赠基金经理的一封信中表达了耶鲁的偏好。这封信要求他们考虑投资对气候变化的影响，并避免投资于没有做出合理努力减少碳排放的公司。斯文森认为这种方法是一种更微妙、更灵活的方法，而不是直接撤资。</blockquote></p><p>Swensen made headlines on March 5, 2018 for arguing with the undergraduate editor-in-chief of the<i>Yale Daily News</i>. Swensen called the editor-in-chief a \"coward\" for deleting an inaccurate sentence and removing a footnote in an op-ed that he submitted to the paper; his column, which he required to be published unedited, responded to a student teach-in that criticized companies allegedly in the Yale portfolio.</p><p><blockquote>2018年3月5日，斯文森因与本科生主编发生争执而成为头条新闻。<i>耶鲁每日新闻</i>斯文森称主编为“懦夫”，因为他在提交给该报的一篇专栏文章中删除了一个不准确的句子和一个脚注；他要求未经编辑发表的专栏回应了一位学生的讲座，该讲座批评了据称在耶鲁投资组合中的公司。</blockquote></p><p><b>Unconventional success</b></p><p><blockquote><b>非常规的成功</b></blockquote></p><p>In 2005, Swensen wrote a book called<i>Unconventional Success,</i>which is an investment guide for the individual investor. The general strategy that he presents can be boiled down to the following three main points of advice:</p><p><blockquote>2005年，斯文森写了一本名为<i>非常规的成功，</i>这是个人投资者的投资指南。他提出的总体策略可以归结为以下三点建议：</blockquote></p><p><ul><li>The investor should construct a portfolio with money allocated to 6 core asset classes, diversifying among them and biasing toward the equity sections.</li><li>The investor should rebalance the portfolio on a regular basis (rebalancingback to the original weightings of the asset classes in the portfolio).</li><li>In the absence of confidence in a market-beating strategy, invest in low-costindex fundsandexchange-traded funds. The investor should be very watchful of costs as some indices are poorly constructed and some fund companies charge excessive fees (or generate large tax liabilities).</li></ul>He slams manymutual fundcompanies for charging excessive fees and not living up to their fiduciary responsibility. He highlights the conflict of interest inherent in the mutual funds, claiming they want high fee, high turnover funds while investors want the opposite.</p><p><blockquote><ul><li>投资者应该构建一个投资组合，将资金分配到6个核心资产类别，在其中分散投资并偏向股票部分。</li><li>投资者应定期重新平衡投资组合（重新平衡回投资组合中资产类别的原始权重）。</li><li>如果对跑赢市场的策略缺乏信心，请投资低成本指数基金和交易所交易基金。投资者应该非常警惕成本，因为一些指数构建不良，一些基金公司收取过高的费用（或产生大量的纳税义务）。</li></ul>他抨击许多共同基金公司收取过高的费用并且没有履行其信托责任。他强调了共同基金固有的利益冲突，声称他们想要高费用、高周转率的基金，而投资者想要相反的基金。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Yale's chief investment manager David Swensen dies at 67<blockquote>耶鲁大学首席投资经理大卫·斯文森去世，享年67岁</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYale's chief investment manager David Swensen dies at 67<blockquote>耶鲁大学首席投资经理大卫·斯文森去世，享年67岁</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-06 22:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>David Swensen, the head of Yale University’s endowment who helped reshape how institutions manage their money, has died from cancer aged 67.</p><p><blockquote>耶鲁大学捐赠基金负责人大卫·斯文森(David Swensen)因癌症去世，享年67岁，他帮助重塑了机构管理资金的方式。</blockquote></p><p>After stints at Salomon Brothers and Lehman Brothers, Swensen returned to his alma mater in 1985 to lead its investment office. At the time, endowments were typically conservatively managed, but Swensen overhauled the model dramatically, taking advantage of their long-term focus to invest heavily in the nascent private equity and hedge fund industries.</p><p><blockquote>在所罗门兄弟和雷曼兄弟工作后，斯文森于1985年回到母校领导其投资办公室。当时，捐赠基金的管理通常是保守的，但斯文森大幅改革了这一模式，利用其长期关注的优势，大力投资新兴的私募股权和对冲基金行业。</blockquote></p><p>His approach was so successful it revolutionised how endowments and many other institutional investors allocate their money, and the “Yale model” spread and helped change the wider investment industry.</p><p><blockquote>他的方法非常成功，彻底改变了捐赠基金和许多其他机构投资者分配资金的方式，“耶鲁模式”传播开来，并帮助改变了更广泛的投资行业。</blockquote></p><p>“With his guidance, Yale’s endowment yielded returns that established him as a legend among institutional investors,” Peter Salovey, Yale’s president, said in a statement. “A natural teacher, he prepared a generation of institutional investors who have gone on to lead investment offices at other colleges and universities, further extending the scope of David’s influence.”</p><p><blockquote>耶鲁大学校长彼得·萨洛维在一份声明中表示：“在他的指导下，耶鲁大学的捐赠基金产生了回报，使他成为机构投资者中的传奇人物。”“作为一名天生的老师，他培养了一代机构投资者，他们后来领导了其他学院和大学的投资办公室，进一步扩大了大卫的影响范围。”</blockquote></p><p>The Yale Investments Office managed $31.2bn as of June 2020, and says it has averaged annual returns of 12. 4 per cent a year over the past three decades. In the 2021 fiscal year its contributions accounted for over a third of the university’s overall revenues.</p><p><blockquote>截至2020年6月，耶鲁投资办公室管理着312亿美元的资产，并表示在过去30年里，该办公室的平均年回报率为12.在2021财年，它的贡献占该大学总收入的三分之一以上。</blockquote></p><p>Almost a quarter of the endowment is invested in venture capital, and combined with private equity, hedge funds and real estate, so-called “alternative” investments account for nearly three quarters of its assets.</p><p><blockquote>几乎四分之一的捐赠基金投资于风险投资，加上私募股权、对冲基金和房地产，所谓的“另类”投资占其资产的近四分之三。</blockquote></p><p><b>Early life and education</b></p><p><blockquote><b>早期生活和教育</b></blockquote></p><p>David F. Swensen was born inRiver Falls, Wisconsin. His father, Richard Swensen, was a chemistry professor and dean at the University of Wisconsin-River Falls. His mother, Grace, after raising six children, became a Lutheran minister. After graduating from River Falls High School in 1971 Swensen elected to stay in his hometown of River Falls and receive hisB.A.andB.S.in 1975 from theUniversity of Wisconsin-River Fallswhere his father Richard Swensen was a professor. Swensen pursued a PhD ineconomicsat Yale, where he wrote hisdissertation,<i>A Model for the Valuation ofCorporate Bonds.</i>One of Swensen's dissertation advisers at Yale wasJames Tobin, a top economic adviser toJohn F. Kennedyadministration and a future Nobel Prize laureate in economics. According to Charles Ellis, founder of Greenwich Associates and former chair of Yale's investment committee, \"When it snowed, David went to Jim's house to shovel the sidewalk\". James Tobin's Nobel Prize, among other things, was for his contribution in creation of Modern Portfolio Theory. Swensen was fascinated by the idea of Modern Portfolio Theory. During his 2018 reunion speech Swensen said: \"For a given level of return, if you diversify you can get that return at lower risk. For a given level of risk, if you diversify you can get a higher return. That's pretty cool! Free lunch!\"</p><p><blockquote>大卫·F·斯文森出生于威斯康星州的里弗福尔斯。他的父亲理查德·斯文森是威斯康星大学里弗福尔斯分校的化学教授兼院长。他的母亲格蕾丝在抚养了六个孩子后，成为了一名路德教牧师。1971年从里弗福尔斯高中毕业后，斯文森选择留在他的家乡里弗福尔斯，并于1975年在威斯康星大学里弗福尔斯分校获得学士学位和学士学位，他的父亲理查德·斯文森是该校的教授。斯文森在耶鲁大学攻读经济学博士学位，<i>公司债券估值模型。</i>斯文森在耶鲁大学的论文导师之一是詹姆斯·托宾，他是约翰·肯尼迪政府的高级经济顾问，也是未来的诺贝尔经济学奖得主。据格林威治联合公司创始人、耶鲁大学投资委员会前主席查尔斯·埃利斯说，“下雪的时候，大卫去吉姆家铲人行道”。詹姆斯·托宾获得诺贝尔奖的原因之一是他在创立现代投资组合理论方面的贡献。斯文森对现代投资组合理论的理念非常着迷。斯文森在2018年的团聚演讲中表示：“对于给定的回报水平，如果你分散投资，你可以以较低的风险获得回报。对于给定的风险水平，如果你分散投资，你可以获得更高的回报。这太酷了！免费午餐！”</blockquote></p><p><b>Investment career</b></p><p><blockquote><b>投资生涯</b></blockquote></p><p>Swensen began his investment career in the early 1980s, and has since advised theCarnegie Corporation, theNew York Stock Exchange, theHoward Hughes Medical Institute, theCourtauld Institute of Art, theYale-New Haven Hospital, The Investment Fund for Foundations (TIFF), theEdna McConnell Clark Foundation, and the States of&nbsp;Connecticut&nbsp;and&nbsp;Massachusetts.</p><p><blockquote>斯文森于20世纪80年代初开始了他的投资生涯，此后曾为卡内基公司、纽约证券交易所、霍华德休斯医学研究所、考陶德艺术研究所、耶鲁-纽黑文医院、基金会投资基金(TIFF)、DNA McConnell Clark基金会以及康涅狄格州和马萨诸塞州提供咨询服务。</blockquote></p><p><b>Salomon Brothers</b></p><p><blockquote><b>所罗门兄弟</b></blockquote></p><p>Following his academic interest in valuation of corporate bonds, Swensen joined Salomon Brothers in 1980. This career move was suggested by a Salomon Brothers investment banker and Yale alumni, Gene Dattel, who was deeply impressed by Swensen. In 1981 Swensen worked to structure the world's first swap agreement, a deal betweenIBMand theWorld Bankwhich allowed to hedge their exposure to Swiss francs and German marks.</p><p><blockquote>出于对公司债券估值的学术兴趣，斯文森于1980年加入所罗门兄弟公司。这一职业转变是由所罗门兄弟投资银行家、耶鲁校友吉恩·达特尔建议的，他对斯文森印象深刻。1981年，斯文森致力于构建世界上第一个互换协议，这是IBM和世界银行之间的一项交易，允许他们对冲瑞士法郎和德国马克的风险敞口。</blockquote></p><p><b>Lehman Brothers</b></p><p><blockquote><b>雷曼兄弟</b></blockquote></p><p>Prior to joining Yale in 1985, Swensen spent six years onWall Streetas senior vice president atLehman Brothers,&nbsp;specializing in the firm'sswapactivities, and as an associate incorporate financeforSalomon Brothers(here he worked for three years prior to joining Lehman Brothers), where his work focused on developing new financial technologies. Swensen engineered the first swap transaction according to<i>When Genius Failed: The Rise and Fall of Long-Term Capital Management</i>byRoger Lowenstein.</p><p><blockquote>在1985年加入耶鲁大学之前，斯文森在华尔街工作了六年，担任雷曼兄弟公司的高级副总裁，专门从事该公司的互换活动，并担任所罗门兄弟公司的合伙人（在加入雷曼兄弟之前，他在这里工作了三年），他的工作重点是开发新的金融技术。斯文森根据<i>当天才失败时：长期资本管理的兴衰</i>作者：罗杰·洛温斯坦。</blockquote></p><p><b>Yale University endowment</b></p><p><blockquote><b>耶鲁大学捐赠</b></blockquote></p><p></p><p>Swensen was tapped to serve as the Yale endowment manager at age 31 in 1985.&nbsp;This position was offered by Swensen's other dissertation adviser, Yale's provost,William Brainard. Swensen's candidacy was suggested by James Tobin, who, despite his former student's young age, believed he could be the right person. Swensen was hesitant about taking the job at first, since he did not know much about portfolio management aside from his studies in graduate school. Nevertheless, Brainard convinced him to take the position and Swensen started on April 1, 1985 by taking 80% pay cut.&nbsp;A year later, in 1986, he was joined by Yale College and School of Management graduate Dean Takahashi, who soon became Swensen's trusted deputy. In 1985, when Swensen started managing the endowment, it was worth $1 billion; in 2019 it was worth $29.4 billion.</p><p><blockquote>1985年，31岁的斯文森被任命为耶鲁大学捐赠基金经理。这个职位是由斯文森的另一位论文导师、耶鲁大学教务长威廉·布雷纳德提供的。詹姆斯·托宾建议斯文森参选，尽管他以前的学生年龄很小，但他相信他可能是合适的人选。斯文森起初对接受这份工作犹豫不决，因为除了在研究生院的学习之外，他对投资组合管理了解不多。尽管如此，布雷纳德还是说服他接受了这个职位，斯文森从1985年4月1日开始减薪80%。一年后，在1986年，耶鲁大学和管理学院毕业生高桥院长加入了他的行列，他很快成为斯文森信任的副手。1985年，当斯文森开始管理该捐赠基金时，它价值10亿美元；2019年，其价值为294亿美元。</blockquote></p><p>As of 2005, the fund has managed annualized returns of 16.1%. He has been called \"Yale's 8 billion dollar man\" for his attainment of nearly $8 billion for the college endowment from 1985 to 2005.&nbsp;According to former Yale President, economistRichard Levin, Swensen's \"contribution\" to Yale is greater than the sum of all the donations made in more than two decades. \"We've just done better,\" Levin says, because of Swensen's \"uncanny ability\" to pick the best outside money managers. Swensen's former staff members, who later became managers of other endowment funds - includingMIT,StanfordandPrinceton- also showed impressive results in multiplying fund wealth.</p><p><blockquote>截至2005年，该基金管理的年化回报率为16.1%。他被称为“耶鲁80亿美元的人”，因为他从1985年到2005年为大学捐赠了近80亿美元。根据耶鲁前校长、经济学家理查德·莱文的说法，斯文森对耶鲁的“贡献”超过了二十多年来所有捐款的总和。“我们做得更好了，”莱文说，因为斯文森拥有挑选最佳外部基金经理的“不可思议的能力”。斯文森的前员工后来成为其他捐赠基金的经理——包括麻省理工学院、斯坦福大学和普林斯顿大学——在基金财富倍增方面也表现出了令人印象深刻的成果。</blockquote></p><p>In September 2014, Swensen began to move the Yale endowment away from investment in companies that have a large greenhouse footprint, expressing Yale's preferences in a letter to the endowment's money managers. The letter asked them to consider the effect of their investments on climate change, and to refrain from investing in companies that do not make reasonable efforts to reduce carbon emissions. This method was characterized by Swensen as a more subtle and flexible approach, as opposed to outright divestment.</p><p><blockquote>2014年9月，斯文森开始让耶鲁捐赠基金不再投资温室气体排放量大的公司，并在给捐赠基金经理的一封信中表达了耶鲁的偏好。这封信要求他们考虑投资对气候变化的影响，并避免投资于没有做出合理努力减少碳排放的公司。斯文森认为这种方法是一种更微妙、更灵活的方法，而不是直接撤资。</blockquote></p><p>Swensen made headlines on March 5, 2018 for arguing with the undergraduate editor-in-chief of the<i>Yale Daily News</i>. Swensen called the editor-in-chief a \"coward\" for deleting an inaccurate sentence and removing a footnote in an op-ed that he submitted to the paper; his column, which he required to be published unedited, responded to a student teach-in that criticized companies allegedly in the Yale portfolio.</p><p><blockquote>2018年3月5日，斯文森因与本科生主编发生争执而成为头条新闻。<i>耶鲁每日新闻</i>斯文森称主编为“懦夫”，因为他在提交给该报的一篇专栏文章中删除了一个不准确的句子和一个脚注；他要求未经编辑发表的专栏回应了一位学生的讲座，该讲座批评了据称在耶鲁投资组合中的公司。</blockquote></p><p><b>Unconventional success</b></p><p><blockquote><b>非常规的成功</b></blockquote></p><p>In 2005, Swensen wrote a book called<i>Unconventional Success,</i>which is an investment guide for the individual investor. The general strategy that he presents can be boiled down to the following three main points of advice:</p><p><blockquote>2005年，斯文森写了一本名为<i>非常规的成功，</i>这是个人投资者的投资指南。他提出的总体策略可以归结为以下三点建议：</blockquote></p><p><ul><li>The investor should construct a portfolio with money allocated to 6 core asset classes, diversifying among them and biasing toward the equity sections.</li><li>The investor should rebalance the portfolio on a regular basis (rebalancingback to the original weightings of the asset classes in the portfolio).</li><li>In the absence of confidence in a market-beating strategy, invest in low-costindex fundsandexchange-traded funds. The investor should be very watchful of costs as some indices are poorly constructed and some fund companies charge excessive fees (or generate large tax liabilities).</li></ul>He slams manymutual fundcompanies for charging excessive fees and not living up to their fiduciary responsibility. He highlights the conflict of interest inherent in the mutual funds, claiming they want high fee, high turnover funds while investors want the opposite.</p><p><blockquote><ul><li>投资者应该构建一个投资组合，将资金分配到6个核心资产类别，在其中分散投资并偏向股票部分。</li><li>投资者应定期重新平衡投资组合（重新平衡回投资组合中资产类别的原始权重）。</li><li>如果对跑赢市场的策略缺乏信心，请投资低成本指数基金和交易所交易基金。投资者应该非常警惕成本，因为一些指数构建不良，一些基金公司收取过高的费用（或产生大量的纳税义务）。</li></ul>他抨击许多共同基金公司收取过高的费用并且没有履行其信托责任。他强调了共同基金固有的利益冲突，声称他们想要高费用、高周转率的基金，而投资者想要相反的基金。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188985089","content_text":"David Swensen, the head of Yale University’s endowment who helped reshape how institutions manage their money, has died from cancer aged 67.After stints at Salomon Brothers and Lehman Brothers, Swensen returned to his alma mater in 1985 to lead its investment office. At the time, endowments were typically conservatively managed, but Swensen overhauled the model dramatically, taking advantage of their long-term focus to invest heavily in the nascent private equity and hedge fund industries.His approach was so successful it revolutionised how endowments and many other institutional investors allocate their money, and the “Yale model” spread and helped change the wider investment industry.“With his guidance, Yale’s endowment yielded returns that established him as a legend among institutional investors,” Peter Salovey, Yale’s president, said in a statement. “A natural teacher, he prepared a generation of institutional investors who have gone on to lead investment offices at other colleges and universities, further extending the scope of David’s influence.”The Yale Investments Office managed $31.2bn as of June 2020, and says it has averaged annual returns of 12. 4 per cent a year over the past three decades. In the 2021 fiscal year its contributions accounted for over a third of the university’s overall revenues.Almost a quarter of the endowment is invested in venture capital, and combined with private equity, hedge funds and real estate, so-called “alternative” investments account for nearly three quarters of its assets.Early life and educationDavid F. Swensen was born inRiver Falls, Wisconsin. His father, Richard Swensen, was a chemistry professor and dean at the University of Wisconsin-River Falls. His mother, Grace, after raising six children, became a Lutheran minister. After graduating from River Falls High School in 1971 Swensen elected to stay in his hometown of River Falls and receive hisB.A.andB.S.in 1975 from theUniversity of Wisconsin-River Fallswhere his father Richard Swensen was a professor. Swensen pursued a PhD ineconomicsat Yale, where he wrote hisdissertation,A Model for the Valuation ofCorporate Bonds.One of Swensen's dissertation advisers at Yale wasJames Tobin, a top economic adviser toJohn F. Kennedyadministration and a future Nobel Prize laureate in economics. According to Charles Ellis, founder of Greenwich Associates and former chair of Yale's investment committee, \"When it snowed, David went to Jim's house to shovel the sidewalk\". James Tobin's Nobel Prize, among other things, was for his contribution in creation of Modern Portfolio Theory. Swensen was fascinated by the idea of Modern Portfolio Theory. During his 2018 reunion speech Swensen said: \"For a given level of return, if you diversify you can get that return at lower risk. For a given level of risk, if you diversify you can get a higher return. That's pretty cool! Free lunch!\"Investment careerSwensen began his investment career in the early 1980s, and has since advised theCarnegie Corporation, theNew York Stock Exchange, theHoward Hughes Medical Institute, theCourtauld Institute of Art, theYale-New Haven Hospital, The Investment Fund for Foundations (TIFF), theEdna McConnell Clark Foundation, and the States of Connecticut and Massachusetts.Salomon BrothersFollowing his academic interest in valuation of corporate bonds, Swensen joined Salomon Brothers in 1980. This career move was suggested by a Salomon Brothers investment banker and Yale alumni, Gene Dattel, who was deeply impressed by Swensen. In 1981 Swensen worked to structure the world's first swap agreement, a deal betweenIBMand theWorld Bankwhich allowed to hedge their exposure to Swiss francs and German marks.Lehman BrothersPrior to joining Yale in 1985, Swensen spent six years onWall Streetas senior vice president atLehman Brothers, specializing in the firm'sswapactivities, and as an associate incorporate financeforSalomon Brothers(here he worked for three years prior to joining Lehman Brothers), where his work focused on developing new financial technologies. Swensen engineered the first swap transaction according toWhen Genius Failed: The Rise and Fall of Long-Term Capital ManagementbyRoger Lowenstein.Yale University endowmentSwensen was tapped to serve as the Yale endowment manager at age 31 in 1985. This position was offered by Swensen's other dissertation adviser, Yale's provost,William Brainard. Swensen's candidacy was suggested by James Tobin, who, despite his former student's young age, believed he could be the right person. Swensen was hesitant about taking the job at first, since he did not know much about portfolio management aside from his studies in graduate school. Nevertheless, Brainard convinced him to take the position and Swensen started on April 1, 1985 by taking 80% pay cut. A year later, in 1986, he was joined by Yale College and School of Management graduate Dean Takahashi, who soon became Swensen's trusted deputy. In 1985, when Swensen started managing the endowment, it was worth $1 billion; in 2019 it was worth $29.4 billion.As of 2005, the fund has managed annualized returns of 16.1%. He has been called \"Yale's 8 billion dollar man\" for his attainment of nearly $8 billion for the college endowment from 1985 to 2005. According to former Yale President, economistRichard Levin, Swensen's \"contribution\" to Yale is greater than the sum of all the donations made in more than two decades. \"We've just done better,\" Levin says, because of Swensen's \"uncanny ability\" to pick the best outside money managers. Swensen's former staff members, who later became managers of other endowment funds - includingMIT,StanfordandPrinceton- also showed impressive results in multiplying fund wealth.In September 2014, Swensen began to move the Yale endowment away from investment in companies that have a large greenhouse footprint, expressing Yale's preferences in a letter to the endowment's money managers. The letter asked them to consider the effect of their investments on climate change, and to refrain from investing in companies that do not make reasonable efforts to reduce carbon emissions. This method was characterized by Swensen as a more subtle and flexible approach, as opposed to outright divestment.Swensen made headlines on March 5, 2018 for arguing with the undergraduate editor-in-chief of theYale Daily News. Swensen called the editor-in-chief a \"coward\" for deleting an inaccurate sentence and removing a footnote in an op-ed that he submitted to the paper; his column, which he required to be published unedited, responded to a student teach-in that criticized companies allegedly in the Yale portfolio.Unconventional successIn 2005, Swensen wrote a book calledUnconventional Success,which is an investment guide for the individual investor. The general strategy that he presents can be boiled down to the following three main points of advice:The investor should construct a portfolio with money allocated to 6 core asset classes, diversifying among them and biasing toward the equity sections.The investor should rebalance the portfolio on a regular basis (rebalancingback to the original weightings of the asset classes in the portfolio).In the absence of confidence in a market-beating strategy, invest in low-costindex fundsandexchange-traded funds. The investor should be very watchful of costs as some indices are poorly constructed and some fund companies charge excessive fees (or generate large tax liabilities).He slams manymutual fundcompanies for charging excessive fees and not living up to their fiduciary responsibility. He highlights the conflict of interest inherent in the mutual funds, claiming they want high fee, high turnover funds while investors want the opposite.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":548,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351848504,"gmtCreate":1616589101108,"gmtModify":1634525060655,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574574983539751","idStr":"3574574983539751"},"themes":[],"htmlText":"like and comment pls","listText":"like and comment pls","text":"like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/351848504","repostId":"1121220814","repostType":4,"isVote":1,"tweetType":1,"viewCount":535,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353591902,"gmtCreate":1616506675406,"gmtModify":1634525474830,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574574983539751","idStr":"3574574983539751"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/353591902","repostId":"1133858614","repostType":4,"isVote":1,"tweetType":1,"viewCount":510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359858307,"gmtCreate":1616385386809,"gmtModify":1634526129222,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574574983539751","idStr":"3574574983539751"},"themes":[],"htmlText":"comment and like","listText":"comment and like","text":"comment and like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/359858307","repostId":"2121288411","repostType":4,"isVote":1,"tweetType":1,"viewCount":1006,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359382487,"gmtCreate":1616344823149,"gmtModify":1634526283090,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574574983539751","idStr":"3574574983539751"},"themes":[],"htmlText":"comment pls","listText":"comment pls","text":"comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/359382487","repostId":"1117450855","repostType":4,"repost":{"id":"1117450855","kind":"news","pubTimestamp":1616166767,"share":"https://www.laohu8.com/m/news/1117450855?lang=zh_CN&edition=full","pubTime":"2021-03-19 23:12","market":"us","language":"en","title":"Powell says Fed will keep supporting economy ‘for as long as it takes’<blockquote>鲍威尔表示美联储将“只要需要”继续支持经济</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117450855","media":"marketwatch","summary":"Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.Federal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”In an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.“The danger to the U.S. economy was grave. The challenge was to limit the severity and duration o","content":"<p>  <b>Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.</b>  Federal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”</p><p><blockquote><b>美联储主席在《华尔街日报》专栏中表示，前景一片光明，但复苏“远未完成”。</b>美联储主席鲍威尔周五表示，虽然美国经济前景“一片光明”，但复苏“远未完成”。</blockquote></p><p> In an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.</p><p><blockquote>在《华尔街日报》发表的一篇专栏文章中，鲍威尔讲述了去年2月他意识到冠状病毒大流行将席卷全国的那一刻。</blockquote></p><p> “The danger to the U.S. economy was grave. The challenge was to limit the severity and duration of the fallout to avoid longer-run damage,” he said.</p><p><blockquote>“美国经济面临的危险是严重的。面临的挑战是限制后果的严重程度和持续时间，以避免长期损害，”他说。</blockquote></p><p> Powell and his colleagues engineered a rapid response to the crisis, based on the lesson learned from slow recovery to the Great Recession of 2008-2009 that swift action might have been better.</p><p><blockquote>鲍威尔和他的同事根据从2008-2009年大衰退的缓慢复苏中吸取的教训，设计了对危机的快速反应，即迅速采取行动可能会更好。</blockquote></p><p> The central bank quickly slashed its policy interest rate to zero and launched an open-ended asset purchase program known as quantitative easing.</p><p><blockquote>央行迅速将政策利率下调至零，并启动了被称为量化宽松的开放式资产购买计划。</blockquote></p><p> With economists penciling in strong growth for 2021 and more Americans getting vaccinated every day, financial markets are wondering how long Fed support will last.</p><p><blockquote>随着经济学家预测2021年将出现强劲增长，每天都有更多的美国人接种疫苗，金融市场想知道美联储的支持将持续多久。</blockquote></p><p> In the op-ed, Powell said the situation “is much improved.”</p><p><blockquote>鲍威尔在专栏中表示，情况“有了很大改善”。</blockquote></p><p> “But the recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes,” Powell said.</p><p><blockquote>鲍威尔表示：“但复苏远未完成，因此美联储将继续为经济提供所需的支持，只要经济需要。”</blockquote></p><p> “I truly believe that we will emerge from this crisis stronger and better, as we have done so often before,” he said.</p><p><blockquote>他说：“我真的相信，我们将从这场危机中变得更强大、更好，就像我们以前经常做的那样。”</blockquote></p><p> On Wednesday, the Fed recommitted to its easy money policy stance at its latest policy meeting despite a forecast for stronger economic growth and higher inflation this year.</p><p><blockquote>周三，美联储在最近的政策会议上再次承诺了宽松的货币政策立场，尽管预计今年经济增长将更加强劲，通胀将上升。</blockquote></p><p> The Fed chairman did not mention the outlook for inflation in his Friday article . Many on Wall Street are worried that the economy will overheat before the Fed pulls back its easy policy stance.</p><p><blockquote>美联储主席在周五的文章中没有提及通胀前景。华尔街许多人担心，在美联储收回宽松政策立场之前，经济会过热。</blockquote></p><p> Yields on the 10-year Treasury noteTMUBMUSD10Y,1.734%have risen to 1.73% this week after starting the year below 1%.</p><p><blockquote>10年期国债TMUBMUSD10Y, 1.734%的收益率在年初低于1%后，本周已升至1.73%。</blockquote></p><p> Stocks were trading lower on Friday, with the Dow Jones Industrial AverageDJIA,-0.71%down 187 points in mid-morning trading.</p><p><blockquote>周五股市走低，道琼斯工业平均指数DJIA在早盘交易中下跌187点，-0.71%。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Powell says Fed will keep supporting economy ‘for as long as it takes’<blockquote>鲍威尔表示美联储将“只要需要”继续支持经济</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPowell says Fed will keep supporting economy ‘for as long as it takes’<blockquote>鲍威尔表示美联储将“只要需要”继续支持经济</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-03-19 23:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.</b>  Federal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”</p><p><blockquote><b>美联储主席在《华尔街日报》专栏中表示，前景一片光明，但复苏“远未完成”。</b>美联储主席鲍威尔周五表示，虽然美国经济前景“一片光明”，但复苏“远未完成”。</blockquote></p><p> In an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.</p><p><blockquote>在《华尔街日报》发表的一篇专栏文章中，鲍威尔讲述了去年2月他意识到冠状病毒大流行将席卷全国的那一刻。</blockquote></p><p> “The danger to the U.S. economy was grave. The challenge was to limit the severity and duration of the fallout to avoid longer-run damage,” he said.</p><p><blockquote>“美国经济面临的危险是严重的。面临的挑战是限制后果的严重程度和持续时间，以避免长期损害，”他说。</blockquote></p><p> Powell and his colleagues engineered a rapid response to the crisis, based on the lesson learned from slow recovery to the Great Recession of 2008-2009 that swift action might have been better.</p><p><blockquote>鲍威尔和他的同事根据从2008-2009年大衰退的缓慢复苏中吸取的教训，设计了对危机的快速反应，即迅速采取行动可能会更好。</blockquote></p><p> The central bank quickly slashed its policy interest rate to zero and launched an open-ended asset purchase program known as quantitative easing.</p><p><blockquote>央行迅速将政策利率下调至零，并启动了被称为量化宽松的开放式资产购买计划。</blockquote></p><p> With economists penciling in strong growth for 2021 and more Americans getting vaccinated every day, financial markets are wondering how long Fed support will last.</p><p><blockquote>随着经济学家预测2021年将出现强劲增长，每天都有更多的美国人接种疫苗，金融市场想知道美联储的支持将持续多久。</blockquote></p><p> In the op-ed, Powell said the situation “is much improved.”</p><p><blockquote>鲍威尔在专栏中表示，情况“有了很大改善”。</blockquote></p><p> “But the recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes,” Powell said.</p><p><blockquote>鲍威尔表示：“但复苏远未完成，因此美联储将继续为经济提供所需的支持，只要经济需要。”</blockquote></p><p> “I truly believe that we will emerge from this crisis stronger and better, as we have done so often before,” he said.</p><p><blockquote>他说：“我真的相信，我们将从这场危机中变得更强大、更好，就像我们以前经常做的那样。”</blockquote></p><p> On Wednesday, the Fed recommitted to its easy money policy stance at its latest policy meeting despite a forecast for stronger economic growth and higher inflation this year.</p><p><blockquote>周三，美联储在最近的政策会议上再次承诺了宽松的货币政策立场，尽管预计今年经济增长将更加强劲，通胀将上升。</blockquote></p><p> The Fed chairman did not mention the outlook for inflation in his Friday article . Many on Wall Street are worried that the economy will overheat before the Fed pulls back its easy policy stance.</p><p><blockquote>美联储主席在周五的文章中没有提及通胀前景。华尔街许多人担心，在美联储收回宽松政策立场之前，经济会过热。</blockquote></p><p> Yields on the 10-year Treasury noteTMUBMUSD10Y,1.734%have risen to 1.73% this week after starting the year below 1%.</p><p><blockquote>10年期国债TMUBMUSD10Y, 1.734%的收益率在年初低于1%后，本周已升至1.73%。</blockquote></p><p> Stocks were trading lower on Friday, with the Dow Jones Industrial AverageDJIA,-0.71%down 187 points in mid-morning trading.</p><p><blockquote>周五股市走低，道琼斯工业平均指数DJIA在早盘交易中下跌187点，-0.71%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/powell-says-fed-will-keep-supporting-economy-for-as-long-as-it-takes-11616165178?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/powell-says-fed-will-keep-supporting-economy-for-as-long-as-it-takes-11616165178?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1117450855","content_text":"Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.\n\nFederal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”\nIn an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.\n“The danger to the U.S. economy was grave. The challenge was to limit the severity and duration of the fallout to avoid longer-run damage,” he said.\nPowell and his colleagues engineered a rapid response to the crisis, based on the lesson learned from slow recovery to the Great Recession of 2008-2009 that swift action might have been better.\nThe central bank quickly slashed its policy interest rate to zero and launched an open-ended asset purchase program known as quantitative easing.\nWith economists penciling in strong growth for 2021 and more Americans getting vaccinated every day, financial markets are wondering how long Fed support will last.\nIn the op-ed, Powell said the situation “is much improved.”\n“But the recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes,” Powell said.\n“I truly believe that we will emerge from this crisis stronger and better, as we have done so often before,” he said.\nOn Wednesday, the Fed recommitted to its easy money policy stance at its latest policy meeting despite a forecast for stronger economic growth and higher inflation this year.\nThe Fed chairman did not mention the outlook for inflation in his Friday article . Many on Wall Street are worried that the economy will overheat before the Fed pulls back its easy policy stance.\nYields on the 10-year Treasury noteTMUBMUSD10Y,1.734%have risen to 1.73% this week after starting the year below 1%.\nStocks were trading lower on Friday, with the Dow Jones Industrial AverageDJIA,-0.71%down 187 points in mid-morning trading.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359939421,"gmtCreate":1616315388663,"gmtModify":1634526367249,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574574983539751","idStr":"3574574983539751"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/359939421","repostId":"1136440314","repostType":4,"isVote":1,"tweetType":1,"viewCount":655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350251817,"gmtCreate":1616216586339,"gmtModify":1634526686618,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574574983539751","idStr":"3574574983539751"},"themes":[],"htmlText":"comment pls","listText":"comment pls","text":"comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/350251817","repostId":"1199154789","repostType":4,"repost":{"id":"1199154789","kind":"news","pubTimestamp":1616164372,"share":"https://www.laohu8.com/m/news/1199154789?lang=zh_CN&edition=full","pubTime":"2021-03-19 22:32","market":"us","language":"en","title":"Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199154789","media":"zerohedge","summary":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio  exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on ","content":"<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-19 22:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199154789","content_text":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –suggests that the Fed is “foaming the runway” for the end of SLR exemption.\"Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...Bond yields spiked...... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")....... slumped.In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).So what happens next?Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market:The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:3. Relief ends March 31, banks fully raise capital Impact on BanksRatesFront-End Rates 4. Relief ends March 31, banks raise capital & de-lever Impact on BanksRatesFront-End RatesGoing back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,and these flows will swell further money funds’ inflows coming from TGA drawdowns.\"More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.* *  *Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" asthe SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing.“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":752,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350384316,"gmtCreate":1616160984935,"gmtModify":1634526940153,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574574983539751","idStr":"3574574983539751"},"themes":[],"htmlText":"like pls","listText":"like pls","text":"like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/350384316","repostId":"1152653258","repostType":4,"repost":{"id":"1152653258","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616160699,"share":"https://www.laohu8.com/m/news/1152653258?lang=zh_CN&edition=full","pubTime":"2021-03-19 21:31","market":"us","language":"en","title":"S&P 500 opens flat, heads for losing week as rising rate fears linger<blockquote>由于对利率上升的担忧挥之不去，标普500开盘持平，本周将下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152653258","media":"Tiger Newspress","summary":"(March 19) U.S. stocks traded near the flatline on Friday after the Federal Reserve said it will not","content":"<p>(March 19)&nbsp;U.S. stocks traded near the flatline on Friday after the Federal Reserve said it will not extend a pandemic-era rule that had allowed banks to relax capital levels.</p><p><blockquote>（3月19日）美国。在美联储表示不会延长大流行时期允许银行放松资本水平的规定后，周五股市交易接近持平线。</blockquote></p><p>The Dow Jones Industrial Average fell 70 points, while the S&amp;P 500 was flat. The tech-heavy Nasdaq Composite traded 0.2% higher.</p><p><blockquote>道琼斯工业平均指数下跌70点，标普500持平。以科技股为主的纳斯达克综合指数上涨0.2%。</blockquote></p><p>The central bank on Fridaydeclined to extend a rule expiring at the end of the month that relaxed the supplementary leverage ratio for banks during the pandemic. The rule allowing banks to hold less capital against Treasurys and other holdings was implemented to calm the bond market during the crisis and encourage banks to lend.</p><p><blockquote>央行周五拒绝延长本月底到期的一项规定，该规定放宽了疫情期间银行的补充杠杆率。允许银行相对于美国国债和其他资产持有较少资本的规定是为了在危机期间平息债券市场并鼓励银行放贷。</blockquote></p><p>The decision could have some adverse effects, traders have warned, if in response banks sell some of their Treasury holdings. That could send yields even higher at a time when a rapid rise in rates is already unnerving investors.</p><p><blockquote>交易员警告称，如果银行出售部分国债作为回应，这一决定可能会产生一些不利影响。在利率快速上升已经让投资者感到不安之际，这可能会推高收益率。</blockquote></p><p>Bond yields rose off their lows following the announcement. The 10-year Treasury yield reversed slightly higher at 1.74%, hovering near its 14-month high above 1.75% hit a day earlier (1 basis point equals 0.01%).</p><p><blockquote>消息公布后，债券收益率从低点回升。10年期国债收益率小幅走高至1.74%，徘徊在前一天触及的1.75%上方的14个月高点附近（1个基点等于0.01%）。</blockquote></p><p>Rising bond yields, which can signal confidence about the economic recovery and fears about inflation, can also make high growth stocks look less attractive to investors.</p><p><blockquote>债券收益率上升可能表明对经济复苏的信心和对通胀的担忧，也可能降低高增长股票对投资者的吸引力。</blockquote></p><p>On Thursday, with tech stocksbeing particularly hard hit. TheNasdaq Compositefell 3%, with Apple and Amazon seeing slightly larger losses. The Dow and S&amp;P 500 slipped 0.5% and 1.5%, respectively.</p><p><blockquote>周四，科技股受到的打击尤其严重。纳斯达克综合指数下跌3%，苹果和亚马逊跌幅略大。道指和标普500分别下跌0.5%和1.5%。</blockquote></p><p>The underperformance of tech and other growth stocks on Thursday resembles a trend seen in recent months as value stocks have surged. However, growth stocks have had a few strong days over the past two weeks and this is muddying the waters, said Michael Mullaney, director of global markets research at Boston Partners.</p><p><blockquote>周四科技股和其他成长股表现不佳，与近几个月价值股飙升的趋势类似。然而，Boston Partners全球市场研究总监迈克尔·穆拉尼(Michael Mullaney)表示，过去两周成长型股票表现强劲，这让事情变得更加混乱。</blockquote></p><p>“If you look at the price pattern on a day-to-day basis for the last now seven days, we’ve got a ping-pong match going on. One day it’s been growth, one day it’s been value,” said Mullaney. “I’m not sure if that’s indicating we’re at some kind of inflection point where growth might get a bounce here.”</p><p><blockquote>“如果你看看过去七天每天的价格模式，你会发现我们正在进行一场乒乓球比赛。有一天是增长，有一天是价值，”穆拉尼说。“我不确定这是否表明我们正处于某种拐点，增长可能会在这里反弹。”</blockquote></p><p>Energy stocks were also hit hard on Thursday, with the price of West Texas Intermediatecrude sliding by more than 7%. The slow rollout of vaccines and rise in Covid cases in Europe have weighed on the near-term demand outlook for oil.</p><p><blockquote>能源股周四也遭受重创，西德克萨斯中质原油价格下跌超过7%。欧洲疫苗推广缓慢和新冠病例增加给石油近期需求前景带来压力。</blockquote></p><p>Shares ofFedExjumped 6% after the delivery company beat expectations on the top and bottom lines for its fiscal third quarter.</p><p><blockquote>联邦快递第三财季营收和利润超出预期后，该公司股价上涨6%。</blockquote></p><p>Nike’s stock slipped by 3% after third-quarter revenues were weaker than anticipated.</p><p><blockquote>第三季度营收弱于预期后，耐克股价下跌3%。</blockquote></p><p>For the week, the Dow is up about 0.3%, while the S&amp;P 500 is off by 0.7% and the Nasdaq Composite is down 1.5%.</p><p><blockquote>本周，道琼斯指数上涨约0.3%，标普500下跌0.7%，纳斯达克综合指数下跌1.5%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 opens flat, heads for losing week as rising rate fears linger<blockquote>由于对利率上升的担忧挥之不去，标普500开盘持平，本周将下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 opens flat, heads for losing week as rising rate fears linger<blockquote>由于对利率上升的担忧挥之不去，标普500开盘持平，本周将下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-19 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(March 19)&nbsp;U.S. stocks traded near the flatline on Friday after the Federal Reserve said it will not extend a pandemic-era rule that had allowed banks to relax capital levels.</p><p><blockquote>（3月19日）美国。在美联储表示不会延长大流行时期允许银行放松资本水平的规定后，周五股市交易接近持平线。</blockquote></p><p>The Dow Jones Industrial Average fell 70 points, while the S&amp;P 500 was flat. The tech-heavy Nasdaq Composite traded 0.2% higher.</p><p><blockquote>道琼斯工业平均指数下跌70点，标普500持平。以科技股为主的纳斯达克综合指数上涨0.2%。</blockquote></p><p>The central bank on Fridaydeclined to extend a rule expiring at the end of the month that relaxed the supplementary leverage ratio for banks during the pandemic. The rule allowing banks to hold less capital against Treasurys and other holdings was implemented to calm the bond market during the crisis and encourage banks to lend.</p><p><blockquote>央行周五拒绝延长本月底到期的一项规定，该规定放宽了疫情期间银行的补充杠杆率。允许银行相对于美国国债和其他资产持有较少资本的规定是为了在危机期间平息债券市场并鼓励银行放贷。</blockquote></p><p>The decision could have some adverse effects, traders have warned, if in response banks sell some of their Treasury holdings. That could send yields even higher at a time when a rapid rise in rates is already unnerving investors.</p><p><blockquote>交易员警告称，如果银行出售部分国债作为回应，这一决定可能会产生一些不利影响。在利率快速上升已经让投资者感到不安之际，这可能会推高收益率。</blockquote></p><p>Bond yields rose off their lows following the announcement. The 10-year Treasury yield reversed slightly higher at 1.74%, hovering near its 14-month high above 1.75% hit a day earlier (1 basis point equals 0.01%).</p><p><blockquote>消息公布后，债券收益率从低点回升。10年期国债收益率小幅走高至1.74%，徘徊在前一天触及的1.75%上方的14个月高点附近（1个基点等于0.01%）。</blockquote></p><p>Rising bond yields, which can signal confidence about the economic recovery and fears about inflation, can also make high growth stocks look less attractive to investors.</p><p><blockquote>债券收益率上升可能表明对经济复苏的信心和对通胀的担忧，也可能降低高增长股票对投资者的吸引力。</blockquote></p><p>On Thursday, with tech stocksbeing particularly hard hit. TheNasdaq Compositefell 3%, with Apple and Amazon seeing slightly larger losses. The Dow and S&amp;P 500 slipped 0.5% and 1.5%, respectively.</p><p><blockquote>周四，科技股受到的打击尤其严重。纳斯达克综合指数下跌3%，苹果和亚马逊跌幅略大。道指和标普500分别下跌0.5%和1.5%。</blockquote></p><p>The underperformance of tech and other growth stocks on Thursday resembles a trend seen in recent months as value stocks have surged. However, growth stocks have had a few strong days over the past two weeks and this is muddying the waters, said Michael Mullaney, director of global markets research at Boston Partners.</p><p><blockquote>周四科技股和其他成长股表现不佳，与近几个月价值股飙升的趋势类似。然而，Boston Partners全球市场研究总监迈克尔·穆拉尼(Michael Mullaney)表示，过去两周成长型股票表现强劲，这让事情变得更加混乱。</blockquote></p><p>“If you look at the price pattern on a day-to-day basis for the last now seven days, we’ve got a ping-pong match going on. One day it’s been growth, one day it’s been value,” said Mullaney. “I’m not sure if that’s indicating we’re at some kind of inflection point where growth might get a bounce here.”</p><p><blockquote>“如果你看看过去七天每天的价格模式，你会发现我们正在进行一场乒乓球比赛。有一天是增长，有一天是价值，”穆拉尼说。“我不确定这是否表明我们正处于某种拐点，增长可能会在这里反弹。”</blockquote></p><p>Energy stocks were also hit hard on Thursday, with the price of West Texas Intermediatecrude sliding by more than 7%. The slow rollout of vaccines and rise in Covid cases in Europe have weighed on the near-term demand outlook for oil.</p><p><blockquote>能源股周四也遭受重创，西德克萨斯中质原油价格下跌超过7%。欧洲疫苗推广缓慢和新冠病例增加给石油近期需求前景带来压力。</blockquote></p><p>Shares ofFedExjumped 6% after the delivery company beat expectations on the top and bottom lines for its fiscal third quarter.</p><p><blockquote>联邦快递第三财季营收和利润超出预期后，该公司股价上涨6%。</blockquote></p><p>Nike’s stock slipped by 3% after third-quarter revenues were weaker than anticipated.</p><p><blockquote>第三季度营收弱于预期后，耐克股价下跌3%。</blockquote></p><p>For the week, the Dow is up about 0.3%, while the S&amp;P 500 is off by 0.7% and the Nasdaq Composite is down 1.5%.</p><p><blockquote>本周，道琼斯指数上涨约0.3%，标普500下跌0.7%，纳斯达克综合指数下跌1.5%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152653258","content_text":"(March 19) U.S. stocks traded near the flatline on Friday after the Federal Reserve said it will not extend a pandemic-era rule that had allowed banks to relax capital levels.The Dow Jones Industrial Average fell 70 points, while the S&P 500 was flat. The tech-heavy Nasdaq Composite traded 0.2% higher.The central bank on Fridaydeclined to extend a rule expiring at the end of the month that relaxed the supplementary leverage ratio for banks during the pandemic. The rule allowing banks to hold less capital against Treasurys and other holdings was implemented to calm the bond market during the crisis and encourage banks to lend.The decision could have some adverse effects, traders have warned, if in response banks sell some of their Treasury holdings. That could send yields even higher at a time when a rapid rise in rates is already unnerving investors.Bond yields rose off their lows following the announcement. The 10-year Treasury yield reversed slightly higher at 1.74%, hovering near its 14-month high above 1.75% hit a day earlier (1 basis point equals 0.01%).Rising bond yields, which can signal confidence about the economic recovery and fears about inflation, can also make high growth stocks look less attractive to investors.On Thursday, with tech stocksbeing particularly hard hit. TheNasdaq Compositefell 3%, with Apple and Amazon seeing slightly larger losses. The Dow and S&P 500 slipped 0.5% and 1.5%, respectively.The underperformance of tech and other growth stocks on Thursday resembles a trend seen in recent months as value stocks have surged. However, growth stocks have had a few strong days over the past two weeks and this is muddying the waters, said Michael Mullaney, director of global markets research at Boston Partners.“If you look at the price pattern on a day-to-day basis for the last now seven days, we’ve got a ping-pong match going on. One day it’s been growth, one day it’s been value,” said Mullaney. “I’m not sure if that’s indicating we’re at some kind of inflection point where growth might get a bounce here.”Energy stocks were also hit hard on Thursday, with the price of West Texas Intermediatecrude sliding by more than 7%. The slow rollout of vaccines and rise in Covid cases in Europe have weighed on the near-term demand outlook for oil.Shares ofFedExjumped 6% after the delivery company beat expectations on the top and bottom lines for its fiscal third quarter.Nike’s stock slipped by 3% after third-quarter revenues were weaker than anticipated.For the week, the Dow is up about 0.3%, while the S&P 500 is off by 0.7% and the Nasdaq Composite is down 1.5%.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324685193,"gmtCreate":1615989823812,"gmtModify":1703496035748,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574574983539751","idStr":"3574574983539751"},"themes":[],"htmlText":"comment me pls","listText":"comment me pls","text":"comment me pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/324685193","repostId":"1139863038","repostType":4,"repost":{"id":"1139863038","kind":"news","pubTimestamp":1615985802,"share":"https://www.laohu8.com/m/news/1139863038?lang=zh_CN&edition=full","pubTime":"2021-03-17 20:56","market":"us","language":"en","title":"What Interest Rate Triggers The Next Crisis?<blockquote>什么利率会引发下一场危机？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139863038","media":"zerohedge","summary":"The Ten-year U.S. Treasury note yields 1.61%.10-year high-quality corporate bonds yield 2.09%.The ra","content":"<p><ul><li>The Ten-year U.S. Treasury note yields 1.61%.</li><li>10-year high-quality corporate bonds yield 2.09%.</li><li>The rate on a 30-year mortgage is 3.05%.</li></ul>Despite recent increases, interest rates are hovering near historic lows. &nbsp;We do not use the word “historic” lightly. By “historic,” we refer to the lowest levels since the nation’s birth in 1776.</p><p><blockquote><ul><li>十年期美国国债收益率为1.61%。</li><li>10年期优质公司债收益率2.09%。</li><li>30年期抵押贷款利率为3.05%。</li></ul>尽管最近有所上升，但利率仍徘徊在历史低点附近。我们不会轻易使用“历史性”这个词。我们所说的“历史性”是指自1776年美国诞生以来的最低水平。</blockquote></p><p>The graph below, courtesy of the Visual Capitalist, highlights our point.</p><p><blockquote>下图由视觉资本家提供，强调了我们的观点。</blockquote></p><p><img src=\"https://static.tigerbbs.com/0a42c6bf59aeb11becd8e9ebc5ebcbdc\" tg-width=\"500\" tg-height=\"510\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Despite 300-year lows in interest rates, investors are becoming anxious because they are rising. Recent history shows they should worry. A review of the past 40 years reveals sudden spikes in interest rates and financial problems go hand in hand.</p><p><blockquote>尽管利率处于300年来的低点，但投资者正变得焦虑，因为利率正在上升。最近的历史表明他们应该担心。对过去40年的回顾表明，利率突然飙升和金融问题齐头并进。</blockquote></p><p>The question for all investors is how big a spike before the proverbial hits the fan again?</p><p><blockquote>所有投资者面临的问题是，在谚语再次击中风扇之前，峰值会有多大？</blockquote></p><p><b>Debt-Driven Economy</b></p><p><blockquote><b>债务驱动型经济</b></blockquote></p><p>Over the past 40 years, debt has increasingly driven economic growth.</p><p><blockquote>在过去的40年里，债务越来越多地推动了经济增长。</blockquote></p><p>That statement on its own tells us nothing about the health of the economy. To better quantify the benefits or consequences of debt, we need to understand how it was used.</p><p><blockquote>这种说法本身并没有告诉我们任何关于经济健康状况的信息。为了更好地量化债务的好处或后果，我们需要了解它是如何被使用的。</blockquote></p><p>When debt is used productively, the interest and principal are covered with higher profits and sustained economic activity. Even better, income beyond the cost of the debt makes the nation more prosperous.</p><p><blockquote>当债务得到有效利用时，利息和本金就会被更高的利润和持续的经济活动所覆盖。更好的是，超过债务成本的收入使国家更加繁荣。</blockquote></p><p>Conversely, unproductive debt may provide a one-time spark of economic activity, but it yields little to no residual income to service it going forward. Ultimately it creates an economic headwind as servicing the debt in the future replaces productive investment and or consumption.</p><p><blockquote>相反，非生产性债务可能会为经济活动提供一次性火花，但它几乎不会产生甚至没有剩余收入来为未来服务。最终，它会造成经济阻力，因为未来的偿债取代了生产性投资和/或消费。</blockquote></p><p>The graph below shows the steadily rising ratio of total outstanding debt to GDP. If debt, in aggregate, were productive, the ratio would be declining regardless of the amount of debt.</p><p><blockquote>下图显示了未偿债务总额与GDP的比率稳步上升。如果债务总体上是生产性的，那么无论债务金额多少，该比率都会下降。</blockquote></p><p><img src=\"https://static.tigerbbs.com/94098681db0a5b7f7f636d502f8bb5b1\" tg-width=\"500\" tg-height=\"262\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>U.S. Economic Fragility</b></p><p><blockquote><b>美国经济脆弱性</b></blockquote></p><p>As shown above, the U.S. economy is overly dependent on unproductive debt. Not surprisingly, secular growth rates have been trending lower for three decades. The massive amount of unproductive debt added in the last year will only further reduce future growth rates.</p><p><blockquote>如上所示，美国经济过度依赖非生产性债务。毫不奇怪，三十年来，长期增长率一直呈下降趋势。去年增加的大量不良债务只会进一步降低未来的增长率。</blockquote></p><p>The Fed is keenly aware of this weakness but refuses to acknowledge the problem or incentivize productive debt. Instead, they tout the temporary economic benefits of more debt with exceedingly low interest rates. In doing so, they egg on speculation and consumption, not productive debt.</p><p><blockquote>美联储敏锐地意识到这一弱点，但拒绝承认问题或激励生产性债务。相反，他们以极低的利率吹捧更多债务的暂时经济效益。这样做，他们助长了投机和消费，而不是生产性债务。</blockquote></p><p>In&nbsp;Wicksell’s Elegant Model&nbsp;we stated:&nbsp;<i>“On the other hand, if market rates of interest are held abnormally below the natural rate, then capital allocation decisions are not made on the basis of marginal efficiency but according to the average return on invested capital. This explains why, in those periods, more speculative assets such as stocks and real estate boom.”</i></p><p><blockquote>在Wicksell的优雅模型中，我们指出：<i>“另一方面，如果市场利率异常地保持在自然利率以下，那么资本配置决策就不是基于边际效率而是根据投资资本的平均回报率来做出的。这就解释了为什么在那些时期，股票和房地产等投机性资产会蓬勃发展。”</i></blockquote></p><p><i>“But when short-term market rates are below the natural rate, intelligent investors respond appropriately. They borrow heavily at the low rate and buy existing assets with somewhat predictable returns and shorter time horizons. Financial assets skyrocket in value while long-term, cash-flow driven investments with riskier prospects languish.”</i></p><p><blockquote><i>“但当短期市场利率低于自然利率时，聪明的投资者会做出适当的反应。他们以低利率大量借贷，购买回报可预测、期限较短的现有资产。金融资产价值飙升，而长期、现金流驱动、风险较高的投资则萎靡不振。”</i></blockquote></p><p>Simply, the Fed’s policy is to keep the party going without worrying about tomorrow’s hangover. As they have shown, the hair of the dog – more debt, helps keep the party going tomorrow. Unfortunately, the cost of such reckless policy is the nation’s financial fragility.</p><p><blockquote>简单地说，美联储的政策是让派对继续进行，而不用担心明天的宿醉。正如他们所展示的，狗的毛发——更多的债务——有助于明天的派对继续进行。不幸的是，这种鲁莽政策的代价是国家的财政脆弱性。</blockquote></p><p><b>Evidence of this condition is quite apparent. Currently, investors are fretting about higher interest rates despite the fact they have only risen to the lowest levels of the past 300 years.</b></p><p><blockquote><b>这种情况的证据非常明显。目前，投资者对利率上升感到担忧，尽管利率仅升至过去300年来的最低水平。</b></blockquote></p><p><b>Measuring Fragility</b></p><p><blockquote><b>测量脆性</b></blockquote></p><p>Looking back over the last 40 years reveals a troubling problem. Every time interest rates reach the upper end of its downward trend, a financial crisis of sorts occurred. The graph below charts the steady decline in rates and GDP along with the various crisis occurring when rates temporarily rose.</p><p><blockquote>回顾过去的40年，揭示了一个令人不安的问题。每当利率达到下降趋势的上限时，就会发生某种金融危机。下图显示了利率和GDP的稳步下降，以及利率暂时上升时发生的各种危机。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2f3e6cab01875fa2adb0d0b76e8921c2\" tg-width=\"500\" tg-height=\"320\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Given crises frequently occur when rates rise sharply, we should contemplate how high rates can rise before the next crisis</b>. Notice, as time goes on it takes less and less of a rate increase to generate a problem. The reason, as highlighted earlier, is the growth of debt outpaces the ability to pay for it.</p><p><blockquote><b>鉴于利率急剧上升时经常发生危机，我们应该考虑在下一次危机之前利率可以上升到多高</b>请注意，随着时间的推移，产生问题的速率增加越来越少。如前所述，原因是债务的增长超过了偿还能力。</blockquote></p><p>To quantify how much more rates can rise, we present the graph below. The red shaded area in the chart is a proxy calculation for the change in the interest expense on all debt. We calculate the change using debt outstanding, one-year change in interest rates, and GDP. We normalize the data to the size of the economy.</p><p><blockquote>为了量化利率还能上升多少，我们展示了下图。图表中的红色阴影区域是所有债务利息支出变化的代理计算。我们使用未偿债务、一年期利率变化和GDP来计算变化。我们将数据归一化到经济规模。</blockquote></p><p></p><p>The current one-year change in the proxy interest expense is up 3.50% from a year ago. As shown, the last two significant crises (2000 and 2008), along with a few minor ones, all happened when the proxy rose between three and four percent.</p><p><blockquote>目前代理利息支出的一年变化比一年前增长了3.50%。如图所示，最近两次重大危机（2000年和2008年）以及一些小危机都发生在代理指数上涨3%到4%的时候。</blockquote></p><p><img src=\"https://static.tigerbbs.com/89a7414aad88e5ed6269e7910d64ee0c\" tg-width=\"500\" tg-height=\"320\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>If Ten-year UST yields increase to 2.0% (currently 1.60%) by May, the proxy will increase to 5.25%, well above the 4.0% that popped the dot com and housing bubbles.</p><p><blockquote>如果10年期UST收益率到5月份升至2.0%（目前为1.60%），该指标将升至5.25%，远高于互联网和房地产泡沫破裂时的4.0%。</blockquote></p><p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p>The proxy interest expense model is far from perfect, but it provides evidence the threshold of pain to withstand higher rates is small.</p><p><blockquote>代理利息支出模型远非完美，但它提供了承受更高利率的痛苦阈值很小的证据。</blockquote></p><p>If the Ten-year UST rate increases to 1.75% by April, the proxy interest expense will exceed all peak levels since 1990.&nbsp; However, this time, massive fiscal stimulus, monetary operations, and economic reopening may mask the rise in rates for a little while, allowing them to rise further.</p><p><blockquote>如果10年期UST利率到4月份升至1.75%，代理利息支出将超过1990年以来的所有峰值水平。然而，这一次，大规模的财政刺激、货币操作和经济重新开放可能会暂时掩盖利率的上升，使其进一步上升。</blockquote></p><p>Like every other time rates rose “too much,” a crisis will occur if rates keep increasing. It seems the only question is when the Fed will come running to the rescue as they always do.</p><p><blockquote>就像其他时候利率上升“太多”一样，如果利率继续上升，就会发生危机。似乎唯一的问题是美联储何时会像往常一样出手救援。</blockquote></p><p><b>Buckle up, the math says a crisis may be closer than anyone imagines.</b></p><p><blockquote><b>系好安全带，数学表明危机可能比任何人想象的都要近。</b></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Interest Rate Triggers The Next Crisis?<blockquote>什么利率会引发下一场危机？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Interest Rate Triggers The Next Crisis?<blockquote>什么利率会引发下一场危机？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-17 20:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul><li>The Ten-year U.S. Treasury note yields 1.61%.</li><li>10-year high-quality corporate bonds yield 2.09%.</li><li>The rate on a 30-year mortgage is 3.05%.</li></ul>Despite recent increases, interest rates are hovering near historic lows. &nbsp;We do not use the word “historic” lightly. By “historic,” we refer to the lowest levels since the nation’s birth in 1776.</p><p><blockquote><ul><li>十年期美国国债收益率为1.61%。</li><li>10年期优质公司债收益率2.09%。</li><li>30年期抵押贷款利率为3.05%。</li></ul>尽管最近有所上升，但利率仍徘徊在历史低点附近。我们不会轻易使用“历史性”这个词。我们所说的“历史性”是指自1776年美国诞生以来的最低水平。</blockquote></p><p>The graph below, courtesy of the Visual Capitalist, highlights our point.</p><p><blockquote>下图由视觉资本家提供，强调了我们的观点。</blockquote></p><p><img src=\"https://static.tigerbbs.com/0a42c6bf59aeb11becd8e9ebc5ebcbdc\" tg-width=\"500\" tg-height=\"510\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Despite 300-year lows in interest rates, investors are becoming anxious because they are rising. Recent history shows they should worry. A review of the past 40 years reveals sudden spikes in interest rates and financial problems go hand in hand.</p><p><blockquote>尽管利率处于300年来的低点，但投资者正变得焦虑，因为利率正在上升。最近的历史表明他们应该担心。对过去40年的回顾表明，利率突然飙升和金融问题齐头并进。</blockquote></p><p>The question for all investors is how big a spike before the proverbial hits the fan again?</p><p><blockquote>所有投资者面临的问题是，在谚语再次击中风扇之前，峰值会有多大？</blockquote></p><p><b>Debt-Driven Economy</b></p><p><blockquote><b>债务驱动型经济</b></blockquote></p><p>Over the past 40 years, debt has increasingly driven economic growth.</p><p><blockquote>在过去的40年里，债务越来越多地推动了经济增长。</blockquote></p><p>That statement on its own tells us nothing about the health of the economy. To better quantify the benefits or consequences of debt, we need to understand how it was used.</p><p><blockquote>这种说法本身并没有告诉我们任何关于经济健康状况的信息。为了更好地量化债务的好处或后果，我们需要了解它是如何被使用的。</blockquote></p><p>When debt is used productively, the interest and principal are covered with higher profits and sustained economic activity. Even better, income beyond the cost of the debt makes the nation more prosperous.</p><p><blockquote>当债务得到有效利用时，利息和本金就会被更高的利润和持续的经济活动所覆盖。更好的是，超过债务成本的收入使国家更加繁荣。</blockquote></p><p>Conversely, unproductive debt may provide a one-time spark of economic activity, but it yields little to no residual income to service it going forward. Ultimately it creates an economic headwind as servicing the debt in the future replaces productive investment and or consumption.</p><p><blockquote>相反，非生产性债务可能会为经济活动提供一次性火花，但它几乎不会产生甚至没有剩余收入来为未来服务。最终，它会造成经济阻力，因为未来的偿债取代了生产性投资和/或消费。</blockquote></p><p>The graph below shows the steadily rising ratio of total outstanding debt to GDP. If debt, in aggregate, were productive, the ratio would be declining regardless of the amount of debt.</p><p><blockquote>下图显示了未偿债务总额与GDP的比率稳步上升。如果债务总体上是生产性的，那么无论债务金额多少，该比率都会下降。</blockquote></p><p><img src=\"https://static.tigerbbs.com/94098681db0a5b7f7f636d502f8bb5b1\" tg-width=\"500\" tg-height=\"262\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>U.S. Economic Fragility</b></p><p><blockquote><b>美国经济脆弱性</b></blockquote></p><p>As shown above, the U.S. economy is overly dependent on unproductive debt. Not surprisingly, secular growth rates have been trending lower for three decades. The massive amount of unproductive debt added in the last year will only further reduce future growth rates.</p><p><blockquote>如上所示，美国经济过度依赖非生产性债务。毫不奇怪，三十年来，长期增长率一直呈下降趋势。去年增加的大量不良债务只会进一步降低未来的增长率。</blockquote></p><p>The Fed is keenly aware of this weakness but refuses to acknowledge the problem or incentivize productive debt. Instead, they tout the temporary economic benefits of more debt with exceedingly low interest rates. In doing so, they egg on speculation and consumption, not productive debt.</p><p><blockquote>美联储敏锐地意识到这一弱点，但拒绝承认问题或激励生产性债务。相反，他们以极低的利率吹捧更多债务的暂时经济效益。这样做，他们助长了投机和消费，而不是生产性债务。</blockquote></p><p>In&nbsp;Wicksell’s Elegant Model&nbsp;we stated:&nbsp;<i>“On the other hand, if market rates of interest are held abnormally below the natural rate, then capital allocation decisions are not made on the basis of marginal efficiency but according to the average return on invested capital. This explains why, in those periods, more speculative assets such as stocks and real estate boom.”</i></p><p><blockquote>在Wicksell的优雅模型中，我们指出：<i>“另一方面，如果市场利率异常地保持在自然利率以下，那么资本配置决策就不是基于边际效率而是根据投资资本的平均回报率来做出的。这就解释了为什么在那些时期，股票和房地产等投机性资产会蓬勃发展。”</i></blockquote></p><p><i>“But when short-term market rates are below the natural rate, intelligent investors respond appropriately. They borrow heavily at the low rate and buy existing assets with somewhat predictable returns and shorter time horizons. Financial assets skyrocket in value while long-term, cash-flow driven investments with riskier prospects languish.”</i></p><p><blockquote><i>“但当短期市场利率低于自然利率时，聪明的投资者会做出适当的反应。他们以低利率大量借贷，购买回报可预测、期限较短的现有资产。金融资产价值飙升，而长期、现金流驱动、风险较高的投资则萎靡不振。”</i></blockquote></p><p>Simply, the Fed’s policy is to keep the party going without worrying about tomorrow’s hangover. As they have shown, the hair of the dog – more debt, helps keep the party going tomorrow. Unfortunately, the cost of such reckless policy is the nation’s financial fragility.</p><p><blockquote>简单地说，美联储的政策是让派对继续进行，而不用担心明天的宿醉。正如他们所展示的，狗的毛发——更多的债务——有助于明天的派对继续进行。不幸的是，这种鲁莽政策的代价是国家的财政脆弱性。</blockquote></p><p><b>Evidence of this condition is quite apparent. Currently, investors are fretting about higher interest rates despite the fact they have only risen to the lowest levels of the past 300 years.</b></p><p><blockquote><b>这种情况的证据非常明显。目前，投资者对利率上升感到担忧，尽管利率仅升至过去300年来的最低水平。</b></blockquote></p><p><b>Measuring Fragility</b></p><p><blockquote><b>测量脆性</b></blockquote></p><p>Looking back over the last 40 years reveals a troubling problem. Every time interest rates reach the upper end of its downward trend, a financial crisis of sorts occurred. The graph below charts the steady decline in rates and GDP along with the various crisis occurring when rates temporarily rose.</p><p><blockquote>回顾过去的40年，揭示了一个令人不安的问题。每当利率达到下降趋势的上限时，就会发生某种金融危机。下图显示了利率和GDP的稳步下降，以及利率暂时上升时发生的各种危机。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2f3e6cab01875fa2adb0d0b76e8921c2\" tg-width=\"500\" tg-height=\"320\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Given crises frequently occur when rates rise sharply, we should contemplate how high rates can rise before the next crisis</b>. Notice, as time goes on it takes less and less of a rate increase to generate a problem. The reason, as highlighted earlier, is the growth of debt outpaces the ability to pay for it.</p><p><blockquote><b>鉴于利率急剧上升时经常发生危机，我们应该考虑在下一次危机之前利率可以上升到多高</b>请注意，随着时间的推移，产生问题的速率增加越来越少。如前所述，原因是债务的增长超过了偿还能力。</blockquote></p><p>To quantify how much more rates can rise, we present the graph below. The red shaded area in the chart is a proxy calculation for the change in the interest expense on all debt. We calculate the change using debt outstanding, one-year change in interest rates, and GDP. We normalize the data to the size of the economy.</p><p><blockquote>为了量化利率还能上升多少，我们展示了下图。图表中的红色阴影区域是所有债务利息支出变化的代理计算。我们使用未偿债务、一年期利率变化和GDP来计算变化。我们将数据归一化到经济规模。</blockquote></p><p></p><p>The current one-year change in the proxy interest expense is up 3.50% from a year ago. As shown, the last two significant crises (2000 and 2008), along with a few minor ones, all happened when the proxy rose between three and four percent.</p><p><blockquote>目前代理利息支出的一年变化比一年前增长了3.50%。如图所示，最近两次重大危机（2000年和2008年）以及一些小危机都发生在代理指数上涨3%到4%的时候。</blockquote></p><p><img src=\"https://static.tigerbbs.com/89a7414aad88e5ed6269e7910d64ee0c\" tg-width=\"500\" tg-height=\"320\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>If Ten-year UST yields increase to 2.0% (currently 1.60%) by May, the proxy will increase to 5.25%, well above the 4.0% that popped the dot com and housing bubbles.</p><p><blockquote>如果10年期UST收益率到5月份升至2.0%（目前为1.60%），该指标将升至5.25%，远高于互联网和房地产泡沫破裂时的4.0%。</blockquote></p><p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p>The proxy interest expense model is far from perfect, but it provides evidence the threshold of pain to withstand higher rates is small.</p><p><blockquote>代理利息支出模型远非完美，但它提供了承受更高利率的痛苦阈值很小的证据。</blockquote></p><p>If the Ten-year UST rate increases to 1.75% by April, the proxy interest expense will exceed all peak levels since 1990.&nbsp; However, this time, massive fiscal stimulus, monetary operations, and economic reopening may mask the rise in rates for a little while, allowing them to rise further.</p><p><blockquote>如果10年期UST利率到4月份升至1.75%，代理利息支出将超过1990年以来的所有峰值水平。然而，这一次，大规模的财政刺激、货币操作和经济重新开放可能会暂时掩盖利率的上升，使其进一步上升。</blockquote></p><p>Like every other time rates rose “too much,” a crisis will occur if rates keep increasing. It seems the only question is when the Fed will come running to the rescue as they always do.</p><p><blockquote>就像其他时候利率上升“太多”一样，如果利率继续上升，就会发生危机。似乎唯一的问题是美联储何时会像往常一样出手救援。</blockquote></p><p><b>Buckle up, the math says a crisis may be closer than anyone imagines.</b></p><p><blockquote><b>系好安全带，数学表明危机可能比任何人想象的都要近。</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/what-interest-rate-triggers-next-crisis?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/what-interest-rate-triggers-next-crisis?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139863038","content_text":"The Ten-year U.S. Treasury note yields 1.61%.10-year high-quality corporate bonds yield 2.09%.The rate on a 30-year mortgage is 3.05%.Despite recent increases, interest rates are hovering near historic lows.  We do not use the word “historic” lightly. By “historic,” we refer to the lowest levels since the nation’s birth in 1776.The graph below, courtesy of the Visual Capitalist, highlights our point.Despite 300-year lows in interest rates, investors are becoming anxious because they are rising. Recent history shows they should worry. A review of the past 40 years reveals sudden spikes in interest rates and financial problems go hand in hand.The question for all investors is how big a spike before the proverbial hits the fan again?Debt-Driven EconomyOver the past 40 years, debt has increasingly driven economic growth.That statement on its own tells us nothing about the health of the economy. To better quantify the benefits or consequences of debt, we need to understand how it was used.When debt is used productively, the interest and principal are covered with higher profits and sustained economic activity. Even better, income beyond the cost of the debt makes the nation more prosperous.Conversely, unproductive debt may provide a one-time spark of economic activity, but it yields little to no residual income to service it going forward. Ultimately it creates an economic headwind as servicing the debt in the future replaces productive investment and or consumption.The graph below shows the steadily rising ratio of total outstanding debt to GDP. If debt, in aggregate, were productive, the ratio would be declining regardless of the amount of debt.U.S. Economic FragilityAs shown above, the U.S. economy is overly dependent on unproductive debt. Not surprisingly, secular growth rates have been trending lower for three decades. The massive amount of unproductive debt added in the last year will only further reduce future growth rates.The Fed is keenly aware of this weakness but refuses to acknowledge the problem or incentivize productive debt. Instead, they tout the temporary economic benefits of more debt with exceedingly low interest rates. In doing so, they egg on speculation and consumption, not productive debt.In Wicksell’s Elegant Model we stated: “On the other hand, if market rates of interest are held abnormally below the natural rate, then capital allocation decisions are not made on the basis of marginal efficiency but according to the average return on invested capital. This explains why, in those periods, more speculative assets such as stocks and real estate boom.”“But when short-term market rates are below the natural rate, intelligent investors respond appropriately. They borrow heavily at the low rate and buy existing assets with somewhat predictable returns and shorter time horizons. Financial assets skyrocket in value while long-term, cash-flow driven investments with riskier prospects languish.”Simply, the Fed’s policy is to keep the party going without worrying about tomorrow’s hangover. As they have shown, the hair of the dog – more debt, helps keep the party going tomorrow. Unfortunately, the cost of such reckless policy is the nation’s financial fragility.Evidence of this condition is quite apparent. Currently, investors are fretting about higher interest rates despite the fact they have only risen to the lowest levels of the past 300 years.Measuring FragilityLooking back over the last 40 years reveals a troubling problem. Every time interest rates reach the upper end of its downward trend, a financial crisis of sorts occurred. The graph below charts the steady decline in rates and GDP along with the various crisis occurring when rates temporarily rose.Given crises frequently occur when rates rise sharply, we should contemplate how high rates can rise before the next crisis. Notice, as time goes on it takes less and less of a rate increase to generate a problem. The reason, as highlighted earlier, is the growth of debt outpaces the ability to pay for it.To quantify how much more rates can rise, we present the graph below. The red shaded area in the chart is a proxy calculation for the change in the interest expense on all debt. We calculate the change using debt outstanding, one-year change in interest rates, and GDP. We normalize the data to the size of the economy.The current one-year change in the proxy interest expense is up 3.50% from a year ago. As shown, the last two significant crises (2000 and 2008), along with a few minor ones, all happened when the proxy rose between three and four percent.If Ten-year UST yields increase to 2.0% (currently 1.60%) by May, the proxy will increase to 5.25%, well above the 4.0% that popped the dot com and housing bubbles.SummaryThe proxy interest expense model is far from perfect, but it provides evidence the threshold of pain to withstand higher rates is small.If the Ten-year UST rate increases to 1.75% by April, the proxy interest expense will exceed all peak levels since 1990.  However, this time, massive fiscal stimulus, monetary operations, and economic reopening may mask the rise in rates for a little while, allowing them to rise further.Like every other time rates rose “too much,” a crisis will occur if rates keep increasing. It seems the only question is when the Fed will come running to the rescue as they always do.Buckle up, the math says a crisis may be closer than anyone imagines.","news_type":1,"symbols_score_info":{"SPY":0.9,".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":188194640,"gmtCreate":1623423475380,"gmtModify":1634033349346,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574574983539751","authorIdStr":"3574574983539751"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/188194640","repostId":"2142022769","repostType":4,"isVote":1,"tweetType":1,"viewCount":2173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359382487,"gmtCreate":1616344823149,"gmtModify":1634526283090,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574574983539751","authorIdStr":"3574574983539751"},"themes":[],"htmlText":"comment pls","listText":"comment pls","text":"comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/359382487","repostId":"1117450855","repostType":4,"repost":{"id":"1117450855","kind":"news","pubTimestamp":1616166767,"share":"https://www.laohu8.com/m/news/1117450855?lang=zh_CN&edition=full","pubTime":"2021-03-19 23:12","market":"us","language":"en","title":"Powell says Fed will keep supporting economy ‘for as long as it takes’<blockquote>鲍威尔表示美联储将“只要需要”继续支持经济</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117450855","media":"marketwatch","summary":"Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.Federal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”In an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.“The danger to the U.S. economy was grave. The challenge was to limit the severity and duration o","content":"<p>  <b>Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.</b>  Federal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”</p><p><blockquote><b>美联储主席在《华尔街日报》专栏中表示，前景一片光明，但复苏“远未完成”。</b>美联储主席鲍威尔周五表示，虽然美国经济前景“一片光明”，但复苏“远未完成”。</blockquote></p><p> In an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.</p><p><blockquote>在《华尔街日报》发表的一篇专栏文章中，鲍威尔讲述了去年2月他意识到冠状病毒大流行将席卷全国的那一刻。</blockquote></p><p> “The danger to the U.S. economy was grave. The challenge was to limit the severity and duration of the fallout to avoid longer-run damage,” he said.</p><p><blockquote>“美国经济面临的危险是严重的。面临的挑战是限制后果的严重程度和持续时间，以避免长期损害，”他说。</blockquote></p><p> Powell and his colleagues engineered a rapid response to the crisis, based on the lesson learned from slow recovery to the Great Recession of 2008-2009 that swift action might have been better.</p><p><blockquote>鲍威尔和他的同事根据从2008-2009年大衰退的缓慢复苏中吸取的教训，设计了对危机的快速反应，即迅速采取行动可能会更好。</blockquote></p><p> The central bank quickly slashed its policy interest rate to zero and launched an open-ended asset purchase program known as quantitative easing.</p><p><blockquote>央行迅速将政策利率下调至零，并启动了被称为量化宽松的开放式资产购买计划。</blockquote></p><p> With economists penciling in strong growth for 2021 and more Americans getting vaccinated every day, financial markets are wondering how long Fed support will last.</p><p><blockquote>随着经济学家预测2021年将出现强劲增长，每天都有更多的美国人接种疫苗，金融市场想知道美联储的支持将持续多久。</blockquote></p><p> In the op-ed, Powell said the situation “is much improved.”</p><p><blockquote>鲍威尔在专栏中表示，情况“有了很大改善”。</blockquote></p><p> “But the recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes,” Powell said.</p><p><blockquote>鲍威尔表示：“但复苏远未完成，因此美联储将继续为经济提供所需的支持，只要经济需要。”</blockquote></p><p> “I truly believe that we will emerge from this crisis stronger and better, as we have done so often before,” he said.</p><p><blockquote>他说：“我真的相信，我们将从这场危机中变得更强大、更好，就像我们以前经常做的那样。”</blockquote></p><p> On Wednesday, the Fed recommitted to its easy money policy stance at its latest policy meeting despite a forecast for stronger economic growth and higher inflation this year.</p><p><blockquote>周三，美联储在最近的政策会议上再次承诺了宽松的货币政策立场，尽管预计今年经济增长将更加强劲，通胀将上升。</blockquote></p><p> The Fed chairman did not mention the outlook for inflation in his Friday article . Many on Wall Street are worried that the economy will overheat before the Fed pulls back its easy policy stance.</p><p><blockquote>美联储主席在周五的文章中没有提及通胀前景。华尔街许多人担心，在美联储收回宽松政策立场之前，经济会过热。</blockquote></p><p> Yields on the 10-year Treasury noteTMUBMUSD10Y,1.734%have risen to 1.73% this week after starting the year below 1%.</p><p><blockquote>10年期国债TMUBMUSD10Y, 1.734%的收益率在年初低于1%后，本周已升至1.73%。</blockquote></p><p> Stocks were trading lower on Friday, with the Dow Jones Industrial AverageDJIA,-0.71%down 187 points in mid-morning trading.</p><p><blockquote>周五股市走低，道琼斯工业平均指数DJIA在早盘交易中下跌187点，-0.71%。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Powell says Fed will keep supporting economy ‘for as long as it takes’<blockquote>鲍威尔表示美联储将“只要需要”继续支持经济</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPowell says Fed will keep supporting economy ‘for as long as it takes’<blockquote>鲍威尔表示美联储将“只要需要”继续支持经济</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-03-19 23:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.</b>  Federal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”</p><p><blockquote><b>美联储主席在《华尔街日报》专栏中表示，前景一片光明，但复苏“远未完成”。</b>美联储主席鲍威尔周五表示，虽然美国经济前景“一片光明”，但复苏“远未完成”。</blockquote></p><p> In an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.</p><p><blockquote>在《华尔街日报》发表的一篇专栏文章中，鲍威尔讲述了去年2月他意识到冠状病毒大流行将席卷全国的那一刻。</blockquote></p><p> “The danger to the U.S. economy was grave. The challenge was to limit the severity and duration of the fallout to avoid longer-run damage,” he said.</p><p><blockquote>“美国经济面临的危险是严重的。面临的挑战是限制后果的严重程度和持续时间，以避免长期损害，”他说。</blockquote></p><p> Powell and his colleagues engineered a rapid response to the crisis, based on the lesson learned from slow recovery to the Great Recession of 2008-2009 that swift action might have been better.</p><p><blockquote>鲍威尔和他的同事根据从2008-2009年大衰退的缓慢复苏中吸取的教训，设计了对危机的快速反应，即迅速采取行动可能会更好。</blockquote></p><p> The central bank quickly slashed its policy interest rate to zero and launched an open-ended asset purchase program known as quantitative easing.</p><p><blockquote>央行迅速将政策利率下调至零，并启动了被称为量化宽松的开放式资产购买计划。</blockquote></p><p> With economists penciling in strong growth for 2021 and more Americans getting vaccinated every day, financial markets are wondering how long Fed support will last.</p><p><blockquote>随着经济学家预测2021年将出现强劲增长，每天都有更多的美国人接种疫苗，金融市场想知道美联储的支持将持续多久。</blockquote></p><p> In the op-ed, Powell said the situation “is much improved.”</p><p><blockquote>鲍威尔在专栏中表示，情况“有了很大改善”。</blockquote></p><p> “But the recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes,” Powell said.</p><p><blockquote>鲍威尔表示：“但复苏远未完成，因此美联储将继续为经济提供所需的支持，只要经济需要。”</blockquote></p><p> “I truly believe that we will emerge from this crisis stronger and better, as we have done so often before,” he said.</p><p><blockquote>他说：“我真的相信，我们将从这场危机中变得更强大、更好，就像我们以前经常做的那样。”</blockquote></p><p> On Wednesday, the Fed recommitted to its easy money policy stance at its latest policy meeting despite a forecast for stronger economic growth and higher inflation this year.</p><p><blockquote>周三，美联储在最近的政策会议上再次承诺了宽松的货币政策立场，尽管预计今年经济增长将更加强劲，通胀将上升。</blockquote></p><p> The Fed chairman did not mention the outlook for inflation in his Friday article . Many on Wall Street are worried that the economy will overheat before the Fed pulls back its easy policy stance.</p><p><blockquote>美联储主席在周五的文章中没有提及通胀前景。华尔街许多人担心，在美联储收回宽松政策立场之前，经济会过热。</blockquote></p><p> Yields on the 10-year Treasury noteTMUBMUSD10Y,1.734%have risen to 1.73% this week after starting the year below 1%.</p><p><blockquote>10年期国债TMUBMUSD10Y, 1.734%的收益率在年初低于1%后，本周已升至1.73%。</blockquote></p><p> Stocks were trading lower on Friday, with the Dow Jones Industrial AverageDJIA,-0.71%down 187 points in mid-morning trading.</p><p><blockquote>周五股市走低，道琼斯工业平均指数DJIA在早盘交易中下跌187点，-0.71%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/powell-says-fed-will-keep-supporting-economy-for-as-long-as-it-takes-11616165178?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/powell-says-fed-will-keep-supporting-economy-for-as-long-as-it-takes-11616165178?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1117450855","content_text":"Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.\n\nFederal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”\nIn an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.\n“The danger to the U.S. economy was grave. The challenge was to limit the severity and duration of the fallout to avoid longer-run damage,” he said.\nPowell and his colleagues engineered a rapid response to the crisis, based on the lesson learned from slow recovery to the Great Recession of 2008-2009 that swift action might have been better.\nThe central bank quickly slashed its policy interest rate to zero and launched an open-ended asset purchase program known as quantitative easing.\nWith economists penciling in strong growth for 2021 and more Americans getting vaccinated every day, financial markets are wondering how long Fed support will last.\nIn the op-ed, Powell said the situation “is much improved.”\n“But the recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes,” Powell said.\n“I truly believe that we will emerge from this crisis stronger and better, as we have done so often before,” he said.\nOn Wednesday, the Fed recommitted to its easy money policy stance at its latest policy meeting despite a forecast for stronger economic growth and higher inflation this year.\nThe Fed chairman did not mention the outlook for inflation in his Friday article . Many on Wall Street are worried that the economy will overheat before the Fed pulls back its easy policy stance.\nYields on the 10-year Treasury noteTMUBMUSD10Y,1.734%have risen to 1.73% this week after starting the year below 1%.\nStocks were trading lower on Friday, with the Dow Jones Industrial AverageDJIA,-0.71%down 187 points in mid-morning trading.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351848504,"gmtCreate":1616589101108,"gmtModify":1634525060655,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574574983539751","authorIdStr":"3574574983539751"},"themes":[],"htmlText":"like and comment pls","listText":"like and comment pls","text":"like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/351848504","repostId":"1121220814","repostType":4,"repost":{"id":"1121220814","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616588417,"share":"https://www.laohu8.com/m/news/1121220814?lang=zh_CN&edition=full","pubTime":"2021-03-24 20:20","market":"us","language":"en","title":"Toplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121220814","media":"Tiger Newspress","summary":"The Nasdaq 100 Index led U.S. equity futures higher while Treasury yields were steady\n\n\nOil rallies ","content":"<p><ul>  <li>The Nasdaq 100 Index led U.S. equity futures higher while Treasury yields were steady</li> </ul> <ul>  <li>Oil rallies after container ship runs aground in Suez Canal</li> </ul> U.S. stock futures edged higher Wednesday as investors awaited more&nbsp;testimony from Federal Reserve Chairman Jerome Powell&nbsp;and economic data on the pace of recovery.</p><p><blockquote><ul><li>纳斯达克100指数领涨美股期货国债收益率持稳</li></ul><ul><li>集装箱船在苏伊士运河搁浅后油价上涨</li></ul>由于投资者等待美联储主席杰罗姆·鲍威尔的更多证词以及有关复苏步伐的经济数据，美国股指期货周三小幅走高。</blockquote></p><p> Futures tied to the S&amp;P 500 index and the blue-chip Dow Jones Industrial Average ticked up&nbsp;about 0.4%. Nasdaq-100 futures rose 0.8%, suggesting&nbsp;technology stocks could recover some groundafteredging lower on Tuesday.</p><p><blockquote>与标普500指数和蓝筹股道琼斯工业平均指数相关的期货上涨约0.4%。纳斯达克100指数期货上涨0.8%，表明科技股在周二小幅走低后可能会有所收复。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1a9677ff1b7af8372cf0b8b5405c359e\" tg-width=\"1080\" tg-height=\"367\"><span>*Source FromTiger Trade, EST 08:17</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源FromTiger Trade，美国东部时间08:17</span></p></blockquote></p><p> Shares in Intel Corp. rose in premarket trading after it unveiled a&nbsp;plan&nbsp;to make chips for other companies amid a global shortage.</p><p><blockquote>英特尔公司公布了在全球短缺的情况下为其他公司生产芯片的计划，该公司股价在盘前交易中上涨。</blockquote></p><p> The stabilization in bond yields and assurances by Federal Reserve Chairman Jerome Powell on&nbsp;inflation risks&nbsp;have helped allay fears that a growth breakout will force tighter central-bank policy.</p><p><blockquote>债券收益率的企稳以及美联储主席杰罗姆·鲍威尔对通胀风险的保证有助于缓解人们对经济增长突破将迫使央行收紧政策的担忧。</blockquote></p><p> Treasury&nbsp;auctions&nbsp;scheduled for Wednesday and Thursday will be closely watched for the direction of yields since last month’s disastrous seven-year auction sparked a global selloff in bonds and tech stocks. Today’s offerings include $61 billion of five-year notes.</p><p><blockquote>自上个月灾难性的七年期国债拍卖引发全球债券和科技股抛售以来，定于周三和周四举行的国债拍卖将密切关注收益率的走向。今天发行的债券包括610亿美元的五年期债券。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b>Intel&nbsp;(INTC) </b>– Intel said it would spend $20 billion&nbsp;to build two new plants&nbsp;at existing facilities in Arizona, in an effort to grab more market shares and fill gaps created by a worldwide chip shortage. Intel aims to start production at the new plants by 2024. Intel shares rose 4% in premarket trading, while shares of competitor&nbsp;Taiwan Semiconductor&nbsp;(TSM) fell 2.1% following Intel’s announcement.</p><p><blockquote><b>英特尔(INTC)</b>-英特尔表示，将斥资200亿美元在亚利桑那州的现有设施上新建两座工厂，以抢占更多市场份额，填补全球芯片短缺造成的缺口。英特尔的目标是到2024年在新工厂开始生产。英特尔股价在盘前交易中上涨4%，而竞争对手台积电(TSM)的股价在英特尔宣布这一消息后下跌2.1%。</blockquote></p><p> <b>Tesla(TSLA)</b>&nbsp;–&nbsp;Elon Musk announced last night that people can now buy a Tesla with Bitcoin (BTC). This option is only available for US customers so far, with Musk promising that people outside of the country will be able to buy a Tesla using BTC “later this year.”The stock rose 1% in premarket trading.</p><p><blockquote><b>特斯拉(TSLA)</b>-Elon Musk昨晚宣布，人们现在可以用比特币（BTC）购买特斯拉。到目前为止，该选项仅适用于美国客户，马斯克承诺，美国以外的人将能够“今年晚些时候”使用BTC购买特斯拉。该股在盘前交易中上涨1%。</blockquote></p><p> <b>Amazon.com&nbsp;(AMZN) </b>– Amazon named Adam Selipsky&nbsp;as CEO of its Amazon Web Services unit, effective when current chief Andy Jassy replaces Jeff Bezos as Amazon CEO later this year. Selipsky had been an executive at Amazon Web Services to become CEO of Tableau Software, which has since been acquired by&nbsp;Salesforce.com&nbsp;(CRM). Amazon rose 1% in premarket trading.</p><p><blockquote><b>亚马逊。com(AMZN)</b>-亚马逊任命Adam Selipsky为亚马逊网络服务部门首席执行官，现任首席执行官Andy Jassy将于今年晚些时候接替杰夫·贝索斯担任亚马逊首席执行官。Selipsky曾是Amazon Web Services的高管，后来成为Tableau Software的首席执行官，该公司后来被Salesforce收购。com(CRM)。亚马逊在盘前交易中上涨1%。</blockquote></p><p> <b>GameStop&nbsp;(GME)</b> – GameStop reported quarterly earnings of $1.34 per share, missing forecasts by a penny a share. Revenue also came in below consensus. The videogame retailer did not address the Reddit-fueled trading frenzy in its stock during its earnings conference call, but in a Securities and Exchange Commission filing said it was considering the idea of&nbsp;raising money by selling shares&nbsp;to fund its ongoing transformation. The stock tumbled 14% in premarket trading.</p><p><blockquote><b>游戏驿站(GME)</b>-游戏驿站公布季度收益为每股1.34美元，每股比预期低1美分。收入也低于共识。这家视频游戏零售商在财报电话会议期间没有解决Reddit引发的股票交易狂潮，但在向美国证券交易委员会提交的文件中表示，它正在考虑通过出售股票筹集资金的想法，为其正在进行的转型提供资金。该股在盘前交易中下跌14%。</blockquote></p><p> <b>AMC Entertainment&nbsp;(AMC) </b>– AMC shares turn from red to green in premarket trading following&nbsp;Walt Disney’s&nbsp;(DIS) announcement that it would&nbsp;delay the release of its “Black Widow” movie&nbsp;by two months, and offer it simultaneously in theaters and on its Disney+ service for a fee. The movie theater operator’s shares had plummeted 14.7% yesterday and 10.3% on Monday.</p><p><blockquote><b>AMC院线(AMC)</b>-在华特迪士尼(DIS)宣布将其《黑寡妇》电影的上映推迟两个月，并在影院和Disney+服务上同时收费后，AMC股价在盘前交易中从红色转为绿色。这家电影院运营商的股价昨天暴跌14.7%，周一暴跌10.3%。</blockquote></p><p> <b>ViacomCBS&nbsp;(VIAC) </b>– The media company’s shares fell another 6% in the premarket after sinking 9.1% Tuesday on news of a $3 billion stock offering.</p><p><blockquote><b>维亚康姆哥伦比亚广播公司(VIAC)</b>–该媒体公司股价周二因发行30亿美元股票的消息而下跌9.1%，盘前又下跌6%。</blockquote></p><p> <b>General Mills&nbsp;(GIS) </b>– The food producer fell 2 cents a share shy of Wall Street forecasts, with quarterly earnings of 82 cents per share. Revenue exceeded estimates and General Mills said expects demand for food at home to remain elevated relative to pre-pandemic levels. Its shares were down 3.7% in the premarket.</p><p><blockquote><b>通用磨坊(GIS)</b>–该食品生产商每股股价下跌2美分，比华尔街预期低，季度收益为每股82美分。收入超出预期，通用磨坊表示，预计国内食品需求相对于大流行前的水平仍将保持较高水平。其股价盘前下跌3.7%。</blockquote></p><p> <b>Winnebago&nbsp;(WGO)</b> – The company’s shares gained 4.2% in premarket action after the recreational vehicle maker reported quarterly profit of $2.12 per share, compared to a $1.42 a share consensus estimate. Revenue topped analysts’ forecasts and Winnebago saw a nearly 6 percentage point expansion in gross margins during the quarter.</p><p><blockquote><b>温尼贝戈(WGO)</b>-这家休闲车制造商公布季度利润为每股2.12美元，而市场普遍预期为每股1.42美元，该公司股价在盘前上涨4.2%。收入超出了分析师的预期，温尼贝戈本季度毛利率增长了近6个百分点。</blockquote></p><p> <b>Adobe&nbsp;(ADBE)</b> – Adobe beat estimates by 35 cents a share, with quarterly profit of $3.14 per share. The software company’s revenue came in above estimates as well and Adobe issued strong current-quarter and full-year earnings guidance on strength in its flagship Creative Cloud suite and other cloud-based offerings. Adobe rose 1% in premarket action.</p><p><blockquote><b>Adobe(ADBE)</b>-Adobe每股收益超出预期35美分，季度利润为每股3.14美元。该软件公司的收入也高于预期，Adobe就其旗舰创意云套件和其他基于云的产品的实力发布了强劲的本季度和全年盈利指引。Adobe盘前上涨1%。</blockquote></p><p></p><p> <b>Bank of New York Mellon&nbsp;(BK)</b> – The bank’s shares climbed 2% in the premarket following a double upgrade from Bank of America Securities to “buy” from “underperform.” BofA said its call is based on attractive valuation as well as an improving profit outlook.</p><p><blockquote><b>纽约梅隆银行(BK)</b>-美国银行证券将评级从“表现不佳”上调至“买入”后，该银行股价盘前上涨2%。美国银行表示，其看涨期权基于有吸引力的估值以及不断改善的利润前景。</blockquote></p><p> <b>Exxon Mobil&nbsp;(XOM) </b>– Exxon Mobil’s debt ratings were downgraded by rating agency Moody’s to Aa2 from Aa1, pointing to the energy giant’s aim to maintain its dividend. Moody’s said that policy will slow debt reduction at Exxon Mobil.</p><p><blockquote><b>埃克森美孚(XOM)</b>-评级机构穆迪将埃克森美孚的债务评级从Aa1下调至Aa2，表明这家能源巨头的目标是维持股息。穆迪表示，该政策将减缓埃克森美孚的债务削减。</blockquote></p><p> <b>Steelcase&nbsp;(SCS)</b> – Steelcase earned 6 cents per share for its latest quarter, compared to a consensus estimate of a 1 cent per share loss. The office furniture maker’s revenue came in above forecasts as well. The company gave a weaker-than-expected forecast, however, as demand for office products continues to be weak. Its shares lost 3.4% in the premarket.</p><p><blockquote><b>Steelcase(SCS)</b>-Steelcase最近一个季度每股盈利6美分，而市场普遍预期每股亏损1美分。这家办公家具制造商的收入也高于预期。然而，由于办公产品的需求持续疲软，该公司给出了弱于预期的预测。其股价盘前下跌3.4%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-24 20:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><ul>  <li>The Nasdaq 100 Index led U.S. equity futures higher while Treasury yields were steady</li> </ul> <ul>  <li>Oil rallies after container ship runs aground in Suez Canal</li> </ul> U.S. stock futures edged higher Wednesday as investors awaited more&nbsp;testimony from Federal Reserve Chairman Jerome Powell&nbsp;and economic data on the pace of recovery.</p><p><blockquote><ul><li>纳斯达克100指数领涨美股期货国债收益率持稳</li></ul><ul><li>集装箱船在苏伊士运河搁浅后油价上涨</li></ul>由于投资者等待美联储主席杰罗姆·鲍威尔的更多证词以及有关复苏步伐的经济数据，美国股指期货周三小幅走高。</blockquote></p><p> Futures tied to the S&amp;P 500 index and the blue-chip Dow Jones Industrial Average ticked up&nbsp;about 0.4%. Nasdaq-100 futures rose 0.8%, suggesting&nbsp;technology stocks could recover some groundafteredging lower on Tuesday.</p><p><blockquote>与标普500指数和蓝筹股道琼斯工业平均指数相关的期货上涨约0.4%。纳斯达克100指数期货上涨0.8%，表明科技股在周二小幅走低后可能会有所收复。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1a9677ff1b7af8372cf0b8b5405c359e\" tg-width=\"1080\" tg-height=\"367\"><span>*Source FromTiger Trade, EST 08:17</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源FromTiger Trade，美国东部时间08:17</span></p></blockquote></p><p> Shares in Intel Corp. rose in premarket trading after it unveiled a&nbsp;plan&nbsp;to make chips for other companies amid a global shortage.</p><p><blockquote>英特尔公司公布了在全球短缺的情况下为其他公司生产芯片的计划，该公司股价在盘前交易中上涨。</blockquote></p><p> The stabilization in bond yields and assurances by Federal Reserve Chairman Jerome Powell on&nbsp;inflation risks&nbsp;have helped allay fears that a growth breakout will force tighter central-bank policy.</p><p><blockquote>债券收益率的企稳以及美联储主席杰罗姆·鲍威尔对通胀风险的保证有助于缓解人们对经济增长突破将迫使央行收紧政策的担忧。</blockquote></p><p> Treasury&nbsp;auctions&nbsp;scheduled for Wednesday and Thursday will be closely watched for the direction of yields since last month’s disastrous seven-year auction sparked a global selloff in bonds and tech stocks. Today’s offerings include $61 billion of five-year notes.</p><p><blockquote>自上个月灾难性的七年期国债拍卖引发全球债券和科技股抛售以来，定于周三和周四举行的国债拍卖将密切关注收益率的走向。今天发行的债券包括610亿美元的五年期债券。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b>Intel&nbsp;(INTC) </b>– Intel said it would spend $20 billion&nbsp;to build two new plants&nbsp;at existing facilities in Arizona, in an effort to grab more market shares and fill gaps created by a worldwide chip shortage. Intel aims to start production at the new plants by 2024. Intel shares rose 4% in premarket trading, while shares of competitor&nbsp;Taiwan Semiconductor&nbsp;(TSM) fell 2.1% following Intel’s announcement.</p><p><blockquote><b>英特尔(INTC)</b>-英特尔表示，将斥资200亿美元在亚利桑那州的现有设施上新建两座工厂，以抢占更多市场份额，填补全球芯片短缺造成的缺口。英特尔的目标是到2024年在新工厂开始生产。英特尔股价在盘前交易中上涨4%，而竞争对手台积电(TSM)的股价在英特尔宣布这一消息后下跌2.1%。</blockquote></p><p> <b>Tesla(TSLA)</b>&nbsp;–&nbsp;Elon Musk announced last night that people can now buy a Tesla with Bitcoin (BTC). This option is only available for US customers so far, with Musk promising that people outside of the country will be able to buy a Tesla using BTC “later this year.”The stock rose 1% in premarket trading.</p><p><blockquote><b>特斯拉(TSLA)</b>-Elon Musk昨晚宣布，人们现在可以用比特币（BTC）购买特斯拉。到目前为止，该选项仅适用于美国客户，马斯克承诺，美国以外的人将能够“今年晚些时候”使用BTC购买特斯拉。该股在盘前交易中上涨1%。</blockquote></p><p> <b>Amazon.com&nbsp;(AMZN) </b>– Amazon named Adam Selipsky&nbsp;as CEO of its Amazon Web Services unit, effective when current chief Andy Jassy replaces Jeff Bezos as Amazon CEO later this year. Selipsky had been an executive at Amazon Web Services to become CEO of Tableau Software, which has since been acquired by&nbsp;Salesforce.com&nbsp;(CRM). Amazon rose 1% in premarket trading.</p><p><blockquote><b>亚马逊。com(AMZN)</b>-亚马逊任命Adam Selipsky为亚马逊网络服务部门首席执行官，现任首席执行官Andy Jassy将于今年晚些时候接替杰夫·贝索斯担任亚马逊首席执行官。Selipsky曾是Amazon Web Services的高管，后来成为Tableau Software的首席执行官，该公司后来被Salesforce收购。com(CRM)。亚马逊在盘前交易中上涨1%。</blockquote></p><p> <b>GameStop&nbsp;(GME)</b> – GameStop reported quarterly earnings of $1.34 per share, missing forecasts by a penny a share. Revenue also came in below consensus. The videogame retailer did not address the Reddit-fueled trading frenzy in its stock during its earnings conference call, but in a Securities and Exchange Commission filing said it was considering the idea of&nbsp;raising money by selling shares&nbsp;to fund its ongoing transformation. The stock tumbled 14% in premarket trading.</p><p><blockquote><b>游戏驿站(GME)</b>-游戏驿站公布季度收益为每股1.34美元，每股比预期低1美分。收入也低于共识。这家视频游戏零售商在财报电话会议期间没有解决Reddit引发的股票交易狂潮，但在向美国证券交易委员会提交的文件中表示，它正在考虑通过出售股票筹集资金的想法，为其正在进行的转型提供资金。该股在盘前交易中下跌14%。</blockquote></p><p> <b>AMC Entertainment&nbsp;(AMC) </b>– AMC shares turn from red to green in premarket trading following&nbsp;Walt Disney’s&nbsp;(DIS) announcement that it would&nbsp;delay the release of its “Black Widow” movie&nbsp;by two months, and offer it simultaneously in theaters and on its Disney+ service for a fee. The movie theater operator’s shares had plummeted 14.7% yesterday and 10.3% on Monday.</p><p><blockquote><b>AMC院线(AMC)</b>-在华特迪士尼(DIS)宣布将其《黑寡妇》电影的上映推迟两个月，并在影院和Disney+服务上同时收费后，AMC股价在盘前交易中从红色转为绿色。这家电影院运营商的股价昨天暴跌14.7%，周一暴跌10.3%。</blockquote></p><p> <b>ViacomCBS&nbsp;(VIAC) </b>– The media company’s shares fell another 6% in the premarket after sinking 9.1% Tuesday on news of a $3 billion stock offering.</p><p><blockquote><b>维亚康姆哥伦比亚广播公司(VIAC)</b>–该媒体公司股价周二因发行30亿美元股票的消息而下跌9.1%，盘前又下跌6%。</blockquote></p><p> <b>General Mills&nbsp;(GIS) </b>– The food producer fell 2 cents a share shy of Wall Street forecasts, with quarterly earnings of 82 cents per share. Revenue exceeded estimates and General Mills said expects demand for food at home to remain elevated relative to pre-pandemic levels. Its shares were down 3.7% in the premarket.</p><p><blockquote><b>通用磨坊(GIS)</b>–该食品生产商每股股价下跌2美分，比华尔街预期低，季度收益为每股82美分。收入超出预期，通用磨坊表示，预计国内食品需求相对于大流行前的水平仍将保持较高水平。其股价盘前下跌3.7%。</blockquote></p><p> <b>Winnebago&nbsp;(WGO)</b> – The company’s shares gained 4.2% in premarket action after the recreational vehicle maker reported quarterly profit of $2.12 per share, compared to a $1.42 a share consensus estimate. Revenue topped analysts’ forecasts and Winnebago saw a nearly 6 percentage point expansion in gross margins during the quarter.</p><p><blockquote><b>温尼贝戈(WGO)</b>-这家休闲车制造商公布季度利润为每股2.12美元，而市场普遍预期为每股1.42美元，该公司股价在盘前上涨4.2%。收入超出了分析师的预期，温尼贝戈本季度毛利率增长了近6个百分点。</blockquote></p><p> <b>Adobe&nbsp;(ADBE)</b> – Adobe beat estimates by 35 cents a share, with quarterly profit of $3.14 per share. The software company’s revenue came in above estimates as well and Adobe issued strong current-quarter and full-year earnings guidance on strength in its flagship Creative Cloud suite and other cloud-based offerings. Adobe rose 1% in premarket action.</p><p><blockquote><b>Adobe(ADBE)</b>-Adobe每股收益超出预期35美分，季度利润为每股3.14美元。该软件公司的收入也高于预期，Adobe就其旗舰创意云套件和其他基于云的产品的实力发布了强劲的本季度和全年盈利指引。Adobe盘前上涨1%。</blockquote></p><p></p><p> <b>Bank of New York Mellon&nbsp;(BK)</b> – The bank’s shares climbed 2% in the premarket following a double upgrade from Bank of America Securities to “buy” from “underperform.” BofA said its call is based on attractive valuation as well as an improving profit outlook.</p><p><blockquote><b>纽约梅隆银行(BK)</b>-美国银行证券将评级从“表现不佳”上调至“买入”后，该银行股价盘前上涨2%。美国银行表示，其看涨期权基于有吸引力的估值以及不断改善的利润前景。</blockquote></p><p> <b>Exxon Mobil&nbsp;(XOM) </b>– Exxon Mobil’s debt ratings were downgraded by rating agency Moody’s to Aa2 from Aa1, pointing to the energy giant’s aim to maintain its dividend. Moody’s said that policy will slow debt reduction at Exxon Mobil.</p><p><blockquote><b>埃克森美孚(XOM)</b>-评级机构穆迪将埃克森美孚的债务评级从Aa1下调至Aa2，表明这家能源巨头的目标是维持股息。穆迪表示，该政策将减缓埃克森美孚的债务削减。</blockquote></p><p> <b>Steelcase&nbsp;(SCS)</b> – Steelcase earned 6 cents per share for its latest quarter, compared to a consensus estimate of a 1 cent per share loss. The office furniture maker’s revenue came in above forecasts as well. The company gave a weaker-than-expected forecast, however, as demand for office products continues to be weak. Its shares lost 3.4% in the premarket.</p><p><blockquote><b>Steelcase(SCS)</b>-Steelcase最近一个季度每股盈利6美分，而市场普遍预期每股亏损1美分。这家办公家具制造商的收入也高于预期。然而，由于办公产品的需求持续疲软，该公司给出了弱于预期的预测。其股价盘前下跌3.4%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线","INTC":"英特尔",".SPX":"S&P 500 Index","GME":"游戏驿站",".IXIC":"NASDAQ Composite","AMZN":"亚马逊",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121220814","content_text":"The Nasdaq 100 Index led U.S. equity futures higher while Treasury yields were steady\n\n\nOil rallies after container ship runs aground in Suez Canal\n\nU.S. stock futures edged higher Wednesday as investors awaited more testimony from Federal Reserve Chairman Jerome Powell and economic data on the pace of recovery.\nFutures tied to the S&P 500 index and the blue-chip Dow Jones Industrial Average ticked up about 0.4%. Nasdaq-100 futures rose 0.8%, suggesting technology stocks could recover some groundafteredging lower on Tuesday.\n*Source FromTiger Trade, EST 08:17\nShares in Intel Corp. rose in premarket trading after it unveiled a plan to make chips for other companies amid a global shortage.\nThe stabilization in bond yields and assurances by Federal Reserve Chairman Jerome Powell on inflation risks have helped allay fears that a growth breakout will force tighter central-bank policy.\nTreasury auctions scheduled for Wednesday and Thursday will be closely watched for the direction of yields since last month’s disastrous seven-year auction sparked a global selloff in bonds and tech stocks. Today’s offerings include $61 billion of five-year notes.\nStocks making the biggest moves in the premarket:\nIntel (INTC) – Intel said it would spend $20 billion to build two new plants at existing facilities in Arizona, in an effort to grab more market shares and fill gaps created by a worldwide chip shortage. Intel aims to start production at the new plants by 2024. Intel shares rose 4% in premarket trading, while shares of competitor Taiwan Semiconductor (TSM) fell 2.1% following Intel’s announcement.\nTesla(TSLA) – Elon Musk announced last night that people can now buy a Tesla with Bitcoin (BTC). This option is only available for US customers so far, with Musk promising that people outside of the country will be able to buy a Tesla using BTC “later this year.”The stock rose 1% in premarket trading.\nAmazon.com (AMZN) – Amazon named Adam Selipsky as CEO of its Amazon Web Services unit, effective when current chief Andy Jassy replaces Jeff Bezos as Amazon CEO later this year. Selipsky had been an executive at Amazon Web Services to become CEO of Tableau Software, which has since been acquired by Salesforce.com (CRM). Amazon rose 1% in premarket trading.\nGameStop (GME) – GameStop reported quarterly earnings of $1.34 per share, missing forecasts by a penny a share. Revenue also came in below consensus. The videogame retailer did not address the Reddit-fueled trading frenzy in its stock during its earnings conference call, but in a Securities and Exchange Commission filing said it was considering the idea of raising money by selling shares to fund its ongoing transformation. The stock tumbled 14% in premarket trading.\nAMC Entertainment (AMC) – AMC shares turn from red to green in premarket trading following Walt Disney’s (DIS) announcement that it would delay the release of its “Black Widow” movie by two months, and offer it simultaneously in theaters and on its Disney+ service for a fee. The movie theater operator’s shares had plummeted 14.7% yesterday and 10.3% on Monday.\nViacomCBS (VIAC) – The media company’s shares fell another 6% in the premarket after sinking 9.1% Tuesday on news of a $3 billion stock offering.\nGeneral Mills (GIS) – The food producer fell 2 cents a share shy of Wall Street forecasts, with quarterly earnings of 82 cents per share. Revenue exceeded estimates and General Mills said expects demand for food at home to remain elevated relative to pre-pandemic levels. Its shares were down 3.7% in the premarket.\nWinnebago (WGO) – The company’s shares gained 4.2% in premarket action after the recreational vehicle maker reported quarterly profit of $2.12 per share, compared to a $1.42 a share consensus estimate. Revenue topped analysts’ forecasts and Winnebago saw a nearly 6 percentage point expansion in gross margins during the quarter.\nAdobe (ADBE) – Adobe beat estimates by 35 cents a share, with quarterly profit of $3.14 per share. The software company’s revenue came in above estimates as well and Adobe issued strong current-quarter and full-year earnings guidance on strength in its flagship Creative Cloud suite and other cloud-based offerings. Adobe rose 1% in premarket action.\nBank of New York Mellon (BK) – The bank’s shares climbed 2% in the premarket following a double upgrade from Bank of America Securities to “buy” from “underperform.” BofA said its call is based on attractive valuation as well as an improving profit outlook.\nExxon Mobil (XOM) – Exxon Mobil’s debt ratings were downgraded by rating agency Moody’s to Aa2 from Aa1, pointing to the energy giant’s aim to maintain its dividend. Moody’s said that policy will slow debt reduction at Exxon Mobil.\nSteelcase (SCS) – Steelcase earned 6 cents per share for its latest quarter, compared to a consensus estimate of a 1 cent per share loss. The office furniture maker’s revenue came in above forecasts as well. The company gave a weaker-than-expected forecast, however, as demand for office products continues to be weak. Its shares lost 3.4% in the premarket.","news_type":1,"symbols_score_info":{"ESmain":0.9,"GME":0.9,"AMC":0.9,"YMmain":0.9,"INTC":0.9,".IXIC":0.9,".SPX":0.9,"NQmain":0.9,".DJI":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":535,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199003777,"gmtCreate":1620655378399,"gmtModify":1634197372500,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574574983539751","authorIdStr":"3574574983539751"},"themes":[],"htmlText":"like and comment pls","listText":"like and comment pls","text":"like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/199003777","repostId":"1152509517","repostType":4,"isVote":1,"tweetType":1,"viewCount":800,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129949443,"gmtCreate":1624354109382,"gmtModify":1634007379692,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574574983539751","authorIdStr":"3574574983539751"},"themes":[],"htmlText":"pls like and comment","listText":"pls like and comment","text":"pls like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/129949443","repostId":"1124495234","repostType":4,"isVote":1,"tweetType":1,"viewCount":1634,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133501852,"gmtCreate":1621762100176,"gmtModify":1634186711452,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574574983539751","authorIdStr":"3574574983539751"},"themes":[],"htmlText":"comment and like pls","listText":"comment and like pls","text":"comment and like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/133501852","repostId":"2137907575","repostType":4,"isVote":1,"tweetType":1,"viewCount":2066,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105701897,"gmtCreate":1620330386919,"gmtModify":1634206077340,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574574983539751","authorIdStr":"3574574983539751"},"themes":[],"htmlText":"like pls","listText":"like pls","text":"like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/105701897","repostId":"1188985089","repostType":4,"repost":{"id":"1188985089","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620309854,"share":"https://www.laohu8.com/m/news/1188985089?lang=zh_CN&edition=full","pubTime":"2021-05-06 22:04","market":"other","language":"en","title":"Yale's chief investment manager David Swensen dies at 67<blockquote>耶鲁大学首席投资经理大卫·斯文森去世，享年67岁</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188985089","media":"Tiger Newspress","summary":"David Swensen, the head of Yale University’s endowment who helped reshape how institutions manage th","content":"<p>David Swensen, the head of Yale University’s endowment who helped reshape how institutions manage their money, has died from cancer aged 67.</p><p><blockquote>耶鲁大学捐赠基金负责人大卫·斯文森(David Swensen)因癌症去世，享年67岁，他帮助重塑了机构管理资金的方式。</blockquote></p><p>After stints at Salomon Brothers and Lehman Brothers, Swensen returned to his alma mater in 1985 to lead its investment office. At the time, endowments were typically conservatively managed, but Swensen overhauled the model dramatically, taking advantage of their long-term focus to invest heavily in the nascent private equity and hedge fund industries.</p><p><blockquote>在所罗门兄弟和雷曼兄弟工作后，斯文森于1985年回到母校领导其投资办公室。当时，捐赠基金的管理通常是保守的，但斯文森大幅改革了这一模式，利用其长期关注的优势，大力投资新兴的私募股权和对冲基金行业。</blockquote></p><p>His approach was so successful it revolutionised how endowments and many other institutional investors allocate their money, and the “Yale model” spread and helped change the wider investment industry.</p><p><blockquote>他的方法非常成功，彻底改变了捐赠基金和许多其他机构投资者分配资金的方式，“耶鲁模式”传播开来，并帮助改变了更广泛的投资行业。</blockquote></p><p>“With his guidance, Yale’s endowment yielded returns that established him as a legend among institutional investors,” Peter Salovey, Yale’s president, said in a statement. “A natural teacher, he prepared a generation of institutional investors who have gone on to lead investment offices at other colleges and universities, further extending the scope of David’s influence.”</p><p><blockquote>耶鲁大学校长彼得·萨洛维在一份声明中表示：“在他的指导下，耶鲁大学的捐赠基金产生了回报，使他成为机构投资者中的传奇人物。”“作为一名天生的老师，他培养了一代机构投资者，他们后来领导了其他学院和大学的投资办公室，进一步扩大了大卫的影响范围。”</blockquote></p><p>The Yale Investments Office managed $31.2bn as of June 2020, and says it has averaged annual returns of 12. 4 per cent a year over the past three decades. In the 2021 fiscal year its contributions accounted for over a third of the university’s overall revenues.</p><p><blockquote>截至2020年6月，耶鲁投资办公室管理着312亿美元的资产，并表示在过去30年里，该办公室的平均年回报率为12.在2021财年，它的贡献占该大学总收入的三分之一以上。</blockquote></p><p>Almost a quarter of the endowment is invested in venture capital, and combined with private equity, hedge funds and real estate, so-called “alternative” investments account for nearly three quarters of its assets.</p><p><blockquote>几乎四分之一的捐赠基金投资于风险投资，加上私募股权、对冲基金和房地产，所谓的“另类”投资占其资产的近四分之三。</blockquote></p><p><b>Early life and education</b></p><p><blockquote><b>早期生活和教育</b></blockquote></p><p>David F. Swensen was born inRiver Falls, Wisconsin. His father, Richard Swensen, was a chemistry professor and dean at the University of Wisconsin-River Falls. His mother, Grace, after raising six children, became a Lutheran minister. After graduating from River Falls High School in 1971 Swensen elected to stay in his hometown of River Falls and receive hisB.A.andB.S.in 1975 from theUniversity of Wisconsin-River Fallswhere his father Richard Swensen was a professor. Swensen pursued a PhD ineconomicsat Yale, where he wrote hisdissertation,<i>A Model for the Valuation ofCorporate Bonds.</i>One of Swensen's dissertation advisers at Yale wasJames Tobin, a top economic adviser toJohn F. Kennedyadministration and a future Nobel Prize laureate in economics. According to Charles Ellis, founder of Greenwich Associates and former chair of Yale's investment committee, \"When it snowed, David went to Jim's house to shovel the sidewalk\". James Tobin's Nobel Prize, among other things, was for his contribution in creation of Modern Portfolio Theory. Swensen was fascinated by the idea of Modern Portfolio Theory. During his 2018 reunion speech Swensen said: \"For a given level of return, if you diversify you can get that return at lower risk. For a given level of risk, if you diversify you can get a higher return. That's pretty cool! Free lunch!\"</p><p><blockquote>大卫·F·斯文森出生于威斯康星州的里弗福尔斯。他的父亲理查德·斯文森是威斯康星大学里弗福尔斯分校的化学教授兼院长。他的母亲格蕾丝在抚养了六个孩子后，成为了一名路德教牧师。1971年从里弗福尔斯高中毕业后，斯文森选择留在他的家乡里弗福尔斯，并于1975年在威斯康星大学里弗福尔斯分校获得学士学位和学士学位，他的父亲理查德·斯文森是该校的教授。斯文森在耶鲁大学攻读经济学博士学位，<i>公司债券估值模型。</i>斯文森在耶鲁大学的论文导师之一是詹姆斯·托宾，他是约翰·肯尼迪政府的高级经济顾问，也是未来的诺贝尔经济学奖得主。据格林威治联合公司创始人、耶鲁大学投资委员会前主席查尔斯·埃利斯说，“下雪的时候，大卫去吉姆家铲人行道”。詹姆斯·托宾获得诺贝尔奖的原因之一是他在创立现代投资组合理论方面的贡献。斯文森对现代投资组合理论的理念非常着迷。斯文森在2018年的团聚演讲中表示：“对于给定的回报水平，如果你分散投资，你可以以较低的风险获得回报。对于给定的风险水平，如果你分散投资，你可以获得更高的回报。这太酷了！免费午餐！”</blockquote></p><p><b>Investment career</b></p><p><blockquote><b>投资生涯</b></blockquote></p><p>Swensen began his investment career in the early 1980s, and has since advised theCarnegie Corporation, theNew York Stock Exchange, theHoward Hughes Medical Institute, theCourtauld Institute of Art, theYale-New Haven Hospital, The Investment Fund for Foundations (TIFF), theEdna McConnell Clark Foundation, and the States of&nbsp;Connecticut&nbsp;and&nbsp;Massachusetts.</p><p><blockquote>斯文森于20世纪80年代初开始了他的投资生涯，此后曾为卡内基公司、纽约证券交易所、霍华德休斯医学研究所、考陶德艺术研究所、耶鲁-纽黑文医院、基金会投资基金(TIFF)、DNA McConnell Clark基金会以及康涅狄格州和马萨诸塞州提供咨询服务。</blockquote></p><p><b>Salomon Brothers</b></p><p><blockquote><b>所罗门兄弟</b></blockquote></p><p>Following his academic interest in valuation of corporate bonds, Swensen joined Salomon Brothers in 1980. This career move was suggested by a Salomon Brothers investment banker and Yale alumni, Gene Dattel, who was deeply impressed by Swensen. In 1981 Swensen worked to structure the world's first swap agreement, a deal betweenIBMand theWorld Bankwhich allowed to hedge their exposure to Swiss francs and German marks.</p><p><blockquote>出于对公司债券估值的学术兴趣，斯文森于1980年加入所罗门兄弟公司。这一职业转变是由所罗门兄弟投资银行家、耶鲁校友吉恩·达特尔建议的，他对斯文森印象深刻。1981年，斯文森致力于构建世界上第一个互换协议，这是IBM和世界银行之间的一项交易，允许他们对冲瑞士法郎和德国马克的风险敞口。</blockquote></p><p><b>Lehman Brothers</b></p><p><blockquote><b>雷曼兄弟</b></blockquote></p><p>Prior to joining Yale in 1985, Swensen spent six years onWall Streetas senior vice president atLehman Brothers,&nbsp;specializing in the firm'sswapactivities, and as an associate incorporate financeforSalomon Brothers(here he worked for three years prior to joining Lehman Brothers), where his work focused on developing new financial technologies. Swensen engineered the first swap transaction according to<i>When Genius Failed: The Rise and Fall of Long-Term Capital Management</i>byRoger Lowenstein.</p><p><blockquote>在1985年加入耶鲁大学之前，斯文森在华尔街工作了六年，担任雷曼兄弟公司的高级副总裁，专门从事该公司的互换活动，并担任所罗门兄弟公司的合伙人（在加入雷曼兄弟之前，他在这里工作了三年），他的工作重点是开发新的金融技术。斯文森根据<i>当天才失败时：长期资本管理的兴衰</i>作者：罗杰·洛温斯坦。</blockquote></p><p><b>Yale University endowment</b></p><p><blockquote><b>耶鲁大学捐赠</b></blockquote></p><p></p><p>Swensen was tapped to serve as the Yale endowment manager at age 31 in 1985.&nbsp;This position was offered by Swensen's other dissertation adviser, Yale's provost,William Brainard. Swensen's candidacy was suggested by James Tobin, who, despite his former student's young age, believed he could be the right person. Swensen was hesitant about taking the job at first, since he did not know much about portfolio management aside from his studies in graduate school. Nevertheless, Brainard convinced him to take the position and Swensen started on April 1, 1985 by taking 80% pay cut.&nbsp;A year later, in 1986, he was joined by Yale College and School of Management graduate Dean Takahashi, who soon became Swensen's trusted deputy. In 1985, when Swensen started managing the endowment, it was worth $1 billion; in 2019 it was worth $29.4 billion.</p><p><blockquote>1985年，31岁的斯文森被任命为耶鲁大学捐赠基金经理。这个职位是由斯文森的另一位论文导师、耶鲁大学教务长威廉·布雷纳德提供的。詹姆斯·托宾建议斯文森参选，尽管他以前的学生年龄很小，但他相信他可能是合适的人选。斯文森起初对接受这份工作犹豫不决，因为除了在研究生院的学习之外，他对投资组合管理了解不多。尽管如此，布雷纳德还是说服他接受了这个职位，斯文森从1985年4月1日开始减薪80%。一年后，在1986年，耶鲁大学和管理学院毕业生高桥院长加入了他的行列，他很快成为斯文森信任的副手。1985年，当斯文森开始管理该捐赠基金时，它价值10亿美元；2019年，其价值为294亿美元。</blockquote></p><p>As of 2005, the fund has managed annualized returns of 16.1%. He has been called \"Yale's 8 billion dollar man\" for his attainment of nearly $8 billion for the college endowment from 1985 to 2005.&nbsp;According to former Yale President, economistRichard Levin, Swensen's \"contribution\" to Yale is greater than the sum of all the donations made in more than two decades. \"We've just done better,\" Levin says, because of Swensen's \"uncanny ability\" to pick the best outside money managers. Swensen's former staff members, who later became managers of other endowment funds - includingMIT,StanfordandPrinceton- also showed impressive results in multiplying fund wealth.</p><p><blockquote>截至2005年，该基金管理的年化回报率为16.1%。他被称为“耶鲁80亿美元的人”，因为他从1985年到2005年为大学捐赠了近80亿美元。根据耶鲁前校长、经济学家理查德·莱文的说法，斯文森对耶鲁的“贡献”超过了二十多年来所有捐款的总和。“我们做得更好了，”莱文说，因为斯文森拥有挑选最佳外部基金经理的“不可思议的能力”。斯文森的前员工后来成为其他捐赠基金的经理——包括麻省理工学院、斯坦福大学和普林斯顿大学——在基金财富倍增方面也表现出了令人印象深刻的成果。</blockquote></p><p>In September 2014, Swensen began to move the Yale endowment away from investment in companies that have a large greenhouse footprint, expressing Yale's preferences in a letter to the endowment's money managers. The letter asked them to consider the effect of their investments on climate change, and to refrain from investing in companies that do not make reasonable efforts to reduce carbon emissions. This method was characterized by Swensen as a more subtle and flexible approach, as opposed to outright divestment.</p><p><blockquote>2014年9月，斯文森开始让耶鲁捐赠基金不再投资温室气体排放量大的公司，并在给捐赠基金经理的一封信中表达了耶鲁的偏好。这封信要求他们考虑投资对气候变化的影响，并避免投资于没有做出合理努力减少碳排放的公司。斯文森认为这种方法是一种更微妙、更灵活的方法，而不是直接撤资。</blockquote></p><p>Swensen made headlines on March 5, 2018 for arguing with the undergraduate editor-in-chief of the<i>Yale Daily News</i>. Swensen called the editor-in-chief a \"coward\" for deleting an inaccurate sentence and removing a footnote in an op-ed that he submitted to the paper; his column, which he required to be published unedited, responded to a student teach-in that criticized companies allegedly in the Yale portfolio.</p><p><blockquote>2018年3月5日，斯文森因与本科生主编发生争执而成为头条新闻。<i>耶鲁每日新闻</i>斯文森称主编为“懦夫”，因为他在提交给该报的一篇专栏文章中删除了一个不准确的句子和一个脚注；他要求未经编辑发表的专栏回应了一位学生的讲座，该讲座批评了据称在耶鲁投资组合中的公司。</blockquote></p><p><b>Unconventional success</b></p><p><blockquote><b>非常规的成功</b></blockquote></p><p>In 2005, Swensen wrote a book called<i>Unconventional Success,</i>which is an investment guide for the individual investor. The general strategy that he presents can be boiled down to the following three main points of advice:</p><p><blockquote>2005年，斯文森写了一本名为<i>非常规的成功，</i>这是个人投资者的投资指南。他提出的总体策略可以归结为以下三点建议：</blockquote></p><p><ul><li>The investor should construct a portfolio with money allocated to 6 core asset classes, diversifying among them and biasing toward the equity sections.</li><li>The investor should rebalance the portfolio on a regular basis (rebalancingback to the original weightings of the asset classes in the portfolio).</li><li>In the absence of confidence in a market-beating strategy, invest in low-costindex fundsandexchange-traded funds. The investor should be very watchful of costs as some indices are poorly constructed and some fund companies charge excessive fees (or generate large tax liabilities).</li></ul>He slams manymutual fundcompanies for charging excessive fees and not living up to their fiduciary responsibility. He highlights the conflict of interest inherent in the mutual funds, claiming they want high fee, high turnover funds while investors want the opposite.</p><p><blockquote><ul><li>投资者应该构建一个投资组合，将资金分配到6个核心资产类别，在其中分散投资并偏向股票部分。</li><li>投资者应定期重新平衡投资组合（重新平衡回投资组合中资产类别的原始权重）。</li><li>如果对跑赢市场的策略缺乏信心，请投资低成本指数基金和交易所交易基金。投资者应该非常警惕成本，因为一些指数构建不良，一些基金公司收取过高的费用（或产生大量的纳税义务）。</li></ul>他抨击许多共同基金公司收取过高的费用并且没有履行其信托责任。他强调了共同基金固有的利益冲突，声称他们想要高费用、高周转率的基金，而投资者想要相反的基金。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Yale's chief investment manager David Swensen dies at 67<blockquote>耶鲁大学首席投资经理大卫·斯文森去世，享年67岁</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYale's chief investment manager David Swensen dies at 67<blockquote>耶鲁大学首席投资经理大卫·斯文森去世，享年67岁</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-06 22:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>David Swensen, the head of Yale University’s endowment who helped reshape how institutions manage their money, has died from cancer aged 67.</p><p><blockquote>耶鲁大学捐赠基金负责人大卫·斯文森(David Swensen)因癌症去世，享年67岁，他帮助重塑了机构管理资金的方式。</blockquote></p><p>After stints at Salomon Brothers and Lehman Brothers, Swensen returned to his alma mater in 1985 to lead its investment office. At the time, endowments were typically conservatively managed, but Swensen overhauled the model dramatically, taking advantage of their long-term focus to invest heavily in the nascent private equity and hedge fund industries.</p><p><blockquote>在所罗门兄弟和雷曼兄弟工作后，斯文森于1985年回到母校领导其投资办公室。当时，捐赠基金的管理通常是保守的，但斯文森大幅改革了这一模式，利用其长期关注的优势，大力投资新兴的私募股权和对冲基金行业。</blockquote></p><p>His approach was so successful it revolutionised how endowments and many other institutional investors allocate their money, and the “Yale model” spread and helped change the wider investment industry.</p><p><blockquote>他的方法非常成功，彻底改变了捐赠基金和许多其他机构投资者分配资金的方式，“耶鲁模式”传播开来，并帮助改变了更广泛的投资行业。</blockquote></p><p>“With his guidance, Yale’s endowment yielded returns that established him as a legend among institutional investors,” Peter Salovey, Yale’s president, said in a statement. “A natural teacher, he prepared a generation of institutional investors who have gone on to lead investment offices at other colleges and universities, further extending the scope of David’s influence.”</p><p><blockquote>耶鲁大学校长彼得·萨洛维在一份声明中表示：“在他的指导下，耶鲁大学的捐赠基金产生了回报，使他成为机构投资者中的传奇人物。”“作为一名天生的老师，他培养了一代机构投资者，他们后来领导了其他学院和大学的投资办公室，进一步扩大了大卫的影响范围。”</blockquote></p><p>The Yale Investments Office managed $31.2bn as of June 2020, and says it has averaged annual returns of 12. 4 per cent a year over the past three decades. In the 2021 fiscal year its contributions accounted for over a third of the university’s overall revenues.</p><p><blockquote>截至2020年6月，耶鲁投资办公室管理着312亿美元的资产，并表示在过去30年里，该办公室的平均年回报率为12.在2021财年，它的贡献占该大学总收入的三分之一以上。</blockquote></p><p>Almost a quarter of the endowment is invested in venture capital, and combined with private equity, hedge funds and real estate, so-called “alternative” investments account for nearly three quarters of its assets.</p><p><blockquote>几乎四分之一的捐赠基金投资于风险投资，加上私募股权、对冲基金和房地产，所谓的“另类”投资占其资产的近四分之三。</blockquote></p><p><b>Early life and education</b></p><p><blockquote><b>早期生活和教育</b></blockquote></p><p>David F. Swensen was born inRiver Falls, Wisconsin. His father, Richard Swensen, was a chemistry professor and dean at the University of Wisconsin-River Falls. His mother, Grace, after raising six children, became a Lutheran minister. After graduating from River Falls High School in 1971 Swensen elected to stay in his hometown of River Falls and receive hisB.A.andB.S.in 1975 from theUniversity of Wisconsin-River Fallswhere his father Richard Swensen was a professor. Swensen pursued a PhD ineconomicsat Yale, where he wrote hisdissertation,<i>A Model for the Valuation ofCorporate Bonds.</i>One of Swensen's dissertation advisers at Yale wasJames Tobin, a top economic adviser toJohn F. Kennedyadministration and a future Nobel Prize laureate in economics. According to Charles Ellis, founder of Greenwich Associates and former chair of Yale's investment committee, \"When it snowed, David went to Jim's house to shovel the sidewalk\". James Tobin's Nobel Prize, among other things, was for his contribution in creation of Modern Portfolio Theory. Swensen was fascinated by the idea of Modern Portfolio Theory. During his 2018 reunion speech Swensen said: \"For a given level of return, if you diversify you can get that return at lower risk. For a given level of risk, if you diversify you can get a higher return. That's pretty cool! Free lunch!\"</p><p><blockquote>大卫·F·斯文森出生于威斯康星州的里弗福尔斯。他的父亲理查德·斯文森是威斯康星大学里弗福尔斯分校的化学教授兼院长。他的母亲格蕾丝在抚养了六个孩子后，成为了一名路德教牧师。1971年从里弗福尔斯高中毕业后，斯文森选择留在他的家乡里弗福尔斯，并于1975年在威斯康星大学里弗福尔斯分校获得学士学位和学士学位，他的父亲理查德·斯文森是该校的教授。斯文森在耶鲁大学攻读经济学博士学位，<i>公司债券估值模型。</i>斯文森在耶鲁大学的论文导师之一是詹姆斯·托宾，他是约翰·肯尼迪政府的高级经济顾问，也是未来的诺贝尔经济学奖得主。据格林威治联合公司创始人、耶鲁大学投资委员会前主席查尔斯·埃利斯说，“下雪的时候，大卫去吉姆家铲人行道”。詹姆斯·托宾获得诺贝尔奖的原因之一是他在创立现代投资组合理论方面的贡献。斯文森对现代投资组合理论的理念非常着迷。斯文森在2018年的团聚演讲中表示：“对于给定的回报水平，如果你分散投资，你可以以较低的风险获得回报。对于给定的风险水平，如果你分散投资，你可以获得更高的回报。这太酷了！免费午餐！”</blockquote></p><p><b>Investment career</b></p><p><blockquote><b>投资生涯</b></blockquote></p><p>Swensen began his investment career in the early 1980s, and has since advised theCarnegie Corporation, theNew York Stock Exchange, theHoward Hughes Medical Institute, theCourtauld Institute of Art, theYale-New Haven Hospital, The Investment Fund for Foundations (TIFF), theEdna McConnell Clark Foundation, and the States of&nbsp;Connecticut&nbsp;and&nbsp;Massachusetts.</p><p><blockquote>斯文森于20世纪80年代初开始了他的投资生涯，此后曾为卡内基公司、纽约证券交易所、霍华德休斯医学研究所、考陶德艺术研究所、耶鲁-纽黑文医院、基金会投资基金(TIFF)、DNA McConnell Clark基金会以及康涅狄格州和马萨诸塞州提供咨询服务。</blockquote></p><p><b>Salomon Brothers</b></p><p><blockquote><b>所罗门兄弟</b></blockquote></p><p>Following his academic interest in valuation of corporate bonds, Swensen joined Salomon Brothers in 1980. This career move was suggested by a Salomon Brothers investment banker and Yale alumni, Gene Dattel, who was deeply impressed by Swensen. In 1981 Swensen worked to structure the world's first swap agreement, a deal betweenIBMand theWorld Bankwhich allowed to hedge their exposure to Swiss francs and German marks.</p><p><blockquote>出于对公司债券估值的学术兴趣，斯文森于1980年加入所罗门兄弟公司。这一职业转变是由所罗门兄弟投资银行家、耶鲁校友吉恩·达特尔建议的，他对斯文森印象深刻。1981年，斯文森致力于构建世界上第一个互换协议，这是IBM和世界银行之间的一项交易，允许他们对冲瑞士法郎和德国马克的风险敞口。</blockquote></p><p><b>Lehman Brothers</b></p><p><blockquote><b>雷曼兄弟</b></blockquote></p><p>Prior to joining Yale in 1985, Swensen spent six years onWall Streetas senior vice president atLehman Brothers,&nbsp;specializing in the firm'sswapactivities, and as an associate incorporate financeforSalomon Brothers(here he worked for three years prior to joining Lehman Brothers), where his work focused on developing new financial technologies. Swensen engineered the first swap transaction according to<i>When Genius Failed: The Rise and Fall of Long-Term Capital Management</i>byRoger Lowenstein.</p><p><blockquote>在1985年加入耶鲁大学之前，斯文森在华尔街工作了六年，担任雷曼兄弟公司的高级副总裁，专门从事该公司的互换活动，并担任所罗门兄弟公司的合伙人（在加入雷曼兄弟之前，他在这里工作了三年），他的工作重点是开发新的金融技术。斯文森根据<i>当天才失败时：长期资本管理的兴衰</i>作者：罗杰·洛温斯坦。</blockquote></p><p><b>Yale University endowment</b></p><p><blockquote><b>耶鲁大学捐赠</b></blockquote></p><p></p><p>Swensen was tapped to serve as the Yale endowment manager at age 31 in 1985.&nbsp;This position was offered by Swensen's other dissertation adviser, Yale's provost,William Brainard. Swensen's candidacy was suggested by James Tobin, who, despite his former student's young age, believed he could be the right person. Swensen was hesitant about taking the job at first, since he did not know much about portfolio management aside from his studies in graduate school. Nevertheless, Brainard convinced him to take the position and Swensen started on April 1, 1985 by taking 80% pay cut.&nbsp;A year later, in 1986, he was joined by Yale College and School of Management graduate Dean Takahashi, who soon became Swensen's trusted deputy. In 1985, when Swensen started managing the endowment, it was worth $1 billion; in 2019 it was worth $29.4 billion.</p><p><blockquote>1985年，31岁的斯文森被任命为耶鲁大学捐赠基金经理。这个职位是由斯文森的另一位论文导师、耶鲁大学教务长威廉·布雷纳德提供的。詹姆斯·托宾建议斯文森参选，尽管他以前的学生年龄很小，但他相信他可能是合适的人选。斯文森起初对接受这份工作犹豫不决，因为除了在研究生院的学习之外，他对投资组合管理了解不多。尽管如此，布雷纳德还是说服他接受了这个职位，斯文森从1985年4月1日开始减薪80%。一年后，在1986年，耶鲁大学和管理学院毕业生高桥院长加入了他的行列，他很快成为斯文森信任的副手。1985年，当斯文森开始管理该捐赠基金时，它价值10亿美元；2019年，其价值为294亿美元。</blockquote></p><p>As of 2005, the fund has managed annualized returns of 16.1%. He has been called \"Yale's 8 billion dollar man\" for his attainment of nearly $8 billion for the college endowment from 1985 to 2005.&nbsp;According to former Yale President, economistRichard Levin, Swensen's \"contribution\" to Yale is greater than the sum of all the donations made in more than two decades. \"We've just done better,\" Levin says, because of Swensen's \"uncanny ability\" to pick the best outside money managers. Swensen's former staff members, who later became managers of other endowment funds - includingMIT,StanfordandPrinceton- also showed impressive results in multiplying fund wealth.</p><p><blockquote>截至2005年，该基金管理的年化回报率为16.1%。他被称为“耶鲁80亿美元的人”，因为他从1985年到2005年为大学捐赠了近80亿美元。根据耶鲁前校长、经济学家理查德·莱文的说法，斯文森对耶鲁的“贡献”超过了二十多年来所有捐款的总和。“我们做得更好了，”莱文说，因为斯文森拥有挑选最佳外部基金经理的“不可思议的能力”。斯文森的前员工后来成为其他捐赠基金的经理——包括麻省理工学院、斯坦福大学和普林斯顿大学——在基金财富倍增方面也表现出了令人印象深刻的成果。</blockquote></p><p>In September 2014, Swensen began to move the Yale endowment away from investment in companies that have a large greenhouse footprint, expressing Yale's preferences in a letter to the endowment's money managers. The letter asked them to consider the effect of their investments on climate change, and to refrain from investing in companies that do not make reasonable efforts to reduce carbon emissions. This method was characterized by Swensen as a more subtle and flexible approach, as opposed to outright divestment.</p><p><blockquote>2014年9月，斯文森开始让耶鲁捐赠基金不再投资温室气体排放量大的公司，并在给捐赠基金经理的一封信中表达了耶鲁的偏好。这封信要求他们考虑投资对气候变化的影响，并避免投资于没有做出合理努力减少碳排放的公司。斯文森认为这种方法是一种更微妙、更灵活的方法，而不是直接撤资。</blockquote></p><p>Swensen made headlines on March 5, 2018 for arguing with the undergraduate editor-in-chief of the<i>Yale Daily News</i>. Swensen called the editor-in-chief a \"coward\" for deleting an inaccurate sentence and removing a footnote in an op-ed that he submitted to the paper; his column, which he required to be published unedited, responded to a student teach-in that criticized companies allegedly in the Yale portfolio.</p><p><blockquote>2018年3月5日，斯文森因与本科生主编发生争执而成为头条新闻。<i>耶鲁每日新闻</i>斯文森称主编为“懦夫”，因为他在提交给该报的一篇专栏文章中删除了一个不准确的句子和一个脚注；他要求未经编辑发表的专栏回应了一位学生的讲座，该讲座批评了据称在耶鲁投资组合中的公司。</blockquote></p><p><b>Unconventional success</b></p><p><blockquote><b>非常规的成功</b></blockquote></p><p>In 2005, Swensen wrote a book called<i>Unconventional Success,</i>which is an investment guide for the individual investor. The general strategy that he presents can be boiled down to the following three main points of advice:</p><p><blockquote>2005年，斯文森写了一本名为<i>非常规的成功，</i>这是个人投资者的投资指南。他提出的总体策略可以归结为以下三点建议：</blockquote></p><p><ul><li>The investor should construct a portfolio with money allocated to 6 core asset classes, diversifying among them and biasing toward the equity sections.</li><li>The investor should rebalance the portfolio on a regular basis (rebalancingback to the original weightings of the asset classes in the portfolio).</li><li>In the absence of confidence in a market-beating strategy, invest in low-costindex fundsandexchange-traded funds. The investor should be very watchful of costs as some indices are poorly constructed and some fund companies charge excessive fees (or generate large tax liabilities).</li></ul>He slams manymutual fundcompanies for charging excessive fees and not living up to their fiduciary responsibility. He highlights the conflict of interest inherent in the mutual funds, claiming they want high fee, high turnover funds while investors want the opposite.</p><p><blockquote><ul><li>投资者应该构建一个投资组合，将资金分配到6个核心资产类别，在其中分散投资并偏向股票部分。</li><li>投资者应定期重新平衡投资组合（重新平衡回投资组合中资产类别的原始权重）。</li><li>如果对跑赢市场的策略缺乏信心，请投资低成本指数基金和交易所交易基金。投资者应该非常警惕成本，因为一些指数构建不良，一些基金公司收取过高的费用（或产生大量的纳税义务）。</li></ul>他抨击许多共同基金公司收取过高的费用并且没有履行其信托责任。他强调了共同基金固有的利益冲突，声称他们想要高费用、高周转率的基金，而投资者想要相反的基金。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188985089","content_text":"David Swensen, the head of Yale University’s endowment who helped reshape how institutions manage their money, has died from cancer aged 67.After stints at Salomon Brothers and Lehman Brothers, Swensen returned to his alma mater in 1985 to lead its investment office. At the time, endowments were typically conservatively managed, but Swensen overhauled the model dramatically, taking advantage of their long-term focus to invest heavily in the nascent private equity and hedge fund industries.His approach was so successful it revolutionised how endowments and many other institutional investors allocate their money, and the “Yale model” spread and helped change the wider investment industry.“With his guidance, Yale’s endowment yielded returns that established him as a legend among institutional investors,” Peter Salovey, Yale’s president, said in a statement. “A natural teacher, he prepared a generation of institutional investors who have gone on to lead investment offices at other colleges and universities, further extending the scope of David’s influence.”The Yale Investments Office managed $31.2bn as of June 2020, and says it has averaged annual returns of 12. 4 per cent a year over the past three decades. In the 2021 fiscal year its contributions accounted for over a third of the university’s overall revenues.Almost a quarter of the endowment is invested in venture capital, and combined with private equity, hedge funds and real estate, so-called “alternative” investments account for nearly three quarters of its assets.Early life and educationDavid F. Swensen was born inRiver Falls, Wisconsin. His father, Richard Swensen, was a chemistry professor and dean at the University of Wisconsin-River Falls. His mother, Grace, after raising six children, became a Lutheran minister. After graduating from River Falls High School in 1971 Swensen elected to stay in his hometown of River Falls and receive hisB.A.andB.S.in 1975 from theUniversity of Wisconsin-River Fallswhere his father Richard Swensen was a professor. Swensen pursued a PhD ineconomicsat Yale, where he wrote hisdissertation,A Model for the Valuation ofCorporate Bonds.One of Swensen's dissertation advisers at Yale wasJames Tobin, a top economic adviser toJohn F. Kennedyadministration and a future Nobel Prize laureate in economics. According to Charles Ellis, founder of Greenwich Associates and former chair of Yale's investment committee, \"When it snowed, David went to Jim's house to shovel the sidewalk\". James Tobin's Nobel Prize, among other things, was for his contribution in creation of Modern Portfolio Theory. Swensen was fascinated by the idea of Modern Portfolio Theory. During his 2018 reunion speech Swensen said: \"For a given level of return, if you diversify you can get that return at lower risk. For a given level of risk, if you diversify you can get a higher return. That's pretty cool! Free lunch!\"Investment careerSwensen began his investment career in the early 1980s, and has since advised theCarnegie Corporation, theNew York Stock Exchange, theHoward Hughes Medical Institute, theCourtauld Institute of Art, theYale-New Haven Hospital, The Investment Fund for Foundations (TIFF), theEdna McConnell Clark Foundation, and the States of Connecticut and Massachusetts.Salomon BrothersFollowing his academic interest in valuation of corporate bonds, Swensen joined Salomon Brothers in 1980. This career move was suggested by a Salomon Brothers investment banker and Yale alumni, Gene Dattel, who was deeply impressed by Swensen. In 1981 Swensen worked to structure the world's first swap agreement, a deal betweenIBMand theWorld Bankwhich allowed to hedge their exposure to Swiss francs and German marks.Lehman BrothersPrior to joining Yale in 1985, Swensen spent six years onWall Streetas senior vice president atLehman Brothers, specializing in the firm'sswapactivities, and as an associate incorporate financeforSalomon Brothers(here he worked for three years prior to joining Lehman Brothers), where his work focused on developing new financial technologies. Swensen engineered the first swap transaction according toWhen Genius Failed: The Rise and Fall of Long-Term Capital ManagementbyRoger Lowenstein.Yale University endowmentSwensen was tapped to serve as the Yale endowment manager at age 31 in 1985. This position was offered by Swensen's other dissertation adviser, Yale's provost,William Brainard. Swensen's candidacy was suggested by James Tobin, who, despite his former student's young age, believed he could be the right person. Swensen was hesitant about taking the job at first, since he did not know much about portfolio management aside from his studies in graduate school. Nevertheless, Brainard convinced him to take the position and Swensen started on April 1, 1985 by taking 80% pay cut. A year later, in 1986, he was joined by Yale College and School of Management graduate Dean Takahashi, who soon became Swensen's trusted deputy. In 1985, when Swensen started managing the endowment, it was worth $1 billion; in 2019 it was worth $29.4 billion.As of 2005, the fund has managed annualized returns of 16.1%. He has been called \"Yale's 8 billion dollar man\" for his attainment of nearly $8 billion for the college endowment from 1985 to 2005. According to former Yale President, economistRichard Levin, Swensen's \"contribution\" to Yale is greater than the sum of all the donations made in more than two decades. \"We've just done better,\" Levin says, because of Swensen's \"uncanny ability\" to pick the best outside money managers. Swensen's former staff members, who later became managers of other endowment funds - includingMIT,StanfordandPrinceton- also showed impressive results in multiplying fund wealth.In September 2014, Swensen began to move the Yale endowment away from investment in companies that have a large greenhouse footprint, expressing Yale's preferences in a letter to the endowment's money managers. The letter asked them to consider the effect of their investments on climate change, and to refrain from investing in companies that do not make reasonable efforts to reduce carbon emissions. This method was characterized by Swensen as a more subtle and flexible approach, as opposed to outright divestment.Swensen made headlines on March 5, 2018 for arguing with the undergraduate editor-in-chief of theYale Daily News. Swensen called the editor-in-chief a \"coward\" for deleting an inaccurate sentence and removing a footnote in an op-ed that he submitted to the paper; his column, which he required to be published unedited, responded to a student teach-in that criticized companies allegedly in the Yale portfolio.Unconventional successIn 2005, Swensen wrote a book calledUnconventional Success,which is an investment guide for the individual investor. The general strategy that he presents can be boiled down to the following three main points of advice:The investor should construct a portfolio with money allocated to 6 core asset classes, diversifying among them and biasing toward the equity sections.The investor should rebalance the portfolio on a regular basis (rebalancingback to the original weightings of the asset classes in the portfolio).In the absence of confidence in a market-beating strategy, invest in low-costindex fundsandexchange-traded funds. The investor should be very watchful of costs as some indices are poorly constructed and some fund companies charge excessive fees (or generate large tax liabilities).He slams manymutual fundcompanies for charging excessive fees and not living up to their fiduciary responsibility. He highlights the conflict of interest inherent in the mutual funds, claiming they want high fee, high turnover funds while investors want the opposite.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":548,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197830011,"gmtCreate":1621437983833,"gmtModify":1634189133065,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574574983539751","authorIdStr":"3574574983539751"},"themes":[],"htmlText":"like and comment pls","listText":"like and comment pls","text":"like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/197830011","repostId":"1103552481","repostType":4,"repost":{"id":"1103552481","kind":"news","pubTimestamp":1621428667,"share":"https://www.laohu8.com/m/news/1103552481?lang=zh_CN&edition=full","pubTime":"2021-05-19 20:51","market":"us","language":"en","title":"3 Things to Watch for in the Fed Minutes Today<blockquote>今日美联储会议纪要中值得关注的3件事</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103552481","media":"Barrons","summary":"The Federal Reserve’s latest meeting minutes aren’t expected to make much of a splash today, but inv","content":"<p>The Federal Reserve’s latest meeting minutes aren’t expected to make much of a splash today, but investors should still keep an eye out for a few different themes.</p><p><blockquote>美联储最新的会议纪要预计今天不会引起太大轰动，但投资者仍应关注一些不同的主题。</blockquote></p><p> The minutes are due out at 2 p.m. today, and Fed watchers may face a greater challenge than usual in deciphering their significance:&nbsp; A lot has changed in the economy since the April 28-29 meeting. The ensuing weeks have brought a&nbsp;surprisingly weak jobs report&nbsp;and a&nbsp;stronger-than-expected consumer inflation report, for example.</p><p><blockquote>会议纪要将于今天下午2点公布，美联储观察人士在解读其意义时可能会面临比平时更大的挑战：自4月28日至29日的会议以来，经济发生了很大变化。例如，接下来的几周带来了令人惊讶的疲软就业报告和强于预期的消费者通胀报告。</blockquote></p><p> And unlike&nbsp;last month’s meeting, there wasn’t an attention-grabbing selloff in Treasuries to command officials’ attention. The steep climb in yields abated at the end of March, even as economic data showed and stronger price pressures in April.&nbsp;The 10-year yield has&nbsp;dropped to 1.64%&nbsp;from 1.74% on March 31.</p><p><blockquote>与上个月的会议不同，美国国债并没有出现引人注目的抛售来引起官员的注意。尽管经济数据显示4月份价格压力更大，但收益率的急剧攀升在3月底有所减弱。10年期国债收益率已从3月31日的1.74%降至1.64%。</blockquote></p><p> Yet the document may still provide some clues about the central bank’s views. And officials have provided more perspective on policy since the latest meeting as well. Notably, Fed Vice Chair Richard Clarida spoke at a conference on Monday and discussed some recent economic data points as well.</p><p><blockquote>然而，这份文件仍可能为央行的观点提供一些线索。自上次会议以来，官员们也提供了更多关于政策的观点。值得注意的是，美联储副主席理查德·克拉里达在周一的一次会议上发表讲话，并讨论了最近的一些经济数据点。</blockquote></p><p> Here’s what strategists expect out of the meeting today, and what Clarida said about the topics:</p><p><blockquote>以下是策略师对今天会议的预期，以及克拉里达对这些主题的看法：</blockquote></p><p> <b>“Attuned and Attentive” to “Transitory” Inflation?</b></p><p><blockquote><b>“适应并关注”“暂时性”通货膨胀？</b></blockquote></p><p> One popular line among Fed officials, including Fed Chair Jerome Powell, has been the assurance that this spring is expected to bring a “transitory” rise in inflation, mostly related to the reopening of the U.S. economy after the pandemic brought a sharp deceleration in activity last year.</p><p><blockquote>包括美联储主席杰罗姆·鲍威尔（Jerome Powell）在内的美联储官员的一个流行观点是，今年春天预计将带来通胀“暂时”上升，这主要与去年疫情导致经济活动急剧减速后美国经济重新开放有关。</blockquote></p><p> Mizuho economists Steven Ricchiuto and Alex Pelle wrote in a May 18 note that they expect “several mentions of ‘transitory’ price pressures” in the minutes. They also highlighted that many of the steepest increases in consumer prices in April were in sectors where demand had been hit most by the pandemic, such as hotels and airfares. “So far [that] validates the Fed’s thinking,” they added.</p><p><blockquote>瑞穗经济学家Steven Ricchiuto和Alex Pelle在5月18日的一份报告中写道，他们预计会议纪要中“多次提到‘暂时’价格压力”。他们还强调，4月份消费者价格涨幅最大的许多行业都是需求受疫情打击最严重的行业，例如酒店和机票。“到目前为止，这证实了美联储的想法，”他们补充道。</blockquote></p><p> Yet at Monday’s conference, Clarida seemed to be repeating a different type of assurance about inflation:&nbsp; That the central bank would be “attuned and attentive” to any data showing higher price pressures.</p><p><blockquote>然而，在周一的会议上，克拉里达似乎在重复一种关于通胀的不同类型的保证：央行将“协调并关注”任何显示价格压力上升的数据。</blockquote></p><p> “In the CPI report, [reopening] did clearly put upward pressure on prices. Now our baseline view is that most of this is likely to be transitory, but we have to be attuned and attentive to the incoming data,” he said. “[The] key element of our mandate is price stability and an important component of price stability is well-anchored inflation expectations. If we were to see upward pressure on prices or inflation that threatened to put inflation expectations higher, I have no doubt we would use our tools to address that situation.”</p><p><blockquote>“在CPI报告中，[重新开放]确实明显给价格带来了上行压力。现在我们的基线观点是，其中大部分可能是暂时的，但我们必须适应并关注即将到来的数据，”他说。“我们任务的关键要素是价格稳定，而价格稳定的一个重要组成部分是稳定的通胀预期。如果我们看到价格或通胀面临上行压力，有可能推高通胀预期，我毫不怀疑我们会使用我们的工具来解决这种情况。”</blockquote></p><p> <b>Taper Timeline</b></p><p><blockquote><b>锥形时间表</b></blockquote></p><p> Investors will also be looking to see if the central bank provides any additional guidance on when it might start paring back its $120 billion in monthly bond purchases. Powell has said the Fed wants to make “substantial further progress” toward its goals of full employment and a long-term average of 2% inflation before it wants to pare down its purchases, but officials haven’t provided much additional guidance.</p><p><blockquote>投资者还将关注央行是否就何时开始削减每月1200亿美元的债券购买量提供任何额外指导。鲍威尔曾表示，美联储希望在削减购买之前，在实现充分就业和长期平均通胀率2%的目标方面取得“实质性的进一步进展”，但官员们没有提供太多额外指导。</blockquote></p><p> Most on Wall Street expect the Fed to discuss longer-term plans to reduce, or taper, its purchases&nbsp;late this summer or during the fall. NatWest Markets said in a Monday note that it expects the Fed to start talking about tapering its purchases in September and actually start to reduce the pace of bond-buying next year.</p><p><blockquote>华尔街大多数人预计，美联储将在今年夏末或秋季讨论减少或缩减购买规模的长期计划。NatWest Markets在周一的一份报告中表示，预计美联储将在9月份开始谈论缩减购债规模，并在明年实际上开始放缓购债步伐。</blockquote></p><p> So any more detailed discussion in the latest meeting minutes could come as a surprise to investors and potentially matter for markets.</p><p><blockquote>因此，最新会议纪要中任何更详细的讨论都可能令投资者感到意外，并可能对市场产生影响。</blockquote></p><p> <b>Labor-Market Outlook</b></p><p><blockquote><b>劳工市场展望</b></blockquote></p><p> One key factor that will determine the outlook for the Fed’s bond buying (and other accommodation) is the recovery in the labor market. And that remains up in the air, after the disappointing April jobs report.</p><p><blockquote>决定美联储债券购买（和其他宽松政策）前景的一个关键因素是劳动力市场的复苏。在令人失望的四月份就业报告之后，这一问题仍然悬而未决。</blockquote></p><p> Still, there is a chance investors could find more context on one of their questions in the minutes:&nbsp; How much improvement will be enough for the Fed to start withdrawing accommodation? In other words, what does “substantial further progress” mean?</p><p><blockquote>尽管如此，投资者仍有可能在会议纪要中找到有关他们的一个问题的更多背景：多少改善足以让美联储开始撤回宽松政策？换句话说，“实质性的进一步进展”是什么意思？</blockquote></p><p> Before the disappointing news on April’s labor market, most of Wall Street expected a strong month for jobs creation, another step toward the “string” of strong months of recovery that Powell had said was needed before the U.S. achieved “substantial further progress” toward the Fed’s goals. That may have prompted officials to discuss just how far along the recovery would need to go before the central bank could start stepping back.</p><p><blockquote>在4月份劳动力市场令人失望的消息传出之前，华尔街大多数人预计本月将创造就业机会强劲，这是鲍威尔曾表示，在美国实现“实质性的进一步进展”之前，需要实现“一系列”强劲复苏的又一步。美联储的目标。这可能促使官员们讨论复苏需要走多远，央行才能开始退出。</blockquote></p><p> Clarida discussed the April employment report on Monday as well.</p><p><blockquote>克拉里达周一还讨论了4月份的就业报告。</blockquote></p><p></p><p> “What the April employment report said to me is that the way we bring supply and demand into balance in the labor market, especially in the service sector, may take some time and may produce some upward pressure on prices as workers return to employment, so we have to be attuned and attentive to that data flow,” he said. “Per that April employment report, we have not made substantial further progress, but as the data comes in we as a committee will have to evaluate that, and ultimately make a judgment.”</p><p><blockquote>“四月份就业报告告诉我的是，我们使劳动力市场，特别是服务业供需平衡的方式可能需要一些时间，并且随着工人重返就业，可能会对价格产生一些上行压力，因此我们必须适应并关注数据流，”他说。“根据四月份就业报告，我们没有取得实质性的进一步进展，但随着数据的出现，我们作为一个委员会将不得不对其进行评估，并最终做出判断。”</blockquote></p><p> Ultimately, the importance of future labor-market data hints at the broader takeaway from the Fed’s meeting minutes:&nbsp; Coming months’ economic data may be the final arbiter of what the Fed does, and its plans to remove accommodation from markets and the economy. And the&nbsp;economic data has been so volatile&nbsp;during the reopening that the picture could change significantly by the time the Fed meets again in June.</p><p><blockquote>最终，未来劳动力市场数据的重要性暗示了美联储会议纪要的更广泛结论：未来几个月的经济数据可能是美联储行动及其取消市场和经济宽松计划的最终仲裁者。在重新开放期间，经济数据波动如此之大，以至于到美联储6月份再次开会时，情况可能会发生重大变化。</blockquote></p><p> That means investors will have to hold tight for a while longer to get a sense of when the central bank plans to start stepping back.</p><p><blockquote>这意味着投资者将不得不再持有一段时间才能了解央行计划何时开始退出。</blockquote></p><p> “We’re reluctant to call this an equilibrium of any sort – rather it’s much more likely to prove a temporary holding pattern as macro expectations are further refined,” wrote Ian Lyngen, strategist with BMO. “Clearly, we have more questions than answers.”</p><p><blockquote>BMO策略师Ian Lyngen写道：“我们不愿意将这种均衡视为任何形式的均衡，相反，随着宏观预期的进一步细化，它更有可能被证明是一种暂时的持有模式。”“显然，我们的问题多于答案。”</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Things to Watch for in the Fed Minutes Today<blockquote>今日美联储会议纪要中值得关注的3件事</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Things to Watch for in the Fed Minutes Today<blockquote>今日美联储会议纪要中值得关注的3件事</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-05-19 20:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Federal Reserve’s latest meeting minutes aren’t expected to make much of a splash today, but investors should still keep an eye out for a few different themes.</p><p><blockquote>美联储最新的会议纪要预计今天不会引起太大轰动，但投资者仍应关注一些不同的主题。</blockquote></p><p> The minutes are due out at 2 p.m. today, and Fed watchers may face a greater challenge than usual in deciphering their significance:&nbsp; A lot has changed in the economy since the April 28-29 meeting. The ensuing weeks have brought a&nbsp;surprisingly weak jobs report&nbsp;and a&nbsp;stronger-than-expected consumer inflation report, for example.</p><p><blockquote>会议纪要将于今天下午2点公布，美联储观察人士在解读其意义时可能会面临比平时更大的挑战：自4月28日至29日的会议以来，经济发生了很大变化。例如，接下来的几周带来了令人惊讶的疲软就业报告和强于预期的消费者通胀报告。</blockquote></p><p> And unlike&nbsp;last month’s meeting, there wasn’t an attention-grabbing selloff in Treasuries to command officials’ attention. The steep climb in yields abated at the end of March, even as economic data showed and stronger price pressures in April.&nbsp;The 10-year yield has&nbsp;dropped to 1.64%&nbsp;from 1.74% on March 31.</p><p><blockquote>与上个月的会议不同，美国国债并没有出现引人注目的抛售来引起官员的注意。尽管经济数据显示4月份价格压力更大，但收益率的急剧攀升在3月底有所减弱。10年期国债收益率已从3月31日的1.74%降至1.64%。</blockquote></p><p> Yet the document may still provide some clues about the central bank’s views. And officials have provided more perspective on policy since the latest meeting as well. Notably, Fed Vice Chair Richard Clarida spoke at a conference on Monday and discussed some recent economic data points as well.</p><p><blockquote>然而，这份文件仍可能为央行的观点提供一些线索。自上次会议以来，官员们也提供了更多关于政策的观点。值得注意的是，美联储副主席理查德·克拉里达在周一的一次会议上发表讲话，并讨论了最近的一些经济数据点。</blockquote></p><p> Here’s what strategists expect out of the meeting today, and what Clarida said about the topics:</p><p><blockquote>以下是策略师对今天会议的预期，以及克拉里达对这些主题的看法：</blockquote></p><p> <b>“Attuned and Attentive” to “Transitory” Inflation?</b></p><p><blockquote><b>“适应并关注”“暂时性”通货膨胀？</b></blockquote></p><p> One popular line among Fed officials, including Fed Chair Jerome Powell, has been the assurance that this spring is expected to bring a “transitory” rise in inflation, mostly related to the reopening of the U.S. economy after the pandemic brought a sharp deceleration in activity last year.</p><p><blockquote>包括美联储主席杰罗姆·鲍威尔（Jerome Powell）在内的美联储官员的一个流行观点是，今年春天预计将带来通胀“暂时”上升，这主要与去年疫情导致经济活动急剧减速后美国经济重新开放有关。</blockquote></p><p> Mizuho economists Steven Ricchiuto and Alex Pelle wrote in a May 18 note that they expect “several mentions of ‘transitory’ price pressures” in the minutes. They also highlighted that many of the steepest increases in consumer prices in April were in sectors where demand had been hit most by the pandemic, such as hotels and airfares. “So far [that] validates the Fed’s thinking,” they added.</p><p><blockquote>瑞穗经济学家Steven Ricchiuto和Alex Pelle在5月18日的一份报告中写道，他们预计会议纪要中“多次提到‘暂时’价格压力”。他们还强调，4月份消费者价格涨幅最大的许多行业都是需求受疫情打击最严重的行业，例如酒店和机票。“到目前为止，这证实了美联储的想法，”他们补充道。</blockquote></p><p> Yet at Monday’s conference, Clarida seemed to be repeating a different type of assurance about inflation:&nbsp; That the central bank would be “attuned and attentive” to any data showing higher price pressures.</p><p><blockquote>然而，在周一的会议上，克拉里达似乎在重复一种关于通胀的不同类型的保证：央行将“协调并关注”任何显示价格压力上升的数据。</blockquote></p><p> “In the CPI report, [reopening] did clearly put upward pressure on prices. Now our baseline view is that most of this is likely to be transitory, but we have to be attuned and attentive to the incoming data,” he said. “[The] key element of our mandate is price stability and an important component of price stability is well-anchored inflation expectations. If we were to see upward pressure on prices or inflation that threatened to put inflation expectations higher, I have no doubt we would use our tools to address that situation.”</p><p><blockquote>“在CPI报告中，[重新开放]确实明显给价格带来了上行压力。现在我们的基线观点是，其中大部分可能是暂时的，但我们必须适应并关注即将到来的数据，”他说。“我们任务的关键要素是价格稳定，而价格稳定的一个重要组成部分是稳定的通胀预期。如果我们看到价格或通胀面临上行压力，有可能推高通胀预期，我毫不怀疑我们会使用我们的工具来解决这种情况。”</blockquote></p><p> <b>Taper Timeline</b></p><p><blockquote><b>锥形时间表</b></blockquote></p><p> Investors will also be looking to see if the central bank provides any additional guidance on when it might start paring back its $120 billion in monthly bond purchases. Powell has said the Fed wants to make “substantial further progress” toward its goals of full employment and a long-term average of 2% inflation before it wants to pare down its purchases, but officials haven’t provided much additional guidance.</p><p><blockquote>投资者还将关注央行是否就何时开始削减每月1200亿美元的债券购买量提供任何额外指导。鲍威尔曾表示，美联储希望在削减购买之前，在实现充分就业和长期平均通胀率2%的目标方面取得“实质性的进一步进展”，但官员们没有提供太多额外指导。</blockquote></p><p> Most on Wall Street expect the Fed to discuss longer-term plans to reduce, or taper, its purchases&nbsp;late this summer or during the fall. NatWest Markets said in a Monday note that it expects the Fed to start talking about tapering its purchases in September and actually start to reduce the pace of bond-buying next year.</p><p><blockquote>华尔街大多数人预计，美联储将在今年夏末或秋季讨论减少或缩减购买规模的长期计划。NatWest Markets在周一的一份报告中表示，预计美联储将在9月份开始谈论缩减购债规模，并在明年实际上开始放缓购债步伐。</blockquote></p><p> So any more detailed discussion in the latest meeting minutes could come as a surprise to investors and potentially matter for markets.</p><p><blockquote>因此，最新会议纪要中任何更详细的讨论都可能令投资者感到意外，并可能对市场产生影响。</blockquote></p><p> <b>Labor-Market Outlook</b></p><p><blockquote><b>劳工市场展望</b></blockquote></p><p> One key factor that will determine the outlook for the Fed’s bond buying (and other accommodation) is the recovery in the labor market. And that remains up in the air, after the disappointing April jobs report.</p><p><blockquote>决定美联储债券购买（和其他宽松政策）前景的一个关键因素是劳动力市场的复苏。在令人失望的四月份就业报告之后，这一问题仍然悬而未决。</blockquote></p><p> Still, there is a chance investors could find more context on one of their questions in the minutes:&nbsp; How much improvement will be enough for the Fed to start withdrawing accommodation? In other words, what does “substantial further progress” mean?</p><p><blockquote>尽管如此，投资者仍有可能在会议纪要中找到有关他们的一个问题的更多背景：多少改善足以让美联储开始撤回宽松政策？换句话说，“实质性的进一步进展”是什么意思？</blockquote></p><p> Before the disappointing news on April’s labor market, most of Wall Street expected a strong month for jobs creation, another step toward the “string” of strong months of recovery that Powell had said was needed before the U.S. achieved “substantial further progress” toward the Fed’s goals. That may have prompted officials to discuss just how far along the recovery would need to go before the central bank could start stepping back.</p><p><blockquote>在4月份劳动力市场令人失望的消息传出之前，华尔街大多数人预计本月将创造就业机会强劲，这是鲍威尔曾表示，在美国实现“实质性的进一步进展”之前，需要实现“一系列”强劲复苏的又一步。美联储的目标。这可能促使官员们讨论复苏需要走多远，央行才能开始退出。</blockquote></p><p> Clarida discussed the April employment report on Monday as well.</p><p><blockquote>克拉里达周一还讨论了4月份的就业报告。</blockquote></p><p></p><p> “What the April employment report said to me is that the way we bring supply and demand into balance in the labor market, especially in the service sector, may take some time and may produce some upward pressure on prices as workers return to employment, so we have to be attuned and attentive to that data flow,” he said. “Per that April employment report, we have not made substantial further progress, but as the data comes in we as a committee will have to evaluate that, and ultimately make a judgment.”</p><p><blockquote>“四月份就业报告告诉我的是，我们使劳动力市场，特别是服务业供需平衡的方式可能需要一些时间，并且随着工人重返就业，可能会对价格产生一些上行压力，因此我们必须适应并关注数据流，”他说。“根据四月份就业报告，我们没有取得实质性的进一步进展，但随着数据的出现，我们作为一个委员会将不得不对其进行评估，并最终做出判断。”</blockquote></p><p> Ultimately, the importance of future labor-market data hints at the broader takeaway from the Fed’s meeting minutes:&nbsp; Coming months’ economic data may be the final arbiter of what the Fed does, and its plans to remove accommodation from markets and the economy. And the&nbsp;economic data has been so volatile&nbsp;during the reopening that the picture could change significantly by the time the Fed meets again in June.</p><p><blockquote>最终，未来劳动力市场数据的重要性暗示了美联储会议纪要的更广泛结论：未来几个月的经济数据可能是美联储行动及其取消市场和经济宽松计划的最终仲裁者。在重新开放期间，经济数据波动如此之大，以至于到美联储6月份再次开会时，情况可能会发生重大变化。</blockquote></p><p> That means investors will have to hold tight for a while longer to get a sense of when the central bank plans to start stepping back.</p><p><blockquote>这意味着投资者将不得不再持有一段时间才能了解央行计划何时开始退出。</blockquote></p><p> “We’re reluctant to call this an equilibrium of any sort – rather it’s much more likely to prove a temporary holding pattern as macro expectations are further refined,” wrote Ian Lyngen, strategist with BMO. “Clearly, we have more questions than answers.”</p><p><blockquote>BMO策略师Ian Lyngen写道：“我们不愿意将这种均衡视为任何形式的均衡，相反，随着宏观预期的进一步细化，它更有可能被证明是一种暂时的持有模式。”“显然，我们的问题多于答案。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/inflation-jobs-and-more-to-watch-for-in-todays-fed-minutes-release-51621421812?mod=hp_LEAD_3\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/inflation-jobs-and-more-to-watch-for-in-todays-fed-minutes-release-51621421812?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103552481","content_text":"The Federal Reserve’s latest meeting minutes aren’t expected to make much of a splash today, but investors should still keep an eye out for a few different themes.\nThe minutes are due out at 2 p.m. today, and Fed watchers may face a greater challenge than usual in deciphering their significance:  A lot has changed in the economy since the April 28-29 meeting. The ensuing weeks have brought a surprisingly weak jobs report and a stronger-than-expected consumer inflation report, for example.\nAnd unlike last month’s meeting, there wasn’t an attention-grabbing selloff in Treasuries to command officials’ attention. The steep climb in yields abated at the end of March, even as economic data showed and stronger price pressures in April. The 10-year yield has dropped to 1.64% from 1.74% on March 31.\nYet the document may still provide some clues about the central bank’s views. And officials have provided more perspective on policy since the latest meeting as well. Notably, Fed Vice Chair Richard Clarida spoke at a conference on Monday and discussed some recent economic data points as well.\nHere’s what strategists expect out of the meeting today, and what Clarida said about the topics:\n“Attuned and Attentive” to “Transitory” Inflation?\nOne popular line among Fed officials, including Fed Chair Jerome Powell, has been the assurance that this spring is expected to bring a “transitory” rise in inflation, mostly related to the reopening of the U.S. economy after the pandemic brought a sharp deceleration in activity last year.\nMizuho economists Steven Ricchiuto and Alex Pelle wrote in a May 18 note that they expect “several mentions of ‘transitory’ price pressures” in the minutes. They also highlighted that many of the steepest increases in consumer prices in April were in sectors where demand had been hit most by the pandemic, such as hotels and airfares. “So far [that] validates the Fed’s thinking,” they added.\nYet at Monday’s conference, Clarida seemed to be repeating a different type of assurance about inflation:  That the central bank would be “attuned and attentive” to any data showing higher price pressures.\n“In the CPI report, [reopening] did clearly put upward pressure on prices. Now our baseline view is that most of this is likely to be transitory, but we have to be attuned and attentive to the incoming data,” he said. “[The] key element of our mandate is price stability and an important component of price stability is well-anchored inflation expectations. If we were to see upward pressure on prices or inflation that threatened to put inflation expectations higher, I have no doubt we would use our tools to address that situation.”\nTaper Timeline\nInvestors will also be looking to see if the central bank provides any additional guidance on when it might start paring back its $120 billion in monthly bond purchases. Powell has said the Fed wants to make “substantial further progress” toward its goals of full employment and a long-term average of 2% inflation before it wants to pare down its purchases, but officials haven’t provided much additional guidance.\nMost on Wall Street expect the Fed to discuss longer-term plans to reduce, or taper, its purchases late this summer or during the fall. NatWest Markets said in a Monday note that it expects the Fed to start talking about tapering its purchases in September and actually start to reduce the pace of bond-buying next year.\nSo any more detailed discussion in the latest meeting minutes could come as a surprise to investors and potentially matter for markets.\nLabor-Market Outlook\nOne key factor that will determine the outlook for the Fed’s bond buying (and other accommodation) is the recovery in the labor market. And that remains up in the air, after the disappointing April jobs report.\nStill, there is a chance investors could find more context on one of their questions in the minutes:  How much improvement will be enough for the Fed to start withdrawing accommodation? In other words, what does “substantial further progress” mean?\nBefore the disappointing news on April’s labor market, most of Wall Street expected a strong month for jobs creation, another step toward the “string” of strong months of recovery that Powell had said was needed before the U.S. achieved “substantial further progress” toward the Fed’s goals. That may have prompted officials to discuss just how far along the recovery would need to go before the central bank could start stepping back.\nClarida discussed the April employment report on Monday as well.\n“What the April employment report said to me is that the way we bring supply and demand into balance in the labor market, especially in the service sector, may take some time and may produce some upward pressure on prices as workers return to employment, so we have to be attuned and attentive to that data flow,” he said. “Per that April employment report, we have not made substantial further progress, but as the data comes in we as a committee will have to evaluate that, and ultimately make a judgment.”\nUltimately, the importance of future labor-market data hints at the broader takeaway from the Fed’s meeting minutes:  Coming months’ economic data may be the final arbiter of what the Fed does, and its plans to remove accommodation from markets and the economy. And the economic data has been so volatile during the reopening that the picture could change significantly by the time the Fed meets again in June.\nThat means investors will have to hold tight for a while longer to get a sense of when the central bank plans to start stepping back.\n“We’re reluctant to call this an equilibrium of any sort – rather it’s much more likely to prove a temporary holding pattern as macro expectations are further refined,” wrote Ian Lyngen, strategist with BMO. “Clearly, we have more questions than answers.”","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1827,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350384316,"gmtCreate":1616160984935,"gmtModify":1634526940153,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574574983539751","authorIdStr":"3574574983539751"},"themes":[],"htmlText":"like pls","listText":"like pls","text":"like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/350384316","repostId":"1152653258","repostType":4,"repost":{"id":"1152653258","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616160699,"share":"https://www.laohu8.com/m/news/1152653258?lang=zh_CN&edition=full","pubTime":"2021-03-19 21:31","market":"us","language":"en","title":"S&P 500 opens flat, heads for losing week as rising rate fears linger<blockquote>由于对利率上升的担忧挥之不去，标普500开盘持平，本周将下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152653258","media":"Tiger Newspress","summary":"(March 19) U.S. stocks traded near the flatline on Friday after the Federal Reserve said it will not","content":"<p>(March 19)&nbsp;U.S. stocks traded near the flatline on Friday after the Federal Reserve said it will not extend a pandemic-era rule that had allowed banks to relax capital levels.</p><p><blockquote>（3月19日）美国。在美联储表示不会延长大流行时期允许银行放松资本水平的规定后，周五股市交易接近持平线。</blockquote></p><p>The Dow Jones Industrial Average fell 70 points, while the S&amp;P 500 was flat. The tech-heavy Nasdaq Composite traded 0.2% higher.</p><p><blockquote>道琼斯工业平均指数下跌70点，标普500持平。以科技股为主的纳斯达克综合指数上涨0.2%。</blockquote></p><p>The central bank on Fridaydeclined to extend a rule expiring at the end of the month that relaxed the supplementary leverage ratio for banks during the pandemic. The rule allowing banks to hold less capital against Treasurys and other holdings was implemented to calm the bond market during the crisis and encourage banks to lend.</p><p><blockquote>央行周五拒绝延长本月底到期的一项规定，该规定放宽了疫情期间银行的补充杠杆率。允许银行相对于美国国债和其他资产持有较少资本的规定是为了在危机期间平息债券市场并鼓励银行放贷。</blockquote></p><p>The decision could have some adverse effects, traders have warned, if in response banks sell some of their Treasury holdings. That could send yields even higher at a time when a rapid rise in rates is already unnerving investors.</p><p><blockquote>交易员警告称，如果银行出售部分国债作为回应，这一决定可能会产生一些不利影响。在利率快速上升已经让投资者感到不安之际，这可能会推高收益率。</blockquote></p><p>Bond yields rose off their lows following the announcement. The 10-year Treasury yield reversed slightly higher at 1.74%, hovering near its 14-month high above 1.75% hit a day earlier (1 basis point equals 0.01%).</p><p><blockquote>消息公布后，债券收益率从低点回升。10年期国债收益率小幅走高至1.74%，徘徊在前一天触及的1.75%上方的14个月高点附近（1个基点等于0.01%）。</blockquote></p><p>Rising bond yields, which can signal confidence about the economic recovery and fears about inflation, can also make high growth stocks look less attractive to investors.</p><p><blockquote>债券收益率上升可能表明对经济复苏的信心和对通胀的担忧，也可能降低高增长股票对投资者的吸引力。</blockquote></p><p>On Thursday, with tech stocksbeing particularly hard hit. TheNasdaq Compositefell 3%, with Apple and Amazon seeing slightly larger losses. The Dow and S&amp;P 500 slipped 0.5% and 1.5%, respectively.</p><p><blockquote>周四，科技股受到的打击尤其严重。纳斯达克综合指数下跌3%，苹果和亚马逊跌幅略大。道指和标普500分别下跌0.5%和1.5%。</blockquote></p><p>The underperformance of tech and other growth stocks on Thursday resembles a trend seen in recent months as value stocks have surged. However, growth stocks have had a few strong days over the past two weeks and this is muddying the waters, said Michael Mullaney, director of global markets research at Boston Partners.</p><p><blockquote>周四科技股和其他成长股表现不佳，与近几个月价值股飙升的趋势类似。然而，Boston Partners全球市场研究总监迈克尔·穆拉尼(Michael Mullaney)表示，过去两周成长型股票表现强劲，这让事情变得更加混乱。</blockquote></p><p>“If you look at the price pattern on a day-to-day basis for the last now seven days, we’ve got a ping-pong match going on. One day it’s been growth, one day it’s been value,” said Mullaney. “I’m not sure if that’s indicating we’re at some kind of inflection point where growth might get a bounce here.”</p><p><blockquote>“如果你看看过去七天每天的价格模式，你会发现我们正在进行一场乒乓球比赛。有一天是增长，有一天是价值，”穆拉尼说。“我不确定这是否表明我们正处于某种拐点，增长可能会在这里反弹。”</blockquote></p><p>Energy stocks were also hit hard on Thursday, with the price of West Texas Intermediatecrude sliding by more than 7%. The slow rollout of vaccines and rise in Covid cases in Europe have weighed on the near-term demand outlook for oil.</p><p><blockquote>能源股周四也遭受重创，西德克萨斯中质原油价格下跌超过7%。欧洲疫苗推广缓慢和新冠病例增加给石油近期需求前景带来压力。</blockquote></p><p>Shares ofFedExjumped 6% after the delivery company beat expectations on the top and bottom lines for its fiscal third quarter.</p><p><blockquote>联邦快递第三财季营收和利润超出预期后，该公司股价上涨6%。</blockquote></p><p>Nike’s stock slipped by 3% after third-quarter revenues were weaker than anticipated.</p><p><blockquote>第三季度营收弱于预期后，耐克股价下跌3%。</blockquote></p><p>For the week, the Dow is up about 0.3%, while the S&amp;P 500 is off by 0.7% and the Nasdaq Composite is down 1.5%.</p><p><blockquote>本周，道琼斯指数上涨约0.3%，标普500下跌0.7%，纳斯达克综合指数下跌1.5%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 opens flat, heads for losing week as rising rate fears linger<blockquote>由于对利率上升的担忧挥之不去，标普500开盘持平，本周将下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 opens flat, heads for losing week as rising rate fears linger<blockquote>由于对利率上升的担忧挥之不去，标普500开盘持平，本周将下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-19 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(March 19)&nbsp;U.S. stocks traded near the flatline on Friday after the Federal Reserve said it will not extend a pandemic-era rule that had allowed banks to relax capital levels.</p><p><blockquote>（3月19日）美国。在美联储表示不会延长大流行时期允许银行放松资本水平的规定后，周五股市交易接近持平线。</blockquote></p><p>The Dow Jones Industrial Average fell 70 points, while the S&amp;P 500 was flat. The tech-heavy Nasdaq Composite traded 0.2% higher.</p><p><blockquote>道琼斯工业平均指数下跌70点，标普500持平。以科技股为主的纳斯达克综合指数上涨0.2%。</blockquote></p><p>The central bank on Fridaydeclined to extend a rule expiring at the end of the month that relaxed the supplementary leverage ratio for banks during the pandemic. The rule allowing banks to hold less capital against Treasurys and other holdings was implemented to calm the bond market during the crisis and encourage banks to lend.</p><p><blockquote>央行周五拒绝延长本月底到期的一项规定，该规定放宽了疫情期间银行的补充杠杆率。允许银行相对于美国国债和其他资产持有较少资本的规定是为了在危机期间平息债券市场并鼓励银行放贷。</blockquote></p><p>The decision could have some adverse effects, traders have warned, if in response banks sell some of their Treasury holdings. That could send yields even higher at a time when a rapid rise in rates is already unnerving investors.</p><p><blockquote>交易员警告称，如果银行出售部分国债作为回应，这一决定可能会产生一些不利影响。在利率快速上升已经让投资者感到不安之际，这可能会推高收益率。</blockquote></p><p>Bond yields rose off their lows following the announcement. The 10-year Treasury yield reversed slightly higher at 1.74%, hovering near its 14-month high above 1.75% hit a day earlier (1 basis point equals 0.01%).</p><p><blockquote>消息公布后，债券收益率从低点回升。10年期国债收益率小幅走高至1.74%，徘徊在前一天触及的1.75%上方的14个月高点附近（1个基点等于0.01%）。</blockquote></p><p>Rising bond yields, which can signal confidence about the economic recovery and fears about inflation, can also make high growth stocks look less attractive to investors.</p><p><blockquote>债券收益率上升可能表明对经济复苏的信心和对通胀的担忧，也可能降低高增长股票对投资者的吸引力。</blockquote></p><p>On Thursday, with tech stocksbeing particularly hard hit. TheNasdaq Compositefell 3%, with Apple and Amazon seeing slightly larger losses. The Dow and S&amp;P 500 slipped 0.5% and 1.5%, respectively.</p><p><blockquote>周四，科技股受到的打击尤其严重。纳斯达克综合指数下跌3%，苹果和亚马逊跌幅略大。道指和标普500分别下跌0.5%和1.5%。</blockquote></p><p>The underperformance of tech and other growth stocks on Thursday resembles a trend seen in recent months as value stocks have surged. However, growth stocks have had a few strong days over the past two weeks and this is muddying the waters, said Michael Mullaney, director of global markets research at Boston Partners.</p><p><blockquote>周四科技股和其他成长股表现不佳，与近几个月价值股飙升的趋势类似。然而，Boston Partners全球市场研究总监迈克尔·穆拉尼(Michael Mullaney)表示，过去两周成长型股票表现强劲，这让事情变得更加混乱。</blockquote></p><p>“If you look at the price pattern on a day-to-day basis for the last now seven days, we’ve got a ping-pong match going on. One day it’s been growth, one day it’s been value,” said Mullaney. “I’m not sure if that’s indicating we’re at some kind of inflection point where growth might get a bounce here.”</p><p><blockquote>“如果你看看过去七天每天的价格模式，你会发现我们正在进行一场乒乓球比赛。有一天是增长，有一天是价值，”穆拉尼说。“我不确定这是否表明我们正处于某种拐点，增长可能会在这里反弹。”</blockquote></p><p>Energy stocks were also hit hard on Thursday, with the price of West Texas Intermediatecrude sliding by more than 7%. The slow rollout of vaccines and rise in Covid cases in Europe have weighed on the near-term demand outlook for oil.</p><p><blockquote>能源股周四也遭受重创，西德克萨斯中质原油价格下跌超过7%。欧洲疫苗推广缓慢和新冠病例增加给石油近期需求前景带来压力。</blockquote></p><p>Shares ofFedExjumped 6% after the delivery company beat expectations on the top and bottom lines for its fiscal third quarter.</p><p><blockquote>联邦快递第三财季营收和利润超出预期后，该公司股价上涨6%。</blockquote></p><p>Nike’s stock slipped by 3% after third-quarter revenues were weaker than anticipated.</p><p><blockquote>第三季度营收弱于预期后，耐克股价下跌3%。</blockquote></p><p>For the week, the Dow is up about 0.3%, while the S&amp;P 500 is off by 0.7% and the Nasdaq Composite is down 1.5%.</p><p><blockquote>本周，道琼斯指数上涨约0.3%，标普500下跌0.7%，纳斯达克综合指数下跌1.5%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152653258","content_text":"(March 19) U.S. stocks traded near the flatline on Friday after the Federal Reserve said it will not extend a pandemic-era rule that had allowed banks to relax capital levels.The Dow Jones Industrial Average fell 70 points, while the S&P 500 was flat. The tech-heavy Nasdaq Composite traded 0.2% higher.The central bank on Fridaydeclined to extend a rule expiring at the end of the month that relaxed the supplementary leverage ratio for banks during the pandemic. The rule allowing banks to hold less capital against Treasurys and other holdings was implemented to calm the bond market during the crisis and encourage banks to lend.The decision could have some adverse effects, traders have warned, if in response banks sell some of their Treasury holdings. That could send yields even higher at a time when a rapid rise in rates is already unnerving investors.Bond yields rose off their lows following the announcement. The 10-year Treasury yield reversed slightly higher at 1.74%, hovering near its 14-month high above 1.75% hit a day earlier (1 basis point equals 0.01%).Rising bond yields, which can signal confidence about the economic recovery and fears about inflation, can also make high growth stocks look less attractive to investors.On Thursday, with tech stocksbeing particularly hard hit. TheNasdaq Compositefell 3%, with Apple and Amazon seeing slightly larger losses. The Dow and S&P 500 slipped 0.5% and 1.5%, respectively.The underperformance of tech and other growth stocks on Thursday resembles a trend seen in recent months as value stocks have surged. However, growth stocks have had a few strong days over the past two weeks and this is muddying the waters, said Michael Mullaney, director of global markets research at Boston Partners.“If you look at the price pattern on a day-to-day basis for the last now seven days, we’ve got a ping-pong match going on. One day it’s been growth, one day it’s been value,” said Mullaney. “I’m not sure if that’s indicating we’re at some kind of inflection point where growth might get a bounce here.”Energy stocks were also hit hard on Thursday, with the price of West Texas Intermediatecrude sliding by more than 7%. The slow rollout of vaccines and rise in Covid cases in Europe have weighed on the near-term demand outlook for oil.Shares ofFedExjumped 6% after the delivery company beat expectations on the top and bottom lines for its fiscal third quarter.Nike’s stock slipped by 3% after third-quarter revenues were weaker than anticipated.For the week, the Dow is up about 0.3%, while the S&P 500 is off by 0.7% and the Nasdaq Composite is down 1.5%.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":326844795,"gmtCreate":1615620459517,"gmtModify":1703491699817,"author":{"id":"3574574983539751","authorId":"3574574983539751","name":"33a3e628","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574574983539751","authorIdStr":"3574574983539751"},"themes":[],"htmlText":"like pls","listText":"like pls","text":"like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/326844795","repostId":"1100027772","repostType":4,"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}