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JoeKoh

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2021-02-17

Amazing

With Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</blockquote>

2021-05-19

Good

4 Things to Know Ahead of the Squarespace’s Direct Listing<blockquote>Squarespace直接上市前需要了解的4件事</blockquote>

2021-02-24

Oh no

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2021-02-23

Wow

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2021-02-22

Good

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2021-02-21

Amazing news

Goldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资行列——你应该加入吗？</blockquote>

2021-02-21

Good

抱歉，原内容已删除

2021-02-20

Good

Goldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资行列——你应该加入吗？</blockquote>

2021-02-19

Good

抱歉，原内容已删除

2021-02-19

Good

抱歉，原内容已删除

2021-02-17

Good news

抱歉，原内容已删除

2021-02-16

Great

With Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</blockquote>

2021-02-16

Great

With Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</blockquote>

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The pandemic was intensifying,gridlock paralyzed Washington&nbsp;and millions of families were about to&nbsp;lose crucial benefits.</p><p><blockquote><b>纽约（CNN商业）</b>2020年底，饱受新冠疫情蹂躏的美国经济濒临陷入双底衰退。疫情正在加剧，僵局使华盛顿陷入瘫痪，数百万家庭即将失去重要福利。</blockquote></p><p> Fast forward two months, and the&nbsp;economy is still struggling-- but confidence in the recovery is growing, rapidly.</p><p><blockquote>快进两个月，经济仍在挣扎，但对复苏的信心正在迅速增长。</blockquote></p><p> Economists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.</p><p><blockquote>经济学家正在迅速上调GDP和失业率预测，并将美联储能够提高最低利率的日期提前。高盛预测美国经济将以三十多年来最快的速度增长。</blockquote></p><p> The renewed optimism is being driven by two major factors: the&nbsp;health crisis is easing&nbsp;and Uncle Sam is&nbsp;coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.</p><p><blockquote>重新燃起的乐观情绪是由两个主要因素推动的：健康危机正在缓解，山姆大叔正在提供惊人数量的援助——比几个月前似乎多了数千亿美元。</blockquote></p><p> After supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.</p><p><blockquote>根据穆迪分析公司的数据，继去年提供4万亿美元的救助后，华盛顿预计将在2021年再提供2万亿美元的赤字融资支持。这相当于美国年度GDP的四分之一以上。</blockquote></p><p> \"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.</p><p><blockquote>穆迪分析公司首席经济学家马克·赞迪(Mark Zandi)告诉CNN Business：“这是大量的经济动力。”</blockquote></p><p> The turning point happened last month&nbsp;when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for&nbsp;President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.</p><p><blockquote>转折点发生在上个月，当时民主党在佐治亚州的决选中以微弱优势控制了美国参议院。这为乔·拜登总统1.9万亿美元的美国救援计划开辟了道路，该计划包括1400美元的刺激支票、提高失业救济金以及向州和地方政府提供3500亿美元的生命线。</blockquote></p><p> <b>'Summer mini-boom'</b></p><p><blockquote><b>“夏季迷你热潮”</b></blockquote></p><p> Before the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a&nbsp;forecast by Treasury Secretary Janet Yellen.</p><p><blockquote>在佐治亚州选举之前，赞迪认为美国经济要到2023年春季或夏季才能恢复充分就业（强劲的劳动力市场，失业率为4%）。现在，他预计这一成就将在明年春天实现，这与财政部长珍妮特·耶伦的预测相呼应。</blockquote></p><p> \"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.</p><p><blockquote>美国银行经济学家在最近给客户的一份报告中写道，“超级财政政策”意味着美国经济增长快于其他国家的论点“似乎日益强烈”。</blockquote></p><p> Oxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.</p><p><blockquote>牛津经济研究院首席美国经济学家Gregory Daco呼吁美国出现“夏季小繁荣”，2021年GDP增长5.9%。</blockquote></p><p> Likewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"</p><p><blockquote>同样，杰富瑞(Jefferies)经济学家表示，“爆炸性的收入增长（得益于财政刺激）可能会推动美国GDP今年增长6.4%，明年增长近5%。”</blockquote></p><p> \"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.</p><p><blockquote>杰富瑞在最近的一份报告中告诉客户：“如果说有什么不同的话，那就是我们的预测可能过于保守。”他指出，其观点仅纳入了拜登计划的1万亿美元。</blockquote></p><p> Indeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.</p><p><blockquote>事实上，高盛本周早些时候将2021年GDP预期上调至6.8%，因为这家华尔街银行现在假设额外财政救助为1.5万亿美元，高于此前的1.1万亿美元。根据圣路易斯联储的数据，如果高盛的预测成真，这将是美国自1989年以来最快的年度GDP增长。</blockquote></p><p> The rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.</p><p><blockquote>乐观的GDP预测远高于美联储的要求。去年12月，美联储预计2021年GDP增长仅为4.2%，并表示失业率要到2023年才会降至4%以下。</blockquote></p><p> <b>Double-dip recession averted</b></p><p><blockquote><b>避免了双底衰退</b></blockquote></p><p> The Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.</p><p><blockquote>美联储对经济预测趋于保守。而且，至关重要的是，美联储的预测是在DC政治功能失调给美国经济蒙上阴影之际发布的。</blockquote></p><p> For months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.</p><p><blockquote>几个月来，共和党和民主党试图就延长计划失效的关键失业和驱逐福利以及向小企业提供更多可原谅贷款达成协议，但未能达成协议。然后当最终达成协议时，前总统唐纳德·特朗普威胁要炸毁它。</blockquote></p><p> At the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.</p><p><blockquote>在最后一刻，特朗普将9000亿美元的救助计划签署成为法律，避免了经济灾难。</blockquote></p><p> \"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.</p><p><blockquote>穆迪经济学家赞迪表示：“如果没有这一点，我们将陷入双底衰退。”</blockquote></p><p> Slammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States&nbsp;added just 49,000 jobs in January.</p><p><blockquote>受疫情冲击，美国经济一瘸一拐地走到2020年底，今年开局缓慢。12月，雇主自春季以来首次裁员。美国1月份仅增加了49,000个就业岗位。</blockquote></p><p> Jobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.</p><p><blockquote>申请失业救济人数仍然高得惊人。仅上周就有793,000名美国人首次申请失业救济。就背景而言，这高于大衰退的最严重水平。</blockquote></p><p> <b>Vaccines to the rescue</b></p><p><blockquote><b>疫苗拯救生命</b></blockquote></p><p> But there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.</p><p><blockquote>但疫情仍有一线希望。尽管Covid死亡人数仍然高得难以想象，但住院人数和病例数已经下降。</blockquote></p><p> Critically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.</p><p><blockquote>至关重要的是，冠状病毒疫苗的推出正在加速。据摩根士丹利称，在总共分发的6600万支疫苗中，约70%已经接种。</blockquote></p><p> And Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday&nbsp;that the United States may be able to vaccinate most Americans by the middle or end of summer.</p><p><blockquote>美国顶级传染病专家安东尼·福奇博士周四告诉NBC新闻，美国可能能够在夏季中期或结束前为大多数美国人接种疫苗。</blockquote></p><p></p><p> All of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.</p><p><blockquote>所有这些使得包括加利福尼亚、纽约和新泽西在内的州放松了对餐馆和其他小企业的健康限制。</blockquote></p><p> That's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants&nbsp;force US states and cities to once again tighten health restrictions.</p><p><blockquote>这并不是说疫情已经结束。事实上，一个风险是，新的Covid-19变种迫使美国各州和城市再次收紧健康限制。</blockquote></p><p> <b>Low-wage workers are still hurting badly</b></p><p><blockquote><b>低薪工人仍然受到严重伤害</b></blockquote></p><p> Against this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.</p><p><blockquote>在此背景下，许多经济学家敦促华盛顿推进激进的财政刺激计划。</blockquote></p><p> \"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"</p><p><blockquote>穆迪经济学家赞迪表示：“请把脚平放在油门上。”“政策制定101说，错误在于做得太多，而不是做得太少。”</blockquote></p><p> Doing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.</p><p><blockquote>做得太少可能会加剧美国的不平等问题。这是因为与之前的衰退相比，这次衰退对餐馆、儿童保育和酒店业等遭受重创行业的低收入工人造成了不成比例的伤害。</blockquote></p><p> Employment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.</p><p><blockquote>根据Opportunity Insights经济跟踪系统的数据，低工资工人（年收入低于27,000美元的人）的就业水平仍下降了20%以上。相比之下，年收入超过6万美元的人的就业水平高于危机前的水平。</blockquote></p><p> \"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.</p><p><blockquote>美国银行的经济学家在给客户的一份报告中写道：“如果收入和种族群体之间的充分就业情况不明显，拜登的团队就不太可能为实现充分就业而开香槟。”</blockquote></p><p> However, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.</p><p><blockquote>然而，前美联储官员、现任Quill Intelligence首席执行官丹妮尔·迪马蒂诺·布斯(Danielle DiMartino Booth)担心，专注于提供收入，而不是投资基础设施和再培训工人，会让该国沉迷于刺激措施。</blockquote></p><p> \"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.</p><p><blockquote>布斯说：“经济将变成这个依赖患者，总是等待下一次注射。”</blockquote></p><p> <b>'Bring it on'</b></p><p><blockquote><b>“来吧”</b></blockquote></p><p> Some economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington&nbsp;overheats the economy by injecting too much support.</p><p><blockquote>包括前财政部长拉里·萨默斯在内的一些经济学家警告说，华盛顿注入过多支持可能会导致经济过热。</blockquote></p><p> \"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.</p><p><blockquote>布斯表示：“未来几个月可能会出现相当大的通胀恐慌，这将考验债券市场和美联储。”</blockquote></p><p> And that in turn would spook the&nbsp;red-hot stock market.</p><p><blockquote>这反过来又会惊动炙手可热的股市。</blockquote></p><p> Fed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.</p><p><blockquote>美联储观察人士正在提前确定美联储何时能够结束紧急政策的时间表。</blockquote></p><p> Citing \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.</p><p><blockquote>高盛援引“通胀前景走强的迹象”，目前预计美联储将在2022年初开始“缩减”资产购买规模，并在2024年上半年加息。</blockquote></p><p> Zandi isn't losing sleep over inflation, mostly because the United States is far from full employment.</p><p><blockquote>赞迪并没有因为通货膨胀而失眠，主要是因为美国还远未实现充分就业。</blockquote></p><p> \"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"</p><p><blockquote>“这是一种被大大夸大的担忧，”他说。“来吧。十多年来，我们最大的问题一直是低通胀。更高的通胀将是一个高级问题。”</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>With Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</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\">\nWith Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-02-16 18:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>New York (CNN Business)&nbsp;</b>The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington&nbsp;and millions of families were about to&nbsp;lose crucial benefits.</p><p><blockquote><b>纽约（CNN商业）</b>2020年底，饱受新冠疫情蹂躏的美国经济濒临陷入双底衰退。疫情正在加剧，僵局使华盛顿陷入瘫痪，数百万家庭即将失去重要福利。</blockquote></p><p> Fast forward two months, and the&nbsp;economy is still struggling-- but confidence in the recovery is growing, rapidly.</p><p><blockquote>快进两个月，经济仍在挣扎，但对复苏的信心正在迅速增长。</blockquote></p><p> Economists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.</p><p><blockquote>经济学家正在迅速上调GDP和失业率预测，并将美联储能够提高最低利率的日期提前。高盛预测美国经济将以三十多年来最快的速度增长。</blockquote></p><p> The renewed optimism is being driven by two major factors: the&nbsp;health crisis is easing&nbsp;and Uncle Sam is&nbsp;coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.</p><p><blockquote>重新燃起的乐观情绪是由两个主要因素推动的：健康危机正在缓解，山姆大叔正在提供惊人数量的援助——比几个月前似乎多了数千亿美元。</blockquote></p><p> After supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.</p><p><blockquote>根据穆迪分析公司的数据，继去年提供4万亿美元的救助后，华盛顿预计将在2021年再提供2万亿美元的赤字融资支持。这相当于美国年度GDP的四分之一以上。</blockquote></p><p> \"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.</p><p><blockquote>穆迪分析公司首席经济学家马克·赞迪(Mark Zandi)告诉CNN Business：“这是大量的经济动力。”</blockquote></p><p> The turning point happened last month&nbsp;when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for&nbsp;President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.</p><p><blockquote>转折点发生在上个月，当时民主党在佐治亚州的决选中以微弱优势控制了美国参议院。这为乔·拜登总统1.9万亿美元的美国救援计划开辟了道路，该计划包括1400美元的刺激支票、提高失业救济金以及向州和地方政府提供3500亿美元的生命线。</blockquote></p><p> <b>'Summer mini-boom'</b></p><p><blockquote><b>“夏季迷你热潮”</b></blockquote></p><p> Before the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a&nbsp;forecast by Treasury Secretary Janet Yellen.</p><p><blockquote>在佐治亚州选举之前，赞迪认为美国经济要到2023年春季或夏季才能恢复充分就业（强劲的劳动力市场，失业率为4%）。现在，他预计这一成就将在明年春天实现，这与财政部长珍妮特·耶伦的预测相呼应。</blockquote></p><p> \"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.</p><p><blockquote>美国银行经济学家在最近给客户的一份报告中写道，“超级财政政策”意味着美国经济增长快于其他国家的论点“似乎日益强烈”。</blockquote></p><p> Oxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.</p><p><blockquote>牛津经济研究院首席美国经济学家Gregory Daco呼吁美国出现“夏季小繁荣”，2021年GDP增长5.9%。</blockquote></p><p> Likewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"</p><p><blockquote>同样，杰富瑞(Jefferies)经济学家表示，“爆炸性的收入增长（得益于财政刺激）可能会推动美国GDP今年增长6.4%，明年增长近5%。”</blockquote></p><p> \"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.</p><p><blockquote>杰富瑞在最近的一份报告中告诉客户：“如果说有什么不同的话，那就是我们的预测可能过于保守。”他指出，其观点仅纳入了拜登计划的1万亿美元。</blockquote></p><p> Indeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.</p><p><blockquote>事实上，高盛本周早些时候将2021年GDP预期上调至6.8%，因为这家华尔街银行现在假设额外财政救助为1.5万亿美元，高于此前的1.1万亿美元。根据圣路易斯联储的数据，如果高盛的预测成真，这将是美国自1989年以来最快的年度GDP增长。</blockquote></p><p> The rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.</p><p><blockquote>乐观的GDP预测远高于美联储的要求。去年12月，美联储预计2021年GDP增长仅为4.2%，并表示失业率要到2023年才会降至4%以下。</blockquote></p><p> <b>Double-dip recession averted</b></p><p><blockquote><b>避免了双底衰退</b></blockquote></p><p> The Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.</p><p><blockquote>美联储对经济预测趋于保守。而且，至关重要的是，美联储的预测是在DC政治功能失调给美国经济蒙上阴影之际发布的。</blockquote></p><p> For months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.</p><p><blockquote>几个月来，共和党和民主党试图就延长计划失效的关键失业和驱逐福利以及向小企业提供更多可原谅贷款达成协议，但未能达成协议。然后当最终达成协议时，前总统唐纳德·特朗普威胁要炸毁它。</blockquote></p><p> At the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.</p><p><blockquote>在最后一刻，特朗普将9000亿美元的救助计划签署成为法律，避免了经济灾难。</blockquote></p><p> \"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.</p><p><blockquote>穆迪经济学家赞迪表示：“如果没有这一点，我们将陷入双底衰退。”</blockquote></p><p> Slammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States&nbsp;added just 49,000 jobs in January.</p><p><blockquote>受疫情冲击，美国经济一瘸一拐地走到2020年底，今年开局缓慢。12月，雇主自春季以来首次裁员。美国1月份仅增加了49,000个就业岗位。</blockquote></p><p> Jobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.</p><p><blockquote>申请失业救济人数仍然高得惊人。仅上周就有793,000名美国人首次申请失业救济。就背景而言，这高于大衰退的最严重水平。</blockquote></p><p> <b>Vaccines to the rescue</b></p><p><blockquote><b>疫苗拯救生命</b></blockquote></p><p> But there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.</p><p><blockquote>但疫情仍有一线希望。尽管Covid死亡人数仍然高得难以想象，但住院人数和病例数已经下降。</blockquote></p><p> Critically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.</p><p><blockquote>至关重要的是，冠状病毒疫苗的推出正在加速。据摩根士丹利称，在总共分发的6600万支疫苗中，约70%已经接种。</blockquote></p><p> And Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday&nbsp;that the United States may be able to vaccinate most Americans by the middle or end of summer.</p><p><blockquote>美国顶级传染病专家安东尼·福奇博士周四告诉NBC新闻，美国可能能够在夏季中期或结束前为大多数美国人接种疫苗。</blockquote></p><p></p><p> All of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.</p><p><blockquote>所有这些使得包括加利福尼亚、纽约和新泽西在内的州放松了对餐馆和其他小企业的健康限制。</blockquote></p><p> That's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants&nbsp;force US states and cities to once again tighten health restrictions.</p><p><blockquote>这并不是说疫情已经结束。事实上，一个风险是，新的Covid-19变种迫使美国各州和城市再次收紧健康限制。</blockquote></p><p> <b>Low-wage workers are still hurting badly</b></p><p><blockquote><b>低薪工人仍然受到严重伤害</b></blockquote></p><p> Against this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.</p><p><blockquote>在此背景下，许多经济学家敦促华盛顿推进激进的财政刺激计划。</blockquote></p><p> \"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"</p><p><blockquote>穆迪经济学家赞迪表示：“请把脚平放在油门上。”“政策制定101说，错误在于做得太多，而不是做得太少。”</blockquote></p><p> Doing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.</p><p><blockquote>做得太少可能会加剧美国的不平等问题。这是因为与之前的衰退相比，这次衰退对餐馆、儿童保育和酒店业等遭受重创行业的低收入工人造成了不成比例的伤害。</blockquote></p><p> Employment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.</p><p><blockquote>根据Opportunity Insights经济跟踪系统的数据，低工资工人（年收入低于27,000美元的人）的就业水平仍下降了20%以上。相比之下，年收入超过6万美元的人的就业水平高于危机前的水平。</blockquote></p><p> \"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.</p><p><blockquote>美国银行的经济学家在给客户的一份报告中写道：“如果收入和种族群体之间的充分就业情况不明显，拜登的团队就不太可能为实现充分就业而开香槟。”</blockquote></p><p> However, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.</p><p><blockquote>然而，前美联储官员、现任Quill Intelligence首席执行官丹妮尔·迪马蒂诺·布斯(Danielle DiMartino Booth)担心，专注于提供收入，而不是投资基础设施和再培训工人，会让该国沉迷于刺激措施。</blockquote></p><p> \"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.</p><p><blockquote>布斯说：“经济将变成这个依赖患者，总是等待下一次注射。”</blockquote></p><p> <b>'Bring it on'</b></p><p><blockquote><b>“来吧”</b></blockquote></p><p> Some economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington&nbsp;overheats the economy by injecting too much support.</p><p><blockquote>包括前财政部长拉里·萨默斯在内的一些经济学家警告说，华盛顿注入过多支持可能会导致经济过热。</blockquote></p><p> \"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.</p><p><blockquote>布斯表示：“未来几个月可能会出现相当大的通胀恐慌，这将考验债券市场和美联储。”</blockquote></p><p> And that in turn would spook the&nbsp;red-hot stock market.</p><p><blockquote>这反过来又会惊动炙手可热的股市。</blockquote></p><p> Fed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.</p><p><blockquote>美联储观察人士正在提前确定美联储何时能够结束紧急政策的时间表。</blockquote></p><p> Citing \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.</p><p><blockquote>高盛援引“通胀前景走强的迹象”，目前预计美联储将在2022年初开始“缩减”资产购买规模，并在2024年上半年加息。</blockquote></p><p> Zandi isn't losing sleep over inflation, mostly because the United States is far from full employment.</p><p><blockquote>赞迪并没有因为通货膨胀而失眠，主要是因为美国还远未实现充分就业。</blockquote></p><p> \"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"</p><p><blockquote>“这是一种被大大夸大的担忧，”他说。“来吧。十多年来，我们最大的问题一直是低通胀。更高的通胀将是一个高级问题。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/02/11/economy/economy-jobs-biden-stimulus/index.html\">CNN Business</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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://edition.cnn.com/2021/02/11/economy/economy-jobs-biden-stimulus/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108705396","content_text":"New York (CNN Business) The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington and millions of families were about to lose crucial benefits.\nFast forward two months, and the economy is still struggling-- but confidence in the recovery is growing, rapidly.\nEconomists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.\nThe renewed optimism is being driven by two major factors: the health crisis is easing and Uncle Sam is coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.\nAfter supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.\n\"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.\nThe turning point happened last month when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.\n'Summer mini-boom'\nBefore the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a forecast by Treasury Secretary Janet Yellen.\n\"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.\nOxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.\nLikewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"\n\"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.\nIndeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.\nThe rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.\nDouble-dip recession averted\nThe Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.\nFor months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.\nAt the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.\n\"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.\nSlammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States added just 49,000 jobs in January.\nJobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.\nVaccines to the rescue\nBut there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.\nCritically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.\nAnd Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday that the United States may be able to vaccinate most Americans by the middle or end of summer.\nAll of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.\nThat's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants force US states and cities to once again tighten health restrictions.\nLow-wage workers are still hurting badly\nAgainst this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.\n\"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"\nDoing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.\nEmployment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.\n\"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.\nHowever, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.\n\"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.\n'Bring it on'\nSome economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington overheats the economy by injecting too much support.\n\"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.\nAnd that in turn would spook the red-hot stock market.\nFed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.\nCiting \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.\nZandi isn't losing sleep over inflation, mostly because the United States is far from full employment.\n\"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2625,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197968757,"gmtCreate":1621420818379,"gmtModify":1634189304905,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576582855873994","idStr":"3576582855873994"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/197968757","repostId":"1158638540","repostType":4,"repost":{"id":"1158638540","kind":"news","pubTimestamp":1621409180,"share":"https://www.laohu8.com/m/news/1158638540?lang=zh_CN&edition=full","pubTime":"2021-05-19 15:26","market":"us","language":"en","title":"4 Things to Know Ahead of the Squarespace’s Direct Listing<blockquote>Squarespace直接上市前需要了解的4件事</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158638540","media":"Barrons","summary":"The pandemic prompted many small businesses to gain online storefronts for the first time, creating an e-commerce wave that helped website-creation platform Squarespace Inc. accelerate its revenue growth.Now Squarespace will test the resilience of that e-commerce momentum as a public company. Its shares are scheduled to begin trading Wednesday in a direct listing on the New York Stock Exchange under the ticker SQSP.The company offers various tools for website creation, including domains, e-comme","content":"<p>The pandemic prompted many small businesses to gain online storefronts for the first time, creating an e-commerce wave that helped website-creation platform Squarespace Inc. accelerate its revenue growth.</p><p><blockquote>疫情促使许多小企业首次获得在线店面，掀起了一股电子商务浪潮，帮助网站创建平台Squarespace Inc.加速了收入增长。</blockquote></p><p> Now Squarespace will test the resilience of that e-commerce momentum as a public company. Its shares are scheduled to begin trading Wednesday in a direct listing on the New York Stock Exchange under the ticker SQSP.</p><p><blockquote>现在，Squarespace将测试作为一家上市公司电子商务势头的弹性。其股票定于周三开始在纽约证券交易所直接上市交易，股票代码为SQSP。</blockquote></p><p> The company offers various tools for website creation, including domains, e-commerce functions and marketing capabilities. Squarespace aims to work with small businesses that have limited web expertise as well as “large brands” that need greater flexibility to customize based on their needs.</p><p><blockquote>该公司提供各种网站创建工具，包括域名、电子商务功能和营销能力。Squarespace旨在与网络专业知识有限的小型企业以及需要更大灵活性以根据其需求进行定制的“大品牌”合作。</blockquote></p><p> Squarespace sees itself playing into a number of trends, including a growing need for businesses to maintain direct relationships with their customers and an increased emphasis on do-it-yourself solutions that are “rapidly displacing expensive agencies and making equivalent design quality out-of-the-box, accessible and easy-to-use for all,” the company said in&nbsp;its filing with the Securities and Exchange Commission.</p><p><blockquote>Squarespace认为自己正在顺应许多趋势，包括企业越来越需要与客户保持直接关系，以及越来越重视自己动手的解决方案，这些解决方案“正在迅速取代昂贵的代理机构，并使同等的设计质量脱颖而出。该公司在向美国证券交易委员会提交的文件中表示，“所有人都可以访问且易于使用”。</blockquote></p><p> The company raised $300 million in a March funding round that gave the company an enterprise valuation of $10 billion, and is not raising any new funding as it lists. Here is what else you need to know about the company.</p><p><blockquote>该公司在3月份的一轮融资中筹集了3亿美元，使该公司的企业估值达到100亿美元，并且在上市时没有筹集任何新的资金。以下是您需要了解的关于该公司的其他信息。</blockquote></p><p> <b>Growing Revenue, Shrinking Profits</b></p><p><blockquote><b>收入增长，利润缩水</b></blockquote></p><p> Squarespace posted $621 million in revenue during 2020, up from $485 million a year earlier. Revenue was up 28% in the latest fiscal year, ahead of the 24% growth rate seen in the prior period.</p><p><blockquote>Squarespace 2020年收入为6.21亿美元，高于上年同期的4.85亿美元。最近一财年的收入增长了28%，高于上一季度24%的增长率。</blockquote></p><p> The company classifies 94% of its revenue as subscription-based. Squarespace added about 700,000 new unique subscriptions in 2020 and the company disclosed that more than two thirds of total subscriptions are annual.</p><p><blockquote>该公司将94%的收入归类为基于订阅的收入。Squarespace在2020年增加了约70万个新的独立订阅，该公司透露，超过三分之二的总订阅是年度订阅。</blockquote></p><p> About 70% of Squarespace’s revenue last year came from the U.S., while the rest was international.</p><p><blockquote>Squarespace去年约70%的收入来自美国，其余来自国际。</blockquote></p><p> Squarespace was profitable last year, recording about $30.6 million in net income, though profits were down from $58.2 million in 2019. The company’s “fundamentals highlight a rare combo of profitability and growth at scale,” wrote MKM Partners analyst Rohit Kulkarni.</p><p><blockquote>Squarespace去年实现盈利，净利润约为3060万美元，但利润低于2019年的5820万美元。MKM Partners分析师Rohit Kulkarni写道，该公司的“基本面凸显了盈利能力和大规模增长的罕见结合”。</blockquote></p><p> Despite a string of profitability on an annual basis, Squarespace generated a net loss of $10.1 million in the first quarter of 2021 compared with a loss of $1.1 million a year earlier. The company posted profits in each of the last three quarters of 2020.</p><p><blockquote>尽管每年都实现盈利，但Squarespace在2021年第一季度净亏损1010万美元，而去年同期亏损110万美元。该公司在2020年最后三个季度均实现盈利。</blockquote></p><p> <b>Competition Aplenty</b></p><p><blockquote><b>竞争激烈</b></blockquote></p><p> The company competes with a variety of different players across the e-commerce industry, according to its filing. Squarespace counts web-creation platforms like&nbsp;Wix.com&nbsp;(ticker: WIX) and Square’s (SQ) Weebly among its competition, along with e-commerce powerhouse&nbsp;Shopify&nbsp;(ticker: SHOP),&nbsp;which lets businesses set up online shops.</p><p><blockquote>根据其文件，该公司与电子商务行业的各种不同参与者竞争。Squarespace将Wix等网络创建平台视为其竞争对手。com（股票代码：WIX）和Square(SQ)Weebly，以及允许企业建立在线商店的电子商务巨头Shopify（股票代码：SHOP）。</blockquote></p><p> Squarespace also calls out competitors like GoDaddy (GDDY) that offer domain-name tools, as well as those providing email-marketing and scheduling functions, while arguing that its own “comprehensive, all-in-one platform, multichannel commerce capabilities” are an asset.</p><p><blockquote>Squarespace还评级了GoDaddy(GDDY)等提供域名工具以及提供电子邮件营销和日程安排功能的竞争对手，同时辩称其自己的“全面、一体化平台、多渠道商务能力”是一项资产。</blockquote></p><p> Jefferies analyst Brent Thill notes that Wix is larger than Squarespace, with revenue of $989 million last year versus $621 million for Squarespace. In addition, Squarespace’s revenue last year was similar to what Wix posted in 2018, but Wix was posting faster growth at that scale, and without the benefit of the pandemic-driven acceleration in e-commerce more broadly, he wrote.</p><p><blockquote>Jefferies分析师Brent Thill指出，Wix比Squarespace规模更大，去年的收入为9.89亿美元，而Squarespace的收入为6.21亿美元。此外，他写道，Squarespace去年的收入与Wix 2018年的收入相似，但Wix在这一规模上的增长更快，而且没有受益于大流行推动的更广泛的电子商务加速。</blockquote></p><p> <b>On the Menu</b></p><p><blockquote><b>在菜单上</b></blockquote></p><p> SquareSpace recently closed its $415 million acquisition of Tock, a company focused on the restaurant and hospitality industries. Tock’s services allow businesses to manage reservations, takeout, event ticketing and more.</p><p><blockquote>SquareSpace最近完成了对Tock的4.15亿美元收购，Tock是一家专注于餐饮和酒店行业的公司。Tock的服务允许企业管理预订、外卖、活动票务等。</blockquote></p><p> This part of the business may position SquareSpace against more tech giants, suggested MKM’s Kulkarni.</p><p><blockquote>MKM的库尔卡尼表示，这部分业务可能会使SquareSpace与更多科技巨头竞争。</blockquote></p><p> “SquareSpace’s offering with Tock faces competition from delivery services such as Uber Eats (UBER),DoorDash&nbsp;(DASH) and&nbsp;Grubhub&nbsp;(GRUB),&nbsp;along with other restaurant [customer-relationship management] services such as TouchBistro and Toast,” he wrote.</p><p><blockquote>“SquareSpace提供的Tock产品面临着来自Uber Eats(UBER)、DoorDash(DASH)和Grubhub(GRUB)等配送服务以及TouchBistro和Toast等其他餐厅[客户关系管理]服务的竞争，”他写道。</blockquote></p><p> At the same time, the acquisition is an example of one way Squarespace has “smartly diversified into selling not just physical goods online but also adding calendar/scheduling capabilities (restaurant or gym reservations), content sales, and subscriptions,” he continued.</p><p><blockquote>与此同时，此次收购是Squarespace“巧妙地多元化，不仅在线销售实物商品，还增加日历/日程安排功能（餐厅或健身房预订）、内容销售和订阅”的一个例子，他继续说道。</blockquote></p><p> <b>Marketing Bucks</b></p><p><blockquote><b>营销雄鹿</b></blockquote></p><p> Squarespace’s marketing and sales costs are growing far faster than its revenue. The company incurred $3.1 million in such expenses last year, up from $1.7 million in 2019, making for a 45% increase, whereas revenue was up 28% in the same span.</p><p><blockquote>Squarespace的营销和销售成本增长速度远远快于其收入增长速度。该公司去年的此类费用为310万美元，高于2019年的170万美元，增长了45%，而同期收入增长了28%。</blockquote></p><p></p><p> The company’s podcast advertisements may be familiar to frequent listeners, though Squarespace notes in its prospectus that it advertises its services broadly, using “online keyword search, sponsorships and celebrity endorsements, television, podcasts, print and online advertising, email and social media marketing.”</p><p><blockquote>该公司的播客广告可能为经常听众所熟悉，尽管Squarespace在其招股说明书中指出，它使用“在线关键字搜索、赞助和名人代言、电视、播客、印刷和在线广告、电子邮件和社交媒体营销”广泛宣传其服务。”</blockquote></p><p> Among its risk factors, Squarespace points to the possibility that Alphabet’s (GOOGL) Google could change its algorithm or raise the costs of its search-engine-marketing tools.</p><p><blockquote>在其风险因素中，Squarespace指出，Alphabet（GOOGL）的谷歌可能会改变其算法或提高其搜索引擎营销工具的成本。</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>4 Things to Know Ahead of the Squarespace’s Direct Listing<blockquote>Squarespace直接上市前需要了解的4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\">\n4 Things to Know Ahead of the Squarespace’s Direct Listing<blockquote>Squarespace直接上市前需要了解的4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 15:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The pandemic prompted many small businesses to gain online storefronts for the first time, creating an e-commerce wave that helped website-creation platform Squarespace Inc. accelerate its revenue growth.</p><p><blockquote>疫情促使许多小企业首次获得在线店面，掀起了一股电子商务浪潮，帮助网站创建平台Squarespace Inc.加速了收入增长。</blockquote></p><p> Now Squarespace will test the resilience of that e-commerce momentum as a public company. Its shares are scheduled to begin trading Wednesday in a direct listing on the New York Stock Exchange under the ticker SQSP.</p><p><blockquote>现在，Squarespace将测试作为一家上市公司电子商务势头的弹性。其股票定于周三开始在纽约证券交易所直接上市交易，股票代码为SQSP。</blockquote></p><p> The company offers various tools for website creation, including domains, e-commerce functions and marketing capabilities. Squarespace aims to work with small businesses that have limited web expertise as well as “large brands” that need greater flexibility to customize based on their needs.</p><p><blockquote>该公司提供各种网站创建工具，包括域名、电子商务功能和营销能力。Squarespace旨在与网络专业知识有限的小型企业以及需要更大灵活性以根据其需求进行定制的“大品牌”合作。</blockquote></p><p> Squarespace sees itself playing into a number of trends, including a growing need for businesses to maintain direct relationships with their customers and an increased emphasis on do-it-yourself solutions that are “rapidly displacing expensive agencies and making equivalent design quality out-of-the-box, accessible and easy-to-use for all,” the company said in&nbsp;its filing with the Securities and Exchange Commission.</p><p><blockquote>Squarespace认为自己正在顺应许多趋势，包括企业越来越需要与客户保持直接关系，以及越来越重视自己动手的解决方案，这些解决方案“正在迅速取代昂贵的代理机构，并使同等的设计质量脱颖而出。该公司在向美国证券交易委员会提交的文件中表示，“所有人都可以访问且易于使用”。</blockquote></p><p> The company raised $300 million in a March funding round that gave the company an enterprise valuation of $10 billion, and is not raising any new funding as it lists. Here is what else you need to know about the company.</p><p><blockquote>该公司在3月份的一轮融资中筹集了3亿美元，使该公司的企业估值达到100亿美元，并且在上市时没有筹集任何新的资金。以下是您需要了解的关于该公司的其他信息。</blockquote></p><p> <b>Growing Revenue, Shrinking Profits</b></p><p><blockquote><b>收入增长，利润缩水</b></blockquote></p><p> Squarespace posted $621 million in revenue during 2020, up from $485 million a year earlier. Revenue was up 28% in the latest fiscal year, ahead of the 24% growth rate seen in the prior period.</p><p><blockquote>Squarespace 2020年收入为6.21亿美元，高于上年同期的4.85亿美元。最近一财年的收入增长了28%，高于上一季度24%的增长率。</blockquote></p><p> The company classifies 94% of its revenue as subscription-based. Squarespace added about 700,000 new unique subscriptions in 2020 and the company disclosed that more than two thirds of total subscriptions are annual.</p><p><blockquote>该公司将94%的收入归类为基于订阅的收入。Squarespace在2020年增加了约70万个新的独立订阅，该公司透露，超过三分之二的总订阅是年度订阅。</blockquote></p><p> About 70% of Squarespace’s revenue last year came from the U.S., while the rest was international.</p><p><blockquote>Squarespace去年约70%的收入来自美国，其余来自国际。</blockquote></p><p> Squarespace was profitable last year, recording about $30.6 million in net income, though profits were down from $58.2 million in 2019. The company’s “fundamentals highlight a rare combo of profitability and growth at scale,” wrote MKM Partners analyst Rohit Kulkarni.</p><p><blockquote>Squarespace去年实现盈利，净利润约为3060万美元，但利润低于2019年的5820万美元。MKM Partners分析师Rohit Kulkarni写道，该公司的“基本面凸显了盈利能力和大规模增长的罕见结合”。</blockquote></p><p> Despite a string of profitability on an annual basis, Squarespace generated a net loss of $10.1 million in the first quarter of 2021 compared with a loss of $1.1 million a year earlier. The company posted profits in each of the last three quarters of 2020.</p><p><blockquote>尽管每年都实现盈利，但Squarespace在2021年第一季度净亏损1010万美元，而去年同期亏损110万美元。该公司在2020年最后三个季度均实现盈利。</blockquote></p><p> <b>Competition Aplenty</b></p><p><blockquote><b>竞争激烈</b></blockquote></p><p> The company competes with a variety of different players across the e-commerce industry, according to its filing. Squarespace counts web-creation platforms like&nbsp;Wix.com&nbsp;(ticker: WIX) and Square’s (SQ) Weebly among its competition, along with e-commerce powerhouse&nbsp;Shopify&nbsp;(ticker: SHOP),&nbsp;which lets businesses set up online shops.</p><p><blockquote>根据其文件，该公司与电子商务行业的各种不同参与者竞争。Squarespace将Wix等网络创建平台视为其竞争对手。com（股票代码：WIX）和Square(SQ)Weebly，以及允许企业建立在线商店的电子商务巨头Shopify（股票代码：SHOP）。</blockquote></p><p> Squarespace also calls out competitors like GoDaddy (GDDY) that offer domain-name tools, as well as those providing email-marketing and scheduling functions, while arguing that its own “comprehensive, all-in-one platform, multichannel commerce capabilities” are an asset.</p><p><blockquote>Squarespace还评级了GoDaddy(GDDY)等提供域名工具以及提供电子邮件营销和日程安排功能的竞争对手，同时辩称其自己的“全面、一体化平台、多渠道商务能力”是一项资产。</blockquote></p><p> Jefferies analyst Brent Thill notes that Wix is larger than Squarespace, with revenue of $989 million last year versus $621 million for Squarespace. In addition, Squarespace’s revenue last year was similar to what Wix posted in 2018, but Wix was posting faster growth at that scale, and without the benefit of the pandemic-driven acceleration in e-commerce more broadly, he wrote.</p><p><blockquote>Jefferies分析师Brent Thill指出，Wix比Squarespace规模更大，去年的收入为9.89亿美元，而Squarespace的收入为6.21亿美元。此外，他写道，Squarespace去年的收入与Wix 2018年的收入相似，但Wix在这一规模上的增长更快，而且没有受益于大流行推动的更广泛的电子商务加速。</blockquote></p><p> <b>On the Menu</b></p><p><blockquote><b>在菜单上</b></blockquote></p><p> SquareSpace recently closed its $415 million acquisition of Tock, a company focused on the restaurant and hospitality industries. Tock’s services allow businesses to manage reservations, takeout, event ticketing and more.</p><p><blockquote>SquareSpace最近完成了对Tock的4.15亿美元收购，Tock是一家专注于餐饮和酒店行业的公司。Tock的服务允许企业管理预订、外卖、活动票务等。</blockquote></p><p> This part of the business may position SquareSpace against more tech giants, suggested MKM’s Kulkarni.</p><p><blockquote>MKM的库尔卡尼表示，这部分业务可能会使SquareSpace与更多科技巨头竞争。</blockquote></p><p> “SquareSpace’s offering with Tock faces competition from delivery services such as Uber Eats (UBER),DoorDash&nbsp;(DASH) and&nbsp;Grubhub&nbsp;(GRUB),&nbsp;along with other restaurant [customer-relationship management] services such as TouchBistro and Toast,” he wrote.</p><p><blockquote>“SquareSpace提供的Tock产品面临着来自Uber Eats(UBER)、DoorDash(DASH)和Grubhub(GRUB)等配送服务以及TouchBistro和Toast等其他餐厅[客户关系管理]服务的竞争，”他写道。</blockquote></p><p> At the same time, the acquisition is an example of one way Squarespace has “smartly diversified into selling not just physical goods online but also adding calendar/scheduling capabilities (restaurant or gym reservations), content sales, and subscriptions,” he continued.</p><p><blockquote>与此同时，此次收购是Squarespace“巧妙地多元化，不仅在线销售实物商品，还增加日历/日程安排功能（餐厅或健身房预订）、内容销售和订阅”的一个例子，他继续说道。</blockquote></p><p> <b>Marketing Bucks</b></p><p><blockquote><b>营销雄鹿</b></blockquote></p><p> Squarespace’s marketing and sales costs are growing far faster than its revenue. The company incurred $3.1 million in such expenses last year, up from $1.7 million in 2019, making for a 45% increase, whereas revenue was up 28% in the same span.</p><p><blockquote>Squarespace的营销和销售成本增长速度远远快于其收入增长速度。该公司去年的此类费用为310万美元，高于2019年的170万美元，增长了45%，而同期收入增长了28%。</blockquote></p><p></p><p> The company’s podcast advertisements may be familiar to frequent listeners, though Squarespace notes in its prospectus that it advertises its services broadly, using “online keyword search, sponsorships and celebrity endorsements, television, podcasts, print and online advertising, email and social media marketing.”</p><p><blockquote>该公司的播客广告可能为经常听众所熟悉，尽管Squarespace在其招股说明书中指出，它使用“在线关键字搜索、赞助和名人代言、电视、播客、印刷和在线广告、电子邮件和社交媒体营销”广泛宣传其服务。”</blockquote></p><p> Among its risk factors, Squarespace points to the possibility that Alphabet’s (GOOGL) Google could change its algorithm or raise the costs of its search-engine-marketing tools.</p><p><blockquote>在其风险因素中，Squarespace指出，Alphabet（GOOGL）的谷歌可能会改变其算法或提高其搜索引擎营销工具的成本。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/squarespace-direct-listing-51621376597?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":{"SQSP":"Squarespace Inc."},"source_url":"https://www.barrons.com/articles/squarespace-direct-listing-51621376597?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158638540","content_text":"The pandemic prompted many small businesses to gain online storefronts for the first time, creating an e-commerce wave that helped website-creation platform Squarespace Inc. accelerate its revenue growth.\nNow Squarespace will test the resilience of that e-commerce momentum as a public company. Its shares are scheduled to begin trading Wednesday in a direct listing on the New York Stock Exchange under the ticker SQSP.\nThe company offers various tools for website creation, including domains, e-commerce functions and marketing capabilities. Squarespace aims to work with small businesses that have limited web expertise as well as “large brands” that need greater flexibility to customize based on their needs.\nSquarespace sees itself playing into a number of trends, including a growing need for businesses to maintain direct relationships with their customers and an increased emphasis on do-it-yourself solutions that are “rapidly displacing expensive agencies and making equivalent design quality out-of-the-box, accessible and easy-to-use for all,” the company said in its filing with the Securities and Exchange Commission.\nThe company raised $300 million in a March funding round that gave the company an enterprise valuation of $10 billion, and is not raising any new funding as it lists. Here is what else you need to know about the company.\nGrowing Revenue, Shrinking Profits\nSquarespace posted $621 million in revenue during 2020, up from $485 million a year earlier. Revenue was up 28% in the latest fiscal year, ahead of the 24% growth rate seen in the prior period.\nThe company classifies 94% of its revenue as subscription-based. Squarespace added about 700,000 new unique subscriptions in 2020 and the company disclosed that more than two thirds of total subscriptions are annual.\nAbout 70% of Squarespace’s revenue last year came from the U.S., while the rest was international.\nSquarespace was profitable last year, recording about $30.6 million in net income, though profits were down from $58.2 million in 2019. The company’s “fundamentals highlight a rare combo of profitability and growth at scale,” wrote MKM Partners analyst Rohit Kulkarni.\nDespite a string of profitability on an annual basis, Squarespace generated a net loss of $10.1 million in the first quarter of 2021 compared with a loss of $1.1 million a year earlier. The company posted profits in each of the last three quarters of 2020.\nCompetition Aplenty\nThe company competes with a variety of different players across the e-commerce industry, according to its filing. Squarespace counts web-creation platforms like Wix.com (ticker: WIX) and Square’s (SQ) Weebly among its competition, along with e-commerce powerhouse Shopify (ticker: SHOP), which lets businesses set up online shops.\nSquarespace also calls out competitors like GoDaddy (GDDY) that offer domain-name tools, as well as those providing email-marketing and scheduling functions, while arguing that its own “comprehensive, all-in-one platform, multichannel commerce capabilities” are an asset.\nJefferies analyst Brent Thill notes that Wix is larger than Squarespace, with revenue of $989 million last year versus $621 million for Squarespace. In addition, Squarespace’s revenue last year was similar to what Wix posted in 2018, but Wix was posting faster growth at that scale, and without the benefit of the pandemic-driven acceleration in e-commerce more broadly, he wrote.\nOn the Menu\nSquareSpace recently closed its $415 million acquisition of Tock, a company focused on the restaurant and hospitality industries. Tock’s services allow businesses to manage reservations, takeout, event ticketing and more.\nThis part of the business may position SquareSpace against more tech giants, suggested MKM’s Kulkarni.\n“SquareSpace’s offering with Tock faces competition from delivery services such as Uber Eats (UBER),DoorDash (DASH) and Grubhub (GRUB), along with other restaurant [customer-relationship management] services such as TouchBistro and Toast,” he wrote.\nAt the same time, the acquisition is an example of one way Squarespace has “smartly diversified into selling not just physical goods online but also adding calendar/scheduling capabilities (restaurant or gym reservations), content sales, and subscriptions,” he continued.\nMarketing Bucks\nSquarespace’s marketing and sales costs are growing far faster than its revenue. The company incurred $3.1 million in such expenses last year, up from $1.7 million in 2019, making for a 45% increase, whereas revenue was up 28% in the same span.\nThe company’s podcast advertisements may be familiar to frequent listeners, though Squarespace notes in its prospectus that it advertises its services broadly, using “online keyword search, sponsorships and celebrity endorsements, television, podcasts, print and online advertising, email and social media marketing.”\nAmong its risk factors, Squarespace points to the possibility that Alphabet’s (GOOGL) Google could change its algorithm or raise the costs of its search-engine-marketing tools.","news_type":1,"symbols_score_info":{"SQSP":0.9}},"isVote":1,"tweetType":1,"viewCount":2377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363868256,"gmtCreate":1614125996675,"gmtModify":1634551094868,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576582855873994","idStr":"3576582855873994"},"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/363868256","repostId":"1198320495","repostType":4,"isVote":1,"tweetType":1,"viewCount":2333,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369210268,"gmtCreate":1614046501354,"gmtModify":1634551411617,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576582855873994","idStr":"3576582855873994"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/369210268","repostId":"1136280549","repostType":4,"isVote":1,"tweetType":1,"viewCount":1524,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369347717,"gmtCreate":1614006229239,"gmtModify":1634551556523,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576582855873994","idStr":"3576582855873994"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/369347717","repostId":"1135994288","repostType":4,"isVote":1,"tweetType":1,"viewCount":1544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360875485,"gmtCreate":1613894121047,"gmtModify":1634551924684,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576582855873994","idStr":"3576582855873994"},"themes":[],"htmlText":"Amazing news","listText":"Amazing news","text":"Amazing news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/360875485","repostId":"1161529893","repostType":4,"repost":{"id":"1161529893","kind":"news","pubTimestamp":1613733842,"share":"https://www.laohu8.com/m/news/1161529893?lang=zh_CN&edition=full","pubTime":"2021-02-19 19:24","market":"us","language":"en","title":"Goldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资行列——你应该加入吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161529893","media":"Marketwatch","summary":"‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.Robo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.Now anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by so","content":"<p>  ‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.  Robo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.</p><p><blockquote>加州圣地亚哥的财务顾问万斯·巴斯说，就像在拉斯维加斯一样，众议院通常会获胜。他经营着一家名为Your Dedicated Fiduciary的公司。机器人投资在几乎每个经纪平台上都变得越来越普遍。直到周二，高盛GS(-0.91%)将其机器人咨询服务Marcus限制为至少有1000万美元可投资的人。</blockquote></p><p> Now anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by some of Goldman Sachs’ wealthiest clients for a 0.35% annual advisory fee. But investing experts say there are more costs to consider before jumping on the robo-investing train.</p><p><blockquote>现在，任何拥有至少1,000美元可投资的人都可以使用高盛一些最富有的客户使用的相同交易算法，每年只需支付0.35%的咨询费。但投资专家表示，在跳上机器人投资列车之前，需要考虑更多成本。</blockquote></p><p> “Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.</p><p><blockquote>“就像在拉斯维加斯一样，众议院通常会获胜，”加利福尼亚州圣地亚哥的财务顾问万斯·巴斯(Vance Barse)说，他经营着一家名为Your Dedicated Fiduciary的公司。</blockquote></p><p> Although the 35 basis-point price tag is a “loss leader” to Goldman Sachs, he said companies typically make such offers in order to attract clients to cross-sell them banking products.</p><p><blockquote>尽管35个基点的价格标签对高盛来说是一个“亏损领头羊”，但他表示，公司通常会提出这样的报价，以吸引客户向他们交叉销售银行产品。</blockquote></p><p> “People forget that banks are ultimately in the business of making money,” he said.</p><p><blockquote>“人们忘记了银行最终是为了赚钱，”他说。</blockquote></p><p> Goldman Sachs declined to comment.</p><p><blockquote>高盛拒绝置评。</blockquote></p><p> The company is among other major financial-services firms offering digital advisers, including Vanguard, Fidelity and Schwab SCHW, +1.03% and startups such as Betterment and Wealthfront.</p><p><blockquote>该公司是其他提供数字顾问的主要金融服务公司之一，包括Vanguard、Fidelity和Schwab SCHW，+1.03%，以及Betterment和Wealthfront等初创公司。</blockquote></p><p> Fees for robo advisers can start at around 0.25%, and increase to 1% and above for traditional brokers. A survey of nearly 1,000 financial planners by Inside Information, a trade publication, found that the bigger the portfolio, the lower the percentage clients paid in fees.</p><p><blockquote>机器人顾问的费用从0.25%左右开始，传统经纪商的费用会增加到1%及以上。行业出版物Inside Information对近1,000名理财规划师进行的一项调查发现，投资组合越大，客户支付的费用比例就越低。</blockquote></p><p> The median annual charge hovered at around 1% for portfolios of $1 million or less, and 0.5% for portfolios worth $5 million to $10 million.</p><p><blockquote>对于100万美元或以下的投资组合，年费中位数徘徊在1%左右，对于价值500万至1000万美元的投资组合，年费中位数徘徊在0.5%左右。</blockquote></p><p> Robo advisers like those on offer from Goldman Sachs and Betterment differ from robo platforms like Robinhood. The former suggest portfolios focused on exchange-traded funds, while Robinhood allows users to invest in individual ETFs, stocks, options and even cryptocurrencies.</p><p><blockquote>高盛和Betterment提供的机器人顾问与Robinhood等机器人平台不同。前者建议投资组合专注于交易所交易基金，而Robinhood允许用户投资个人ETF、股票、期权甚至加密货币。</blockquote></p><p> <b>Robo investing as a self-driving car</b></p><p><blockquote><b>机器人投资作为自动驾驶汽车</b></blockquote></p><p> Consumers have turned to robo-investing at unprecedented levels during the pandemic.</p><p><blockquote>在疫情期间，消费者以前所未有的水平转向机器人投资。</blockquote></p><p> The rate of new accounts opened jumped between 50% and 300% during the first quarter of 2020 compared to the fourth quarter of last year, according to a May report published by research and advisory firm Aite Group.</p><p><blockquote>根据研究和咨询公司艾特集团5月份发布的一份报告，与去年第四季度相比，2020年第一季度的新开户率跃升了50%至300%。</blockquote></p><p> So what is rob-investing? Think of it like a self-driving car.</p><p><blockquote>那么什么是rob投资呢？把它想象成一辆自动驾驶汽车。</blockquote></p><p> You put in your destination, buckle up in the backseat and your driver (robo adviser) will get there. You, the passenger, can’t easily slam the breaks if you fear your driver is leading you in the wrong direction. Nor can you put your foot on the gas pedal if you’re in a rush and want to get to your destination faster.</p><p><blockquote>你输入你的目的地，在后座系好安全带，你的司机（机器人顾问）就会到达那里。作为乘客，如果你担心你的司机把你引向错误的方向，你就不能轻易刹车。如果您赶时间并想更快地到达目的地，也不能踩油门。</blockquote></p><p> Robo-investing platforms use advanced-trading algorithm software to design investment portfolios based on factors such as an individual’s appetite for risk-taking and desired short-term and long-term returns.</p><p><blockquote>机器人投资平台使用先进的交易算法软件，根据个人的风险偏好以及期望的短期和长期回报等因素来设计投资组合。</blockquote></p><p> There are over 200 platforms that provide these services charging typically no more than a 0.5% annual advisory fee, compared to the 1% annual fee human investment advisors charge.</p><p><blockquote>有200多个平台提供这些服务，每年收取的咨询费通常不超过0.5%，而人力投资顾问收取的年费为1%。</blockquote></p><p> And rather than investing entirely on your own, which can become a second job and lead to emotional investment decisions, robo advisers handle buying and selling assets.</p><p><blockquote>机器人顾问处理资产的买卖，而不是完全自己投资，这可能成为第二份工作并导致情绪化的投资决策。</blockquote></p><p> Cynthia Loh, Schwab vice president of Digital Advice and Innovation, disagrees, and argues that robo investing doesn’t mean giving technology control of your money. Schwab, she said, has a team of investment experts who oversee investment strategy and keep watch during periods of market volatility, although some services have more input from humans than others.</p><p><blockquote>嘉信理财数字咨询和创新副总裁辛西娅·洛(Cynthia Loh)不同意这种观点，她认为机器人投资并不意味着让技术控制你的资金。她说，嘉信理财拥有一支投资专家团队，负责监督投资策略并在市场波动期间进行监控，尽管有些服务比其他服务有更多的人工输入。</blockquote></p><p> As she recently wrote on MarketWatch: “One common misconception about automated investing is that choosing a robo adviser essentially means handing control of your money over to robots. The truth is that robo solutions have a combination of automated and human components running things behind the scenes.”</p><p><blockquote>正如她最近在MarketWatch上所写：“关于自动化投资的一个常见误解是，选择机器人顾问本质上意味着将资金的控制权交给机器人。事实是，机器人解决方案结合了自动化和人工组件，在幕后运行事物。”</blockquote></p><p> <b>Robos appeal to inexperienced investors</b></p><p><blockquote><b>机器人吸引缺乏经验的投资者</b></blockquote></p><p> Robo investing tends to appeal to inexperienced investors or ones who don’t have the time or energy to manage their own portfolios. These investors can take comfort in the “set it and forget it approach to investing and overtime let the markets do their thing,” Barse said.</p><p><blockquote>机器人投资往往吸引缺乏经验的投资者或没有时间或精力管理自己投资组合的投资者。巴尔斯说，这些投资者可以对“一劳永逸”的投资方法感到放心，随着时间的推移，让市场做自己的事情”。</blockquote></p><p> That makes it much easier to stomach market volatility knowing that you don’t necessarily have to make spur-of-the-moment decisions to buy or sell assets, said Tiffany Lam-Balfour, an investing and retirement specialist at NerdWallet.</p><p><blockquote>NerdWallet的投资和退休专家蒂芙尼·拉姆-贝尔福(Tiffany Lam-Balfour)表示，这使得你更容易承受市场波动，因为你不一定必须做出购买或出售资产的冲动决定。</blockquote></p><p> “When you’re investing, you don’t want to keep looking at the market and going ‘Oh I need to get out of this,’” she said. “You want to leave it to the professionals to get you through it because they know what your time horizon is, and they’ll adjust your portfolio automatically for you.”</p><p><blockquote>“当你投资时，你不会想一直关注市场并说‘哦，我需要摆脱困境’，”她说。“你想让专业人士来帮你度过难关，因为他们知道你的时间范围，他们会自动为你调整你的投资组合。”</blockquote></p><p></p><p> That said, “you can’t just expect your investments will only go up. Even if you had the world’s best human financial adviser you can’t expect that.”</p><p><blockquote>也就是说，“你不能指望你的投资只会上涨。即使你有世界上最好的人类财务顾问，你也不能指望这一点。”</blockquote></p><p> Others disagree, and say robo advisers appeal to older investors. “Planning for and paying yourself in retirement is complex. There are many options out there to help investors through it, and robo investing is one of them,” Loh said.</p><p><blockquote>其他人不同意，并表示机器人顾问对老年投资者有吸引力。“退休后的规划和支付费用很复杂。有很多选择可以帮助投资者度过难关，机器人投资就是其中之一，”Loh说。</blockquote></p><p> “Many thoughtful, long-term investors have discovered that they want a more modern, streamlined, and inexpensive way to invest, and robo investing fits the bill. They are happy to let technology handle the mundane activities that are harder and more time-consuming for investors to do themselves,” she added.</p><p><blockquote>“许多深思熟虑的长期投资者发现，他们想要一种更现代、更简化、更便宜的投资方式，而机器人投资正好符合这一要求。他们很乐意让技术来处理更困难、更耗时的日常活动。投资者自己做，”她补充道。</blockquote></p><p> <b>There is often no door to knock on</b></p><p><blockquote><b>常常无门可敲</b></blockquote></p><p> Your robo adviser only knows what you tell it. The simplistic questionnaire you’re required to fill out will on most robo-investing platforms will collect information on your annual income, desired age to retire and the level of risk you’re willing to take on.</p><p><blockquote>你的机器人顾问只知道你告诉它什么。大多数机器人投资平台上要求您填写的简单问卷将收集有关您的年收入、期望退休年龄以及您愿意承担的风险水平的信息。</blockquote></p><p> It won’t however know if you just had a child and would like to begin saving for their education down the road or if you recently lost your job.</p><p><blockquote>然而，它不会知道你是否刚刚有了一个孩子，并想开始为他们的教育存钱，或者你是否最近失业了。</blockquote></p><p> “The question then becomes to whom does that person go to for advice and does that platform offer that and if so, to what level of complexity?” said Barse.</p><p><blockquote>“那么问题就变成了那个人向谁寻求建议？该平台是否提供建议？如果提供，复杂程度如何？”巴斯说。</blockquote></p><p> Not all platforms give individualized investment advice and the hybrid models that do offer advice from a human tend to charge higher annual fees.</p><p><blockquote>并非所有平台都提供个性化投资建议，提供人工建议的混合模式往往会收取更高的年费。</blockquote></p><p> Additionally, a robo adviser won’t necessarily “manage your money with tax efficiency at front of mind,” said Roger Ma, a certified financial planner at Lifelaidout, a New York City-based financial advisory group.</p><p><blockquote>此外，纽约市财务咨询集团Lifelaidout的注册财务规划师罗杰·马(Roger Ma)表示，机器人顾问不一定“在管理资金时首先考虑税收效率”。</blockquote></p><p> For instance, one common way investors offset the taxes they pay on long-term investments is by selling assets that have accrued losses. Traditional advisers often specialize in constructing portfolios that lead to the most tax-efficient outcomes, said Ma, who is the author of “Work Your Money, Not Your Life”.</p><p><blockquote>例如，投资者抵消长期投资税款的一种常见方式是出售已累计亏损的资产。《工作你的钱，而不是你的生活》一书的作者马说，传统顾问通常专注于构建能带来最节税结果的投资组合。</blockquote></p><p> But with robo investing, the trades that are made for you are the same ones that are being made for a slew of other investors who may fall under a different tax-bracket than you.</p><p><blockquote>但通过机器人投资，为您进行的交易与为许多其他投资者进行的交易是相同的，这些投资者可能属于与您不同的税级。</blockquote></p><p> On top of that, while robo investing may feel like a simplistic way to get into investing, especially for beginners it can “overcomplicate investing,” Ma said.</p><p><blockquote>最重要的是，虽然机器人投资可能感觉像是一种简单的投资方式，特别是对于初学者来说，它可能会“使投资过于复杂”，马云说。</blockquote></p><p> “If you are just looking to dip your toe in and you want to feel like you’re invested in a diversified portfolio, I wouldn’t say definitely don’t do a robo adviser,” he said.</p><p><blockquote>“如果你只是想尝试一下，并且想感觉自己投资于多元化的投资组合，我不会说绝对不要聘请机器人顾问，”他说。</blockquote></p><p> Don’t rule out investing through a target-date fund that selects a single fund to invest in and adjusts the position over time based on their investment goals, he added.</p><p><blockquote>他补充说，不要排除通过目标日期基金进行投资，该基金选择单一基金进行投资，并根据投资目标随着时间的推移调整头寸。</blockquote></p><p> But not everyone can tell the difference between robo advice and advice from a human being. In 2015, MarketWatch asked four prominent robo advisers and four of the traditional, flesh-and-blood variety to construct portfolios for a hypothetical 35-year-old investor with $40,000 to invest.</p><p><blockquote>但并不是每个人都能区分机器人的建议和人类的建议。2015年，MarketWatch请四位著名的机器人顾问和四位传统的有血有肉的机器人顾问为一位假设的35岁投资者构建投资组合，投资金额为40,000美元。</blockquote></p><p> The results were, perhaps, surprising for critics of robo advisers. The robots’ suggestions were “not massively different” from what the human advisers proposed, said Michael Kitces, Pinnacle Advisory Group’s research director, after reviewing the results.</p><p><blockquote>对于机器人顾问的批评者来说，结果或许令人惊讶。Pinnacle Advisory Group的研究总监Michael Kitces在审查结果后表示，机器人的建议与人类顾问的建议“没有太大不同”。</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>Goldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资行列——你应该加入吗？</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\">\nGoldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资行列——你应该加入吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketwatch</strong><span class=\"h-time small\">2021-02-19 19:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  ‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.  Robo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.</p><p><blockquote>加州圣地亚哥的财务顾问万斯·巴斯说，就像在拉斯维加斯一样，众议院通常会获胜。他经营着一家名为Your Dedicated Fiduciary的公司。机器人投资在几乎每个经纪平台上都变得越来越普遍。直到周二，高盛GS(-0.91%)将其机器人咨询服务Marcus限制为至少有1000万美元可投资的人。</blockquote></p><p> Now anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by some of Goldman Sachs’ wealthiest clients for a 0.35% annual advisory fee. But investing experts say there are more costs to consider before jumping on the robo-investing train.</p><p><blockquote>现在，任何拥有至少1,000美元可投资的人都可以使用高盛一些最富有的客户使用的相同交易算法，每年只需支付0.35%的咨询费。但投资专家表示，在跳上机器人投资列车之前，需要考虑更多成本。</blockquote></p><p> “Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.</p><p><blockquote>“就像在拉斯维加斯一样，众议院通常会获胜，”加利福尼亚州圣地亚哥的财务顾问万斯·巴斯(Vance Barse)说，他经营着一家名为Your Dedicated Fiduciary的公司。</blockquote></p><p> Although the 35 basis-point price tag is a “loss leader” to Goldman Sachs, he said companies typically make such offers in order to attract clients to cross-sell them banking products.</p><p><blockquote>尽管35个基点的价格标签对高盛来说是一个“亏损领头羊”，但他表示，公司通常会提出这样的报价，以吸引客户向他们交叉销售银行产品。</blockquote></p><p> “People forget that banks are ultimately in the business of making money,” he said.</p><p><blockquote>“人们忘记了银行最终是为了赚钱，”他说。</blockquote></p><p> Goldman Sachs declined to comment.</p><p><blockquote>高盛拒绝置评。</blockquote></p><p> The company is among other major financial-services firms offering digital advisers, including Vanguard, Fidelity and Schwab SCHW, +1.03% and startups such as Betterment and Wealthfront.</p><p><blockquote>该公司是其他提供数字顾问的主要金融服务公司之一，包括Vanguard、Fidelity和Schwab SCHW，+1.03%，以及Betterment和Wealthfront等初创公司。</blockquote></p><p> Fees for robo advisers can start at around 0.25%, and increase to 1% and above for traditional brokers. A survey of nearly 1,000 financial planners by Inside Information, a trade publication, found that the bigger the portfolio, the lower the percentage clients paid in fees.</p><p><blockquote>机器人顾问的费用从0.25%左右开始，传统经纪商的费用会增加到1%及以上。行业出版物Inside Information对近1,000名理财规划师进行的一项调查发现，投资组合越大，客户支付的费用比例就越低。</blockquote></p><p> The median annual charge hovered at around 1% for portfolios of $1 million or less, and 0.5% for portfolios worth $5 million to $10 million.</p><p><blockquote>对于100万美元或以下的投资组合，年费中位数徘徊在1%左右，对于价值500万至1000万美元的投资组合，年费中位数徘徊在0.5%左右。</blockquote></p><p> Robo advisers like those on offer from Goldman Sachs and Betterment differ from robo platforms like Robinhood. The former suggest portfolios focused on exchange-traded funds, while Robinhood allows users to invest in individual ETFs, stocks, options and even cryptocurrencies.</p><p><blockquote>高盛和Betterment提供的机器人顾问与Robinhood等机器人平台不同。前者建议投资组合专注于交易所交易基金，而Robinhood允许用户投资个人ETF、股票、期权甚至加密货币。</blockquote></p><p> <b>Robo investing as a self-driving car</b></p><p><blockquote><b>机器人投资作为自动驾驶汽车</b></blockquote></p><p> Consumers have turned to robo-investing at unprecedented levels during the pandemic.</p><p><blockquote>在疫情期间，消费者以前所未有的水平转向机器人投资。</blockquote></p><p> The rate of new accounts opened jumped between 50% and 300% during the first quarter of 2020 compared to the fourth quarter of last year, according to a May report published by research and advisory firm Aite Group.</p><p><blockquote>根据研究和咨询公司艾特集团5月份发布的一份报告，与去年第四季度相比，2020年第一季度的新开户率跃升了50%至300%。</blockquote></p><p> So what is rob-investing? Think of it like a self-driving car.</p><p><blockquote>那么什么是rob投资呢？把它想象成一辆自动驾驶汽车。</blockquote></p><p> You put in your destination, buckle up in the backseat and your driver (robo adviser) will get there. You, the passenger, can’t easily slam the breaks if you fear your driver is leading you in the wrong direction. Nor can you put your foot on the gas pedal if you’re in a rush and want to get to your destination faster.</p><p><blockquote>你输入你的目的地，在后座系好安全带，你的司机（机器人顾问）就会到达那里。作为乘客，如果你担心你的司机把你引向错误的方向，你就不能轻易刹车。如果您赶时间并想更快地到达目的地，也不能踩油门。</blockquote></p><p> Robo-investing platforms use advanced-trading algorithm software to design investment portfolios based on factors such as an individual’s appetite for risk-taking and desired short-term and long-term returns.</p><p><blockquote>机器人投资平台使用先进的交易算法软件，根据个人的风险偏好以及期望的短期和长期回报等因素来设计投资组合。</blockquote></p><p> There are over 200 platforms that provide these services charging typically no more than a 0.5% annual advisory fee, compared to the 1% annual fee human investment advisors charge.</p><p><blockquote>有200多个平台提供这些服务，每年收取的咨询费通常不超过0.5%，而人力投资顾问收取的年费为1%。</blockquote></p><p> And rather than investing entirely on your own, which can become a second job and lead to emotional investment decisions, robo advisers handle buying and selling assets.</p><p><blockquote>机器人顾问处理资产的买卖，而不是完全自己投资，这可能成为第二份工作并导致情绪化的投资决策。</blockquote></p><p> Cynthia Loh, Schwab vice president of Digital Advice and Innovation, disagrees, and argues that robo investing doesn’t mean giving technology control of your money. Schwab, she said, has a team of investment experts who oversee investment strategy and keep watch during periods of market volatility, although some services have more input from humans than others.</p><p><blockquote>嘉信理财数字咨询和创新副总裁辛西娅·洛(Cynthia Loh)不同意这种观点，她认为机器人投资并不意味着让技术控制你的资金。她说，嘉信理财拥有一支投资专家团队，负责监督投资策略并在市场波动期间进行监控，尽管有些服务比其他服务有更多的人工输入。</blockquote></p><p> As she recently wrote on MarketWatch: “One common misconception about automated investing is that choosing a robo adviser essentially means handing control of your money over to robots. The truth is that robo solutions have a combination of automated and human components running things behind the scenes.”</p><p><blockquote>正如她最近在MarketWatch上所写：“关于自动化投资的一个常见误解是，选择机器人顾问本质上意味着将资金的控制权交给机器人。事实是，机器人解决方案结合了自动化和人工组件，在幕后运行事物。”</blockquote></p><p> <b>Robos appeal to inexperienced investors</b></p><p><blockquote><b>机器人吸引缺乏经验的投资者</b></blockquote></p><p> Robo investing tends to appeal to inexperienced investors or ones who don’t have the time or energy to manage their own portfolios. These investors can take comfort in the “set it and forget it approach to investing and overtime let the markets do their thing,” Barse said.</p><p><blockquote>机器人投资往往吸引缺乏经验的投资者或没有时间或精力管理自己投资组合的投资者。巴尔斯说，这些投资者可以对“一劳永逸”的投资方法感到放心，随着时间的推移，让市场做自己的事情”。</blockquote></p><p> That makes it much easier to stomach market volatility knowing that you don’t necessarily have to make spur-of-the-moment decisions to buy or sell assets, said Tiffany Lam-Balfour, an investing and retirement specialist at NerdWallet.</p><p><blockquote>NerdWallet的投资和退休专家蒂芙尼·拉姆-贝尔福(Tiffany Lam-Balfour)表示，这使得你更容易承受市场波动，因为你不一定必须做出购买或出售资产的冲动决定。</blockquote></p><p> “When you’re investing, you don’t want to keep looking at the market and going ‘Oh I need to get out of this,’” she said. “You want to leave it to the professionals to get you through it because they know what your time horizon is, and they’ll adjust your portfolio automatically for you.”</p><p><blockquote>“当你投资时，你不会想一直关注市场并说‘哦，我需要摆脱困境’，”她说。“你想让专业人士来帮你度过难关，因为他们知道你的时间范围，他们会自动为你调整你的投资组合。”</blockquote></p><p></p><p> That said, “you can’t just expect your investments will only go up. Even if you had the world’s best human financial adviser you can’t expect that.”</p><p><blockquote>也就是说，“你不能指望你的投资只会上涨。即使你有世界上最好的人类财务顾问，你也不能指望这一点。”</blockquote></p><p> Others disagree, and say robo advisers appeal to older investors. “Planning for and paying yourself in retirement is complex. There are many options out there to help investors through it, and robo investing is one of them,” Loh said.</p><p><blockquote>其他人不同意，并表示机器人顾问对老年投资者有吸引力。“退休后的规划和支付费用很复杂。有很多选择可以帮助投资者度过难关，机器人投资就是其中之一，”Loh说。</blockquote></p><p> “Many thoughtful, long-term investors have discovered that they want a more modern, streamlined, and inexpensive way to invest, and robo investing fits the bill. They are happy to let technology handle the mundane activities that are harder and more time-consuming for investors to do themselves,” she added.</p><p><blockquote>“许多深思熟虑的长期投资者发现，他们想要一种更现代、更简化、更便宜的投资方式，而机器人投资正好符合这一要求。他们很乐意让技术来处理更困难、更耗时的日常活动。投资者自己做，”她补充道。</blockquote></p><p> <b>There is often no door to knock on</b></p><p><blockquote><b>常常无门可敲</b></blockquote></p><p> Your robo adviser only knows what you tell it. The simplistic questionnaire you’re required to fill out will on most robo-investing platforms will collect information on your annual income, desired age to retire and the level of risk you’re willing to take on.</p><p><blockquote>你的机器人顾问只知道你告诉它什么。大多数机器人投资平台上要求您填写的简单问卷将收集有关您的年收入、期望退休年龄以及您愿意承担的风险水平的信息。</blockquote></p><p> It won’t however know if you just had a child and would like to begin saving for their education down the road or if you recently lost your job.</p><p><blockquote>然而，它不会知道你是否刚刚有了一个孩子，并想开始为他们的教育存钱，或者你是否最近失业了。</blockquote></p><p> “The question then becomes to whom does that person go to for advice and does that platform offer that and if so, to what level of complexity?” said Barse.</p><p><blockquote>“那么问题就变成了那个人向谁寻求建议？该平台是否提供建议？如果提供，复杂程度如何？”巴斯说。</blockquote></p><p> Not all platforms give individualized investment advice and the hybrid models that do offer advice from a human tend to charge higher annual fees.</p><p><blockquote>并非所有平台都提供个性化投资建议，提供人工建议的混合模式往往会收取更高的年费。</blockquote></p><p> Additionally, a robo adviser won’t necessarily “manage your money with tax efficiency at front of mind,” said Roger Ma, a certified financial planner at Lifelaidout, a New York City-based financial advisory group.</p><p><blockquote>此外，纽约市财务咨询集团Lifelaidout的注册财务规划师罗杰·马(Roger Ma)表示，机器人顾问不一定“在管理资金时首先考虑税收效率”。</blockquote></p><p> For instance, one common way investors offset the taxes they pay on long-term investments is by selling assets that have accrued losses. Traditional advisers often specialize in constructing portfolios that lead to the most tax-efficient outcomes, said Ma, who is the author of “Work Your Money, Not Your Life”.</p><p><blockquote>例如，投资者抵消长期投资税款的一种常见方式是出售已累计亏损的资产。《工作你的钱，而不是你的生活》一书的作者马说，传统顾问通常专注于构建能带来最节税结果的投资组合。</blockquote></p><p> But with robo investing, the trades that are made for you are the same ones that are being made for a slew of other investors who may fall under a different tax-bracket than you.</p><p><blockquote>但通过机器人投资，为您进行的交易与为许多其他投资者进行的交易是相同的，这些投资者可能属于与您不同的税级。</blockquote></p><p> On top of that, while robo investing may feel like a simplistic way to get into investing, especially for beginners it can “overcomplicate investing,” Ma said.</p><p><blockquote>最重要的是，虽然机器人投资可能感觉像是一种简单的投资方式，特别是对于初学者来说，它可能会“使投资过于复杂”，马云说。</blockquote></p><p> “If you are just looking to dip your toe in and you want to feel like you’re invested in a diversified portfolio, I wouldn’t say definitely don’t do a robo adviser,” he said.</p><p><blockquote>“如果你只是想尝试一下，并且想感觉自己投资于多元化的投资组合，我不会说绝对不要聘请机器人顾问，”他说。</blockquote></p><p> Don’t rule out investing through a target-date fund that selects a single fund to invest in and adjusts the position over time based on their investment goals, he added.</p><p><blockquote>他补充说，不要排除通过目标日期基金进行投资，该基金选择单一基金进行投资，并根据投资目标随着时间的推移调整头寸。</blockquote></p><p> But not everyone can tell the difference between robo advice and advice from a human being. In 2015, MarketWatch asked four prominent robo advisers and four of the traditional, flesh-and-blood variety to construct portfolios for a hypothetical 35-year-old investor with $40,000 to invest.</p><p><blockquote>但并不是每个人都能区分机器人的建议和人类的建议。2015年，MarketWatch请四位著名的机器人顾问和四位传统的有血有肉的机器人顾问为一位假设的35岁投资者构建投资组合，投资金额为40,000美元。</blockquote></p><p> The results were, perhaps, surprising for critics of robo advisers. The robots’ suggestions were “not massively different” from what the human advisers proposed, said Michael Kitces, Pinnacle Advisory Group’s research director, after reviewing the results.</p><p><blockquote>对于机器人顾问的批评者来说，结果或许令人惊讶。Pinnacle Advisory Group的研究总监Michael Kitces在审查结果后表示，机器人的建议与人类顾问的建议“没有太大不同”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/goldman-sachs-is-joining-the-robo-investing-party-should-you-11613658128?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/goldman-sachs-is-joining-the-robo-investing-party-should-you-11613658128?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161529893","content_text":"‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.\n\nRobo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.\nNow anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by some of Goldman Sachs’ wealthiest clients for a 0.35% annual advisory fee. But investing experts say there are more costs to consider before jumping on the robo-investing train.\n“Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.\nAlthough the 35 basis-point price tag is a “loss leader” to Goldman Sachs, he said companies typically make such offers in order to attract clients to cross-sell them banking products.\n“People forget that banks are ultimately in the business of making money,” he said.\nGoldman Sachs declined to comment.\nThe company is among other major financial-services firms offering digital advisers, including Vanguard, Fidelity and Schwab SCHW, +1.03% and startups such as Betterment and Wealthfront.\nFees for robo advisers can start at around 0.25%, and increase to 1% and above for traditional brokers. A survey of nearly 1,000 financial planners by Inside Information, a trade publication, found that the bigger the portfolio, the lower the percentage clients paid in fees.\nThe median annual charge hovered at around 1% for portfolios of $1 million or less, and 0.5% for portfolios worth $5 million to $10 million.\nRobo advisers like those on offer from Goldman Sachs and Betterment differ from robo platforms like Robinhood. The former suggest portfolios focused on exchange-traded funds, while Robinhood allows users to invest in individual ETFs, stocks, options and even cryptocurrencies.\nRobo investing as a self-driving car\nConsumers have turned to robo-investing at unprecedented levels during the pandemic.\nThe rate of new accounts opened jumped between 50% and 300% during the first quarter of 2020 compared to the fourth quarter of last year, according to a May report published by research and advisory firm Aite Group.\nSo what is rob-investing? Think of it like a self-driving car.\nYou put in your destination, buckle up in the backseat and your driver (robo adviser) will get there. You, the passenger, can’t easily slam the breaks if you fear your driver is leading you in the wrong direction. Nor can you put your foot on the gas pedal if you’re in a rush and want to get to your destination faster.\nRobo-investing platforms use advanced-trading algorithm software to design investment portfolios based on factors such as an individual’s appetite for risk-taking and desired short-term and long-term returns.\nThere are over 200 platforms that provide these services charging typically no more than a 0.5% annual advisory fee, compared to the 1% annual fee human investment advisors charge.\nAnd rather than investing entirely on your own, which can become a second job and lead to emotional investment decisions, robo advisers handle buying and selling assets.\nCynthia Loh, Schwab vice president of Digital Advice and Innovation, disagrees, and argues that robo investing doesn’t mean giving technology control of your money. Schwab, she said, has a team of investment experts who oversee investment strategy and keep watch during periods of market volatility, although some services have more input from humans than others.\nAs she recently wrote on MarketWatch: “One common misconception about automated investing is that choosing a robo adviser essentially means handing control of your money over to robots. The truth is that robo solutions have a combination of automated and human components running things behind the scenes.”\nRobos appeal to inexperienced investors\nRobo investing tends to appeal to inexperienced investors or ones who don’t have the time or energy to manage their own portfolios. These investors can take comfort in the “set it and forget it approach to investing and overtime let the markets do their thing,” Barse said.\nThat makes it much easier to stomach market volatility knowing that you don’t necessarily have to make spur-of-the-moment decisions to buy or sell assets, said Tiffany Lam-Balfour, an investing and retirement specialist at NerdWallet.\n“When you’re investing, you don’t want to keep looking at the market and going ‘Oh I need to get out of this,’” she said. “You want to leave it to the professionals to get you through it because they know what your time horizon is, and they’ll adjust your portfolio automatically for you.”\nThat said, “you can’t just expect your investments will only go up. Even if you had the world’s best human financial adviser you can’t expect that.”\nOthers disagree, and say robo advisers appeal to older investors. “Planning for and paying yourself in retirement is complex. There are many options out there to help investors through it, and robo investing is one of them,” Loh said.\n“Many thoughtful, long-term investors have discovered that they want a more modern, streamlined, and inexpensive way to invest, and robo investing fits the bill. They are happy to let technology handle the mundane activities that are harder and more time-consuming for investors to do themselves,” she added.\nThere is often no door to knock on\nYour robo adviser only knows what you tell it. The simplistic questionnaire you’re required to fill out will on most robo-investing platforms will collect information on your annual income, desired age to retire and the level of risk you’re willing to take on.\nIt won’t however know if you just had a child and would like to begin saving for their education down the road or if you recently lost your job.\n“The question then becomes to whom does that person go to for advice and does that platform offer that and if so, to what level of complexity?” said Barse.\nNot all platforms give individualized investment advice and the hybrid models that do offer advice from a human tend to charge higher annual fees.\nAdditionally, a robo adviser won’t necessarily “manage your money with tax efficiency at front of mind,” said Roger Ma, a certified financial planner at Lifelaidout, a New York City-based financial advisory group.\nFor instance, one common way investors offset the taxes they pay on long-term investments is by selling assets that have accrued losses. Traditional advisers often specialize in constructing portfolios that lead to the most tax-efficient outcomes, said Ma, who is the author of “Work Your Money, Not Your Life”.\nBut with robo investing, the trades that are made for you are the same ones that are being made for a slew of other investors who may fall under a different tax-bracket than you.\nOn top of that, while robo investing may feel like a simplistic way to get into investing, especially for beginners it can “overcomplicate investing,” Ma said.\n“If you are just looking to dip your toe in and you want to feel like you’re invested in a diversified portfolio, I wouldn’t say definitely don’t do a robo adviser,” he said.\nDon’t rule out investing through a target-date fund that selects a single fund to invest in and adjusts the position over time based on their investment goals, he added.\nBut not everyone can tell the difference between robo advice and advice from a human being. In 2015, MarketWatch asked four prominent robo advisers and four of the traditional, flesh-and-blood variety to construct portfolios for a hypothetical 35-year-old investor with $40,000 to invest.\nThe results were, perhaps, surprising for critics of robo advisers. The robots’ suggestions were “not massively different” from what the human advisers proposed, said Michael Kitces, Pinnacle Advisory Group’s research director, after reviewing the results.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2457,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360871112,"gmtCreate":1613893220236,"gmtModify":1634551926821,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576582855873994","idStr":"3576582855873994"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/360871112","repostId":"1143100356","repostType":4,"isVote":1,"tweetType":1,"viewCount":2139,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":387760199,"gmtCreate":1613787064311,"gmtModify":1634552235992,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576582855873994","idStr":"3576582855873994"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/387760199","repostId":"1161529893","repostType":4,"repost":{"id":"1161529893","kind":"news","pubTimestamp":1613733842,"share":"https://www.laohu8.com/m/news/1161529893?lang=zh_CN&edition=full","pubTime":"2021-02-19 19:24","market":"us","language":"en","title":"Goldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资行列——你应该加入吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161529893","media":"Marketwatch","summary":"‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.Robo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.Now anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by so","content":"<p>  ‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.  Robo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.</p><p><blockquote>加州圣地亚哥的财务顾问万斯·巴斯说，就像在拉斯维加斯一样，众议院通常会获胜。他经营着一家名为Your Dedicated Fiduciary的公司。机器人投资在几乎每个经纪平台上都变得越来越普遍。直到周二，高盛GS(-0.91%)将其机器人咨询服务Marcus限制为至少有1000万美元可投资的人。</blockquote></p><p> Now anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by some of Goldman Sachs’ wealthiest clients for a 0.35% annual advisory fee. But investing experts say there are more costs to consider before jumping on the robo-investing train.</p><p><blockquote>现在，任何拥有至少1,000美元可投资的人都可以使用高盛一些最富有的客户使用的相同交易算法，每年只需支付0.35%的咨询费。但投资专家表示，在跳上机器人投资列车之前，需要考虑更多成本。</blockquote></p><p> “Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.</p><p><blockquote>“就像在拉斯维加斯一样，众议院通常会获胜，”加利福尼亚州圣地亚哥的财务顾问万斯·巴斯(Vance Barse)说，他经营着一家名为Your Dedicated Fiduciary的公司。</blockquote></p><p> Although the 35 basis-point price tag is a “loss leader” to Goldman Sachs, he said companies typically make such offers in order to attract clients to cross-sell them banking products.</p><p><blockquote>尽管35个基点的价格标签对高盛来说是一个“亏损领头羊”，但他表示，公司通常会提出这样的报价，以吸引客户向他们交叉销售银行产品。</blockquote></p><p> “People forget that banks are ultimately in the business of making money,” he said.</p><p><blockquote>“人们忘记了银行最终是为了赚钱，”他说。</blockquote></p><p> Goldman Sachs declined to comment.</p><p><blockquote>高盛拒绝置评。</blockquote></p><p> The company is among other major financial-services firms offering digital advisers, including Vanguard, Fidelity and Schwab SCHW, +1.03% and startups such as Betterment and Wealthfront.</p><p><blockquote>该公司是其他提供数字顾问的主要金融服务公司之一，包括Vanguard、Fidelity和Schwab SCHW，+1.03%，以及Betterment和Wealthfront等初创公司。</blockquote></p><p> Fees for robo advisers can start at around 0.25%, and increase to 1% and above for traditional brokers. A survey of nearly 1,000 financial planners by Inside Information, a trade publication, found that the bigger the portfolio, the lower the percentage clients paid in fees.</p><p><blockquote>机器人顾问的费用从0.25%左右开始，传统经纪商的费用会增加到1%及以上。行业出版物Inside Information对近1,000名理财规划师进行的一项调查发现，投资组合越大，客户支付的费用比例就越低。</blockquote></p><p> The median annual charge hovered at around 1% for portfolios of $1 million or less, and 0.5% for portfolios worth $5 million to $10 million.</p><p><blockquote>对于100万美元或以下的投资组合，年费中位数徘徊在1%左右，对于价值500万至1000万美元的投资组合，年费中位数徘徊在0.5%左右。</blockquote></p><p> Robo advisers like those on offer from Goldman Sachs and Betterment differ from robo platforms like Robinhood. The former suggest portfolios focused on exchange-traded funds, while Robinhood allows users to invest in individual ETFs, stocks, options and even cryptocurrencies.</p><p><blockquote>高盛和Betterment提供的机器人顾问与Robinhood等机器人平台不同。前者建议投资组合专注于交易所交易基金，而Robinhood允许用户投资个人ETF、股票、期权甚至加密货币。</blockquote></p><p> <b>Robo investing as a self-driving car</b></p><p><blockquote><b>机器人投资作为自动驾驶汽车</b></blockquote></p><p> Consumers have turned to robo-investing at unprecedented levels during the pandemic.</p><p><blockquote>在疫情期间，消费者以前所未有的水平转向机器人投资。</blockquote></p><p> The rate of new accounts opened jumped between 50% and 300% during the first quarter of 2020 compared to the fourth quarter of last year, according to a May report published by research and advisory firm Aite Group.</p><p><blockquote>根据研究和咨询公司艾特集团5月份发布的一份报告，与去年第四季度相比，2020年第一季度的新开户率跃升了50%至300%。</blockquote></p><p> So what is rob-investing? Think of it like a self-driving car.</p><p><blockquote>那么什么是rob投资呢？把它想象成一辆自动驾驶汽车。</blockquote></p><p> You put in your destination, buckle up in the backseat and your driver (robo adviser) will get there. You, the passenger, can’t easily slam the breaks if you fear your driver is leading you in the wrong direction. Nor can you put your foot on the gas pedal if you’re in a rush and want to get to your destination faster.</p><p><blockquote>你输入你的目的地，在后座系好安全带，你的司机（机器人顾问）就会到达那里。作为乘客，如果你担心你的司机把你引向错误的方向，你就不能轻易刹车。如果您赶时间并想更快地到达目的地，也不能踩油门。</blockquote></p><p> Robo-investing platforms use advanced-trading algorithm software to design investment portfolios based on factors such as an individual’s appetite for risk-taking and desired short-term and long-term returns.</p><p><blockquote>机器人投资平台使用先进的交易算法软件，根据个人的风险偏好以及期望的短期和长期回报等因素来设计投资组合。</blockquote></p><p> There are over 200 platforms that provide these services charging typically no more than a 0.5% annual advisory fee, compared to the 1% annual fee human investment advisors charge.</p><p><blockquote>有200多个平台提供这些服务，每年收取的咨询费通常不超过0.5%，而人力投资顾问收取的年费为1%。</blockquote></p><p> And rather than investing entirely on your own, which can become a second job and lead to emotional investment decisions, robo advisers handle buying and selling assets.</p><p><blockquote>机器人顾问处理资产的买卖，而不是完全自己投资，这可能成为第二份工作并导致情绪化的投资决策。</blockquote></p><p> Cynthia Loh, Schwab vice president of Digital Advice and Innovation, disagrees, and argues that robo investing doesn’t mean giving technology control of your money. Schwab, she said, has a team of investment experts who oversee investment strategy and keep watch during periods of market volatility, although some services have more input from humans than others.</p><p><blockquote>嘉信理财数字咨询和创新副总裁辛西娅·洛(Cynthia Loh)不同意这种观点，她认为机器人投资并不意味着让技术控制你的资金。她说，嘉信理财拥有一支投资专家团队，负责监督投资策略并在市场波动期间进行监控，尽管有些服务比其他服务有更多的人工输入。</blockquote></p><p> As she recently wrote on MarketWatch: “One common misconception about automated investing is that choosing a robo adviser essentially means handing control of your money over to robots. The truth is that robo solutions have a combination of automated and human components running things behind the scenes.”</p><p><blockquote>正如她最近在MarketWatch上所写：“关于自动化投资的一个常见误解是，选择机器人顾问本质上意味着将资金的控制权交给机器人。事实是，机器人解决方案结合了自动化和人工组件，在幕后运行事物。”</blockquote></p><p> <b>Robos appeal to inexperienced investors</b></p><p><blockquote><b>机器人吸引缺乏经验的投资者</b></blockquote></p><p> Robo investing tends to appeal to inexperienced investors or ones who don’t have the time or energy to manage their own portfolios. These investors can take comfort in the “set it and forget it approach to investing and overtime let the markets do their thing,” Barse said.</p><p><blockquote>机器人投资往往吸引缺乏经验的投资者或没有时间或精力管理自己投资组合的投资者。巴尔斯说，这些投资者可以对“一劳永逸”的投资方法感到放心，随着时间的推移，让市场做自己的事情”。</blockquote></p><p> That makes it much easier to stomach market volatility knowing that you don’t necessarily have to make spur-of-the-moment decisions to buy or sell assets, said Tiffany Lam-Balfour, an investing and retirement specialist at NerdWallet.</p><p><blockquote>NerdWallet的投资和退休专家蒂芙尼·拉姆-贝尔福(Tiffany Lam-Balfour)表示，这使得你更容易承受市场波动，因为你不一定必须做出购买或出售资产的冲动决定。</blockquote></p><p> “When you’re investing, you don’t want to keep looking at the market and going ‘Oh I need to get out of this,’” she said. “You want to leave it to the professionals to get you through it because they know what your time horizon is, and they’ll adjust your portfolio automatically for you.”</p><p><blockquote>“当你投资时，你不会想一直关注市场并说‘哦，我需要摆脱困境’，”她说。“你想让专业人士来帮你度过难关，因为他们知道你的时间范围，他们会自动为你调整你的投资组合。”</blockquote></p><p></p><p> That said, “you can’t just expect your investments will only go up. Even if you had the world’s best human financial adviser you can’t expect that.”</p><p><blockquote>也就是说，“你不能指望你的投资只会上涨。即使你有世界上最好的人类财务顾问，你也不能指望这一点。”</blockquote></p><p> Others disagree, and say robo advisers appeal to older investors. “Planning for and paying yourself in retirement is complex. There are many options out there to help investors through it, and robo investing is one of them,” Loh said.</p><p><blockquote>其他人不同意，并表示机器人顾问对老年投资者有吸引力。“退休后的规划和支付费用很复杂。有很多选择可以帮助投资者度过难关，机器人投资就是其中之一，”Loh说。</blockquote></p><p> “Many thoughtful, long-term investors have discovered that they want a more modern, streamlined, and inexpensive way to invest, and robo investing fits the bill. They are happy to let technology handle the mundane activities that are harder and more time-consuming for investors to do themselves,” she added.</p><p><blockquote>“许多深思熟虑的长期投资者发现，他们想要一种更现代、更简化、更便宜的投资方式，而机器人投资正好符合这一要求。他们很乐意让技术来处理更困难、更耗时的日常活动。投资者自己做，”她补充道。</blockquote></p><p> <b>There is often no door to knock on</b></p><p><blockquote><b>常常无门可敲</b></blockquote></p><p> Your robo adviser only knows what you tell it. The simplistic questionnaire you’re required to fill out will on most robo-investing platforms will collect information on your annual income, desired age to retire and the level of risk you’re willing to take on.</p><p><blockquote>你的机器人顾问只知道你告诉它什么。大多数机器人投资平台上要求您填写的简单问卷将收集有关您的年收入、期望退休年龄以及您愿意承担的风险水平的信息。</blockquote></p><p> It won’t however know if you just had a child and would like to begin saving for their education down the road or if you recently lost your job.</p><p><blockquote>然而，它不会知道你是否刚刚有了一个孩子，并想开始为他们的教育存钱，或者你是否最近失业了。</blockquote></p><p> “The question then becomes to whom does that person go to for advice and does that platform offer that and if so, to what level of complexity?” said Barse.</p><p><blockquote>“那么问题就变成了那个人向谁寻求建议？该平台是否提供建议？如果提供，复杂程度如何？”巴斯说。</blockquote></p><p> Not all platforms give individualized investment advice and the hybrid models that do offer advice from a human tend to charge higher annual fees.</p><p><blockquote>并非所有平台都提供个性化投资建议，提供人工建议的混合模式往往会收取更高的年费。</blockquote></p><p> Additionally, a robo adviser won’t necessarily “manage your money with tax efficiency at front of mind,” said Roger Ma, a certified financial planner at Lifelaidout, a New York City-based financial advisory group.</p><p><blockquote>此外，纽约市财务咨询集团Lifelaidout的注册财务规划师罗杰·马(Roger Ma)表示，机器人顾问不一定“在管理资金时首先考虑税收效率”。</blockquote></p><p> For instance, one common way investors offset the taxes they pay on long-term investments is by selling assets that have accrued losses. Traditional advisers often specialize in constructing portfolios that lead to the most tax-efficient outcomes, said Ma, who is the author of “Work Your Money, Not Your Life”.</p><p><blockquote>例如，投资者抵消长期投资税款的一种常见方式是出售已累计亏损的资产。《工作你的钱，而不是你的生活》一书的作者马说，传统顾问通常专注于构建能带来最节税结果的投资组合。</blockquote></p><p> But with robo investing, the trades that are made for you are the same ones that are being made for a slew of other investors who may fall under a different tax-bracket than you.</p><p><blockquote>但通过机器人投资，为您进行的交易与为许多其他投资者进行的交易是相同的，这些投资者可能属于与您不同的税级。</blockquote></p><p> On top of that, while robo investing may feel like a simplistic way to get into investing, especially for beginners it can “overcomplicate investing,” Ma said.</p><p><blockquote>最重要的是，虽然机器人投资可能感觉像是一种简单的投资方式，特别是对于初学者来说，它可能会“使投资过于复杂”，马云说。</blockquote></p><p> “If you are just looking to dip your toe in and you want to feel like you’re invested in a diversified portfolio, I wouldn’t say definitely don’t do a robo adviser,” he said.</p><p><blockquote>“如果你只是想尝试一下，并且想感觉自己投资于多元化的投资组合，我不会说绝对不要聘请机器人顾问，”他说。</blockquote></p><p> Don’t rule out investing through a target-date fund that selects a single fund to invest in and adjusts the position over time based on their investment goals, he added.</p><p><blockquote>他补充说，不要排除通过目标日期基金进行投资，该基金选择单一基金进行投资，并根据投资目标随着时间的推移调整头寸。</blockquote></p><p> But not everyone can tell the difference between robo advice and advice from a human being. In 2015, MarketWatch asked four prominent robo advisers and four of the traditional, flesh-and-blood variety to construct portfolios for a hypothetical 35-year-old investor with $40,000 to invest.</p><p><blockquote>但并不是每个人都能区分机器人的建议和人类的建议。2015年，MarketWatch请四位著名的机器人顾问和四位传统的有血有肉的机器人顾问为一位假设的35岁投资者构建投资组合，投资金额为40,000美元。</blockquote></p><p> The results were, perhaps, surprising for critics of robo advisers. The robots’ suggestions were “not massively different” from what the human advisers proposed, said Michael Kitces, Pinnacle Advisory Group’s research director, after reviewing the results.</p><p><blockquote>对于机器人顾问的批评者来说，结果或许令人惊讶。Pinnacle Advisory Group的研究总监Michael Kitces在审查结果后表示，机器人的建议与人类顾问的建议“没有太大不同”。</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>Goldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资行列——你应该加入吗？</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\">\nGoldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资行列——你应该加入吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketwatch</strong><span class=\"h-time small\">2021-02-19 19:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  ‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.  Robo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.</p><p><blockquote>加州圣地亚哥的财务顾问万斯·巴斯说，就像在拉斯维加斯一样，众议院通常会获胜。他经营着一家名为Your Dedicated Fiduciary的公司。机器人投资在几乎每个经纪平台上都变得越来越普遍。直到周二，高盛GS(-0.91%)将其机器人咨询服务Marcus限制为至少有1000万美元可投资的人。</blockquote></p><p> Now anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by some of Goldman Sachs’ wealthiest clients for a 0.35% annual advisory fee. But investing experts say there are more costs to consider before jumping on the robo-investing train.</p><p><blockquote>现在，任何拥有至少1,000美元可投资的人都可以使用高盛一些最富有的客户使用的相同交易算法，每年只需支付0.35%的咨询费。但投资专家表示，在跳上机器人投资列车之前，需要考虑更多成本。</blockquote></p><p> “Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.</p><p><blockquote>“就像在拉斯维加斯一样，众议院通常会获胜，”加利福尼亚州圣地亚哥的财务顾问万斯·巴斯(Vance Barse)说，他经营着一家名为Your Dedicated Fiduciary的公司。</blockquote></p><p> Although the 35 basis-point price tag is a “loss leader” to Goldman Sachs, he said companies typically make such offers in order to attract clients to cross-sell them banking products.</p><p><blockquote>尽管35个基点的价格标签对高盛来说是一个“亏损领头羊”，但他表示，公司通常会提出这样的报价，以吸引客户向他们交叉销售银行产品。</blockquote></p><p> “People forget that banks are ultimately in the business of making money,” he said.</p><p><blockquote>“人们忘记了银行最终是为了赚钱，”他说。</blockquote></p><p> Goldman Sachs declined to comment.</p><p><blockquote>高盛拒绝置评。</blockquote></p><p> The company is among other major financial-services firms offering digital advisers, including Vanguard, Fidelity and Schwab SCHW, +1.03% and startups such as Betterment and Wealthfront.</p><p><blockquote>该公司是其他提供数字顾问的主要金融服务公司之一，包括Vanguard、Fidelity和Schwab SCHW，+1.03%，以及Betterment和Wealthfront等初创公司。</blockquote></p><p> Fees for robo advisers can start at around 0.25%, and increase to 1% and above for traditional brokers. A survey of nearly 1,000 financial planners by Inside Information, a trade publication, found that the bigger the portfolio, the lower the percentage clients paid in fees.</p><p><blockquote>机器人顾问的费用从0.25%左右开始，传统经纪商的费用会增加到1%及以上。行业出版物Inside Information对近1,000名理财规划师进行的一项调查发现，投资组合越大，客户支付的费用比例就越低。</blockquote></p><p> The median annual charge hovered at around 1% for portfolios of $1 million or less, and 0.5% for portfolios worth $5 million to $10 million.</p><p><blockquote>对于100万美元或以下的投资组合，年费中位数徘徊在1%左右，对于价值500万至1000万美元的投资组合，年费中位数徘徊在0.5%左右。</blockquote></p><p> Robo advisers like those on offer from Goldman Sachs and Betterment differ from robo platforms like Robinhood. The former suggest portfolios focused on exchange-traded funds, while Robinhood allows users to invest in individual ETFs, stocks, options and even cryptocurrencies.</p><p><blockquote>高盛和Betterment提供的机器人顾问与Robinhood等机器人平台不同。前者建议投资组合专注于交易所交易基金，而Robinhood允许用户投资个人ETF、股票、期权甚至加密货币。</blockquote></p><p> <b>Robo investing as a self-driving car</b></p><p><blockquote><b>机器人投资作为自动驾驶汽车</b></blockquote></p><p> Consumers have turned to robo-investing at unprecedented levels during the pandemic.</p><p><blockquote>在疫情期间，消费者以前所未有的水平转向机器人投资。</blockquote></p><p> The rate of new accounts opened jumped between 50% and 300% during the first quarter of 2020 compared to the fourth quarter of last year, according to a May report published by research and advisory firm Aite Group.</p><p><blockquote>根据研究和咨询公司艾特集团5月份发布的一份报告，与去年第四季度相比，2020年第一季度的新开户率跃升了50%至300%。</blockquote></p><p> So what is rob-investing? Think of it like a self-driving car.</p><p><blockquote>那么什么是rob投资呢？把它想象成一辆自动驾驶汽车。</blockquote></p><p> You put in your destination, buckle up in the backseat and your driver (robo adviser) will get there. You, the passenger, can’t easily slam the breaks if you fear your driver is leading you in the wrong direction. Nor can you put your foot on the gas pedal if you’re in a rush and want to get to your destination faster.</p><p><blockquote>你输入你的目的地，在后座系好安全带，你的司机（机器人顾问）就会到达那里。作为乘客，如果你担心你的司机把你引向错误的方向，你就不能轻易刹车。如果您赶时间并想更快地到达目的地，也不能踩油门。</blockquote></p><p> Robo-investing platforms use advanced-trading algorithm software to design investment portfolios based on factors such as an individual’s appetite for risk-taking and desired short-term and long-term returns.</p><p><blockquote>机器人投资平台使用先进的交易算法软件，根据个人的风险偏好以及期望的短期和长期回报等因素来设计投资组合。</blockquote></p><p> There are over 200 platforms that provide these services charging typically no more than a 0.5% annual advisory fee, compared to the 1% annual fee human investment advisors charge.</p><p><blockquote>有200多个平台提供这些服务，每年收取的咨询费通常不超过0.5%，而人力投资顾问收取的年费为1%。</blockquote></p><p> And rather than investing entirely on your own, which can become a second job and lead to emotional investment decisions, robo advisers handle buying and selling assets.</p><p><blockquote>机器人顾问处理资产的买卖，而不是完全自己投资，这可能成为第二份工作并导致情绪化的投资决策。</blockquote></p><p> Cynthia Loh, Schwab vice president of Digital Advice and Innovation, disagrees, and argues that robo investing doesn’t mean giving technology control of your money. Schwab, she said, has a team of investment experts who oversee investment strategy and keep watch during periods of market volatility, although some services have more input from humans than others.</p><p><blockquote>嘉信理财数字咨询和创新副总裁辛西娅·洛(Cynthia Loh)不同意这种观点，她认为机器人投资并不意味着让技术控制你的资金。她说，嘉信理财拥有一支投资专家团队，负责监督投资策略并在市场波动期间进行监控，尽管有些服务比其他服务有更多的人工输入。</blockquote></p><p> As she recently wrote on MarketWatch: “One common misconception about automated investing is that choosing a robo adviser essentially means handing control of your money over to robots. The truth is that robo solutions have a combination of automated and human components running things behind the scenes.”</p><p><blockquote>正如她最近在MarketWatch上所写：“关于自动化投资的一个常见误解是，选择机器人顾问本质上意味着将资金的控制权交给机器人。事实是，机器人解决方案结合了自动化和人工组件，在幕后运行事物。”</blockquote></p><p> <b>Robos appeal to inexperienced investors</b></p><p><blockquote><b>机器人吸引缺乏经验的投资者</b></blockquote></p><p> Robo investing tends to appeal to inexperienced investors or ones who don’t have the time or energy to manage their own portfolios. These investors can take comfort in the “set it and forget it approach to investing and overtime let the markets do their thing,” Barse said.</p><p><blockquote>机器人投资往往吸引缺乏经验的投资者或没有时间或精力管理自己投资组合的投资者。巴尔斯说，这些投资者可以对“一劳永逸”的投资方法感到放心，随着时间的推移，让市场做自己的事情”。</blockquote></p><p> That makes it much easier to stomach market volatility knowing that you don’t necessarily have to make spur-of-the-moment decisions to buy or sell assets, said Tiffany Lam-Balfour, an investing and retirement specialist at NerdWallet.</p><p><blockquote>NerdWallet的投资和退休专家蒂芙尼·拉姆-贝尔福(Tiffany Lam-Balfour)表示，这使得你更容易承受市场波动，因为你不一定必须做出购买或出售资产的冲动决定。</blockquote></p><p> “When you’re investing, you don’t want to keep looking at the market and going ‘Oh I need to get out of this,’” she said. “You want to leave it to the professionals to get you through it because they know what your time horizon is, and they’ll adjust your portfolio automatically for you.”</p><p><blockquote>“当你投资时，你不会想一直关注市场并说‘哦，我需要摆脱困境’，”她说。“你想让专业人士来帮你度过难关，因为他们知道你的时间范围，他们会自动为你调整你的投资组合。”</blockquote></p><p></p><p> That said, “you can’t just expect your investments will only go up. Even if you had the world’s best human financial adviser you can’t expect that.”</p><p><blockquote>也就是说，“你不能指望你的投资只会上涨。即使你有世界上最好的人类财务顾问，你也不能指望这一点。”</blockquote></p><p> Others disagree, and say robo advisers appeal to older investors. “Planning for and paying yourself in retirement is complex. There are many options out there to help investors through it, and robo investing is one of them,” Loh said.</p><p><blockquote>其他人不同意，并表示机器人顾问对老年投资者有吸引力。“退休后的规划和支付费用很复杂。有很多选择可以帮助投资者度过难关，机器人投资就是其中之一，”Loh说。</blockquote></p><p> “Many thoughtful, long-term investors have discovered that they want a more modern, streamlined, and inexpensive way to invest, and robo investing fits the bill. They are happy to let technology handle the mundane activities that are harder and more time-consuming for investors to do themselves,” she added.</p><p><blockquote>“许多深思熟虑的长期投资者发现，他们想要一种更现代、更简化、更便宜的投资方式，而机器人投资正好符合这一要求。他们很乐意让技术来处理更困难、更耗时的日常活动。投资者自己做，”她补充道。</blockquote></p><p> <b>There is often no door to knock on</b></p><p><blockquote><b>常常无门可敲</b></blockquote></p><p> Your robo adviser only knows what you tell it. The simplistic questionnaire you’re required to fill out will on most robo-investing platforms will collect information on your annual income, desired age to retire and the level of risk you’re willing to take on.</p><p><blockquote>你的机器人顾问只知道你告诉它什么。大多数机器人投资平台上要求您填写的简单问卷将收集有关您的年收入、期望退休年龄以及您愿意承担的风险水平的信息。</blockquote></p><p> It won’t however know if you just had a child and would like to begin saving for their education down the road or if you recently lost your job.</p><p><blockquote>然而，它不会知道你是否刚刚有了一个孩子，并想开始为他们的教育存钱，或者你是否最近失业了。</blockquote></p><p> “The question then becomes to whom does that person go to for advice and does that platform offer that and if so, to what level of complexity?” said Barse.</p><p><blockquote>“那么问题就变成了那个人向谁寻求建议？该平台是否提供建议？如果提供，复杂程度如何？”巴斯说。</blockquote></p><p> Not all platforms give individualized investment advice and the hybrid models that do offer advice from a human tend to charge higher annual fees.</p><p><blockquote>并非所有平台都提供个性化投资建议，提供人工建议的混合模式往往会收取更高的年费。</blockquote></p><p> Additionally, a robo adviser won’t necessarily “manage your money with tax efficiency at front of mind,” said Roger Ma, a certified financial planner at Lifelaidout, a New York City-based financial advisory group.</p><p><blockquote>此外，纽约市财务咨询集团Lifelaidout的注册财务规划师罗杰·马(Roger Ma)表示，机器人顾问不一定“在管理资金时首先考虑税收效率”。</blockquote></p><p> For instance, one common way investors offset the taxes they pay on long-term investments is by selling assets that have accrued losses. Traditional advisers often specialize in constructing portfolios that lead to the most tax-efficient outcomes, said Ma, who is the author of “Work Your Money, Not Your Life”.</p><p><blockquote>例如，投资者抵消长期投资税款的一种常见方式是出售已累计亏损的资产。《工作你的钱，而不是你的生活》一书的作者马说，传统顾问通常专注于构建能带来最节税结果的投资组合。</blockquote></p><p> But with robo investing, the trades that are made for you are the same ones that are being made for a slew of other investors who may fall under a different tax-bracket than you.</p><p><blockquote>但通过机器人投资，为您进行的交易与为许多其他投资者进行的交易是相同的，这些投资者可能属于与您不同的税级。</blockquote></p><p> On top of that, while robo investing may feel like a simplistic way to get into investing, especially for beginners it can “overcomplicate investing,” Ma said.</p><p><blockquote>最重要的是，虽然机器人投资可能感觉像是一种简单的投资方式，特别是对于初学者来说，它可能会“使投资过于复杂”，马云说。</blockquote></p><p> “If you are just looking to dip your toe in and you want to feel like you’re invested in a diversified portfolio, I wouldn’t say definitely don’t do a robo adviser,” he said.</p><p><blockquote>“如果你只是想尝试一下，并且想感觉自己投资于多元化的投资组合，我不会说绝对不要聘请机器人顾问，”他说。</blockquote></p><p> Don’t rule out investing through a target-date fund that selects a single fund to invest in and adjusts the position over time based on their investment goals, he added.</p><p><blockquote>他补充说，不要排除通过目标日期基金进行投资，该基金选择单一基金进行投资，并根据投资目标随着时间的推移调整头寸。</blockquote></p><p> But not everyone can tell the difference between robo advice and advice from a human being. In 2015, MarketWatch asked four prominent robo advisers and four of the traditional, flesh-and-blood variety to construct portfolios for a hypothetical 35-year-old investor with $40,000 to invest.</p><p><blockquote>但并不是每个人都能区分机器人的建议和人类的建议。2015年，MarketWatch请四位著名的机器人顾问和四位传统的有血有肉的机器人顾问为一位假设的35岁投资者构建投资组合，投资金额为40,000美元。</blockquote></p><p> The results were, perhaps, surprising for critics of robo advisers. The robots’ suggestions were “not massively different” from what the human advisers proposed, said Michael Kitces, Pinnacle Advisory Group’s research director, after reviewing the results.</p><p><blockquote>对于机器人顾问的批评者来说，结果或许令人惊讶。Pinnacle Advisory Group的研究总监Michael Kitces在审查结果后表示，机器人的建议与人类顾问的建议“没有太大不同”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/goldman-sachs-is-joining-the-robo-investing-party-should-you-11613658128?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/goldman-sachs-is-joining-the-robo-investing-party-should-you-11613658128?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161529893","content_text":"‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.\n\nRobo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.\nNow anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by some of Goldman Sachs’ wealthiest clients for a 0.35% annual advisory fee. But investing experts say there are more costs to consider before jumping on the robo-investing train.\n“Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.\nAlthough the 35 basis-point price tag is a “loss leader” to Goldman Sachs, he said companies typically make such offers in order to attract clients to cross-sell them banking products.\n“People forget that banks are ultimately in the business of making money,” he said.\nGoldman Sachs declined to comment.\nThe company is among other major financial-services firms offering digital advisers, including Vanguard, Fidelity and Schwab SCHW, +1.03% and startups such as Betterment and Wealthfront.\nFees for robo advisers can start at around 0.25%, and increase to 1% and above for traditional brokers. A survey of nearly 1,000 financial planners by Inside Information, a trade publication, found that the bigger the portfolio, the lower the percentage clients paid in fees.\nThe median annual charge hovered at around 1% for portfolios of $1 million or less, and 0.5% for portfolios worth $5 million to $10 million.\nRobo advisers like those on offer from Goldman Sachs and Betterment differ from robo platforms like Robinhood. The former suggest portfolios focused on exchange-traded funds, while Robinhood allows users to invest in individual ETFs, stocks, options and even cryptocurrencies.\nRobo investing as a self-driving car\nConsumers have turned to robo-investing at unprecedented levels during the pandemic.\nThe rate of new accounts opened jumped between 50% and 300% during the first quarter of 2020 compared to the fourth quarter of last year, according to a May report published by research and advisory firm Aite Group.\nSo what is rob-investing? Think of it like a self-driving car.\nYou put in your destination, buckle up in the backseat and your driver (robo adviser) will get there. You, the passenger, can’t easily slam the breaks if you fear your driver is leading you in the wrong direction. Nor can you put your foot on the gas pedal if you’re in a rush and want to get to your destination faster.\nRobo-investing platforms use advanced-trading algorithm software to design investment portfolios based on factors such as an individual’s appetite for risk-taking and desired short-term and long-term returns.\nThere are over 200 platforms that provide these services charging typically no more than a 0.5% annual advisory fee, compared to the 1% annual fee human investment advisors charge.\nAnd rather than investing entirely on your own, which can become a second job and lead to emotional investment decisions, robo advisers handle buying and selling assets.\nCynthia Loh, Schwab vice president of Digital Advice and Innovation, disagrees, and argues that robo investing doesn’t mean giving technology control of your money. Schwab, she said, has a team of investment experts who oversee investment strategy and keep watch during periods of market volatility, although some services have more input from humans than others.\nAs she recently wrote on MarketWatch: “One common misconception about automated investing is that choosing a robo adviser essentially means handing control of your money over to robots. The truth is that robo solutions have a combination of automated and human components running things behind the scenes.”\nRobos appeal to inexperienced investors\nRobo investing tends to appeal to inexperienced investors or ones who don’t have the time or energy to manage their own portfolios. These investors can take comfort in the “set it and forget it approach to investing and overtime let the markets do their thing,” Barse said.\nThat makes it much easier to stomach market volatility knowing that you don’t necessarily have to make spur-of-the-moment decisions to buy or sell assets, said Tiffany Lam-Balfour, an investing and retirement specialist at NerdWallet.\n“When you’re investing, you don’t want to keep looking at the market and going ‘Oh I need to get out of this,’” she said. “You want to leave it to the professionals to get you through it because they know what your time horizon is, and they’ll adjust your portfolio automatically for you.”\nThat said, “you can’t just expect your investments will only go up. Even if you had the world’s best human financial adviser you can’t expect that.”\nOthers disagree, and say robo advisers appeal to older investors. “Planning for and paying yourself in retirement is complex. There are many options out there to help investors through it, and robo investing is one of them,” Loh said.\n“Many thoughtful, long-term investors have discovered that they want a more modern, streamlined, and inexpensive way to invest, and robo investing fits the bill. They are happy to let technology handle the mundane activities that are harder and more time-consuming for investors to do themselves,” she added.\nThere is often no door to knock on\nYour robo adviser only knows what you tell it. The simplistic questionnaire you’re required to fill out will on most robo-investing platforms will collect information on your annual income, desired age to retire and the level of risk you’re willing to take on.\nIt won’t however know if you just had a child and would like to begin saving for their education down the road or if you recently lost your job.\n“The question then becomes to whom does that person go to for advice and does that platform offer that and if so, to what level of complexity?” said Barse.\nNot all platforms give individualized investment advice and the hybrid models that do offer advice from a human tend to charge higher annual fees.\nAdditionally, a robo adviser won’t necessarily “manage your money with tax efficiency at front of mind,” said Roger Ma, a certified financial planner at Lifelaidout, a New York City-based financial advisory group.\nFor instance, one common way investors offset the taxes they pay on long-term investments is by selling assets that have accrued losses. Traditional advisers often specialize in constructing portfolios that lead to the most tax-efficient outcomes, said Ma, who is the author of “Work Your Money, Not Your Life”.\nBut with robo investing, the trades that are made for you are the same ones that are being made for a slew of other investors who may fall under a different tax-bracket than you.\nOn top of that, while robo investing may feel like a simplistic way to get into investing, especially for beginners it can “overcomplicate investing,” Ma said.\n“If you are just looking to dip your toe in and you want to feel like you’re invested in a diversified portfolio, I wouldn’t say definitely don’t do a robo adviser,” he said.\nDon’t rule out investing through a target-date fund that selects a single fund to invest in and adjusts the position over time based on their investment goals, he added.\nBut not everyone can tell the difference between robo advice and advice from a human being. In 2015, MarketWatch asked four prominent robo advisers and four of the traditional, flesh-and-blood variety to construct portfolios for a hypothetical 35-year-old investor with $40,000 to invest.\nThe results were, perhaps, surprising for critics of robo advisers. The robots’ suggestions were “not massively different” from what the human advisers proposed, said Michael Kitces, Pinnacle Advisory Group’s research director, after reviewing the results.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2959,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":387059282,"gmtCreate":1613701853746,"gmtModify":1634552588122,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576582855873994","idStr":"3576582855873994"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/387059282","repostId":"1112683598","repostType":4,"isVote":1,"tweetType":1,"viewCount":2470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":387050458,"gmtCreate":1613701804874,"gmtModify":1634552588589,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576582855873994","idStr":"3576582855873994"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/387050458","repostId":"2112813890","repostType":4,"isVote":1,"tweetType":1,"viewCount":2918,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":385221694,"gmtCreate":1613556390918,"gmtModify":1634553178302,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576582855873994","idStr":"3576582855873994"},"themes":[],"htmlText":"Good news&nbsp;","listText":"Good news&nbsp;","text":"Good news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/385221694","repostId":"2112317468","repostType":4,"isVote":1,"tweetType":1,"viewCount":1200,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":385042414,"gmtCreate":1613490519338,"gmtModify":1634553436678,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576582855873994","idStr":"3576582855873994"},"themes":[],"htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/385042414","repostId":"1108705396","repostType":4,"repost":{"id":"1108705396","kind":"news","pubTimestamp":1613469786,"share":"https://www.laohu8.com/m/news/1108705396?lang=zh_CN&edition=full","pubTime":"2021-02-16 18:03","market":"us","language":"en","title":"With Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1108705396","media":"CNN Business","summary":"New York (CNN Business) The Covid-ravaged American economy was on the verge of slipping into a doubl","content":"<p><b>New York (CNN Business)&nbsp;</b>The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington&nbsp;and millions of families were about to&nbsp;lose crucial benefits.</p><p><blockquote><b>纽约（CNN商业）</b>2020年底，饱受新冠疫情蹂躏的美国经济濒临陷入双底衰退。疫情正在加剧，僵局使华盛顿陷入瘫痪，数百万家庭即将失去重要福利。</blockquote></p><p> Fast forward two months, and the&nbsp;economy is still struggling-- but confidence in the recovery is growing, rapidly.</p><p><blockquote>快进两个月，经济仍在挣扎，但对复苏的信心正在迅速增长。</blockquote></p><p> Economists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.</p><p><blockquote>经济学家正在迅速上调GDP和失业率预测，并将美联储能够提高最低利率的日期提前。高盛预测美国经济将以三十多年来最快的速度增长。</blockquote></p><p> The renewed optimism is being driven by two major factors: the&nbsp;health crisis is easing&nbsp;and Uncle Sam is&nbsp;coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.</p><p><blockquote>重新燃起的乐观情绪是由两个主要因素推动的：健康危机正在缓解，山姆大叔正在提供惊人数量的援助——比几个月前似乎多了数千亿美元。</blockquote></p><p> After supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.</p><p><blockquote>根据穆迪分析公司的数据，继去年提供4万亿美元的救助后，华盛顿预计将在2021年再提供2万亿美元的赤字融资支持。这相当于美国年度GDP的四分之一以上。</blockquote></p><p> \"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.</p><p><blockquote>穆迪分析公司首席经济学家马克·赞迪(Mark Zandi)告诉CNN Business：“这是大量的经济动力。”</blockquote></p><p> The turning point happened last month&nbsp;when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for&nbsp;President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.</p><p><blockquote>转折点发生在上个月，当时民主党在佐治亚州的决选中以微弱优势控制了美国参议院。这为乔·拜登总统1.9万亿美元的美国救援计划开辟了道路，该计划包括1400美元的刺激支票、提高失业救济金以及向州和地方政府提供3500亿美元的生命线。</blockquote></p><p> <b>'Summer mini-boom'</b></p><p><blockquote><b>“夏季迷你热潮”</b></blockquote></p><p> Before the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a&nbsp;forecast by Treasury Secretary Janet Yellen.</p><p><blockquote>在佐治亚州选举之前，赞迪认为美国经济要到2023年春季或夏季才能恢复充分就业（强劲的劳动力市场，失业率为4%）。现在，他预计这一成就将在明年春天实现，这与财政部长珍妮特·耶伦的预测相呼应。</blockquote></p><p> \"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.</p><p><blockquote>美国银行经济学家在最近给客户的一份报告中写道，“超级财政政策”意味着美国经济增长快于其他国家的论点“似乎日益强烈”。</blockquote></p><p> Oxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.</p><p><blockquote>牛津经济研究院首席美国经济学家Gregory Daco呼吁美国出现“夏季小繁荣”，2021年GDP增长5.9%。</blockquote></p><p> Likewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"</p><p><blockquote>同样，杰富瑞(Jefferies)经济学家表示，“爆炸性的收入增长（得益于财政刺激）可能会推动美国GDP今年增长6.4%，明年增长近5%。”</blockquote></p><p> \"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.</p><p><blockquote>杰富瑞在最近的一份报告中告诉客户：“如果说有什么不同的话，那就是我们的预测可能过于保守。”他指出，其观点仅纳入了拜登计划的1万亿美元。</blockquote></p><p> Indeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.</p><p><blockquote>事实上，高盛本周早些时候将2021年GDP预期上调至6.8%，因为这家华尔街银行现在假设额外财政救助为1.5万亿美元，高于此前的1.1万亿美元。根据圣路易斯联储的数据，如果高盛的预测成真，这将是美国自1989年以来最快的年度GDP增长。</blockquote></p><p> The rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.</p><p><blockquote>乐观的GDP预测远高于美联储的要求。去年12月，美联储预计2021年GDP增长仅为4.2%，并表示失业率要到2023年才会降至4%以下。</blockquote></p><p> <b>Double-dip recession averted</b></p><p><blockquote><b>避免了双底衰退</b></blockquote></p><p> The Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.</p><p><blockquote>美联储对经济预测趋于保守。而且，至关重要的是，美联储的预测是在DC政治功能失调给美国经济蒙上阴影之际发布的。</blockquote></p><p> For months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.</p><p><blockquote>几个月来，共和党和民主党试图就延长计划失效的关键失业和驱逐福利以及向小企业提供更多可原谅贷款达成协议，但未能达成协议。然后当最终达成协议时，前总统唐纳德·特朗普威胁要炸毁它。</blockquote></p><p> At the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.</p><p><blockquote>在最后一刻，特朗普将9000亿美元的救助计划签署成为法律，避免了经济灾难。</blockquote></p><p> \"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.</p><p><blockquote>穆迪经济学家赞迪表示：“如果没有这一点，我们将陷入双底衰退。”</blockquote></p><p> Slammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States&nbsp;added just 49,000 jobs in January.</p><p><blockquote>受疫情冲击，美国经济一瘸一拐地走到2020年底，今年开局缓慢。12月，雇主自春季以来首次裁员。美国1月份仅增加了49,000个就业岗位。</blockquote></p><p> Jobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.</p><p><blockquote>申请失业救济人数仍然高得惊人。仅上周就有793,000名美国人首次申请失业救济。就背景而言，这高于大衰退的最严重水平。</blockquote></p><p> <b>Vaccines to the rescue</b></p><p><blockquote><b>疫苗拯救生命</b></blockquote></p><p> But there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.</p><p><blockquote>但疫情仍有一线希望。尽管Covid死亡人数仍然高得难以想象，但住院人数和病例数已经下降。</blockquote></p><p> Critically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.</p><p><blockquote>至关重要的是，冠状病毒疫苗的推出正在加速。据摩根士丹利称，在总共分发的6600万支疫苗中，约70%已经接种。</blockquote></p><p> And Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday&nbsp;that the United States may be able to vaccinate most Americans by the middle or end of summer.</p><p><blockquote>美国顶级传染病专家安东尼·福奇博士周四告诉NBC新闻，美国可能能够在夏季中期或结束前为大多数美国人接种疫苗。</blockquote></p><p></p><p> All of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.</p><p><blockquote>所有这些使得包括加利福尼亚、纽约和新泽西在内的州放松了对餐馆和其他小企业的健康限制。</blockquote></p><p> That's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants&nbsp;force US states and cities to once again tighten health restrictions.</p><p><blockquote>这并不是说疫情已经结束。事实上，一个风险是，新的Covid-19变种迫使美国各州和城市再次收紧健康限制。</blockquote></p><p> <b>Low-wage workers are still hurting badly</b></p><p><blockquote><b>低薪工人仍然受到严重伤害</b></blockquote></p><p> Against this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.</p><p><blockquote>在此背景下，许多经济学家敦促华盛顿推进激进的财政刺激计划。</blockquote></p><p> \"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"</p><p><blockquote>穆迪经济学家赞迪表示：“请把脚平放在油门上。”“政策制定101说，错误在于做得太多，而不是做得太少。”</blockquote></p><p> Doing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.</p><p><blockquote>做得太少可能会加剧美国的不平等问题。这是因为与之前的衰退相比，这次衰退对餐馆、儿童保育和酒店业等遭受重创行业的低收入工人造成了不成比例的伤害。</blockquote></p><p> Employment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.</p><p><blockquote>根据Opportunity Insights经济跟踪系统的数据，低工资工人（年收入低于27,000美元的人）的就业水平仍下降了20%以上。相比之下，年收入超过6万美元的人的就业水平高于危机前的水平。</blockquote></p><p> \"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.</p><p><blockquote>美国银行的经济学家在给客户的一份报告中写道：“如果收入和种族群体之间的充分就业情况不明显，拜登的团队就不太可能为实现充分就业而开香槟。”</blockquote></p><p> However, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.</p><p><blockquote>然而，前美联储官员、现任Quill Intelligence首席执行官丹妮尔·迪马蒂诺·布斯(Danielle DiMartino Booth)担心，专注于提供收入，而不是投资基础设施和再培训工人，会让该国沉迷于刺激措施。</blockquote></p><p> \"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.</p><p><blockquote>布斯说：“经济将变成这个依赖患者，总是等待下一次注射。”</blockquote></p><p> <b>'Bring it on'</b></p><p><blockquote><b>“来吧”</b></blockquote></p><p> Some economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington&nbsp;overheats the economy by injecting too much support.</p><p><blockquote>包括前财政部长拉里·萨默斯在内的一些经济学家警告说，华盛顿注入过多支持可能会导致经济过热。</blockquote></p><p> \"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.</p><p><blockquote>布斯表示：“未来几个月可能会出现相当大的通胀恐慌，这将考验债券市场和美联储。”</blockquote></p><p> And that in turn would spook the&nbsp;red-hot stock market.</p><p><blockquote>这反过来又会惊动炙手可热的股市。</blockquote></p><p> Fed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.</p><p><blockquote>美联储观察人士正在提前确定美联储何时能够结束紧急政策的时间表。</blockquote></p><p> Citing \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.</p><p><blockquote>高盛援引“通胀前景走强的迹象”，目前预计美联储将在2022年初开始“缩减”资产购买规模，并在2024年上半年加息。</blockquote></p><p> Zandi isn't losing sleep over inflation, mostly because the United States is far from full employment.</p><p><blockquote>赞迪并没有因为通货膨胀而失眠，主要是因为美国还远未实现充分就业。</blockquote></p><p> \"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"</p><p><blockquote>“这是一种被大大夸大的担忧，”他说。“来吧。十多年来，我们最大的问题一直是低通胀。更高的通胀将是一个高级问题。”</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>With Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</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\">\nWith Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-02-16 18:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>New York (CNN Business)&nbsp;</b>The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington&nbsp;and millions of families were about to&nbsp;lose crucial benefits.</p><p><blockquote><b>纽约（CNN商业）</b>2020年底，饱受新冠疫情蹂躏的美国经济濒临陷入双底衰退。疫情正在加剧，僵局使华盛顿陷入瘫痪，数百万家庭即将失去重要福利。</blockquote></p><p> Fast forward two months, and the&nbsp;economy is still struggling-- but confidence in the recovery is growing, rapidly.</p><p><blockquote>快进两个月，经济仍在挣扎，但对复苏的信心正在迅速增长。</blockquote></p><p> Economists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.</p><p><blockquote>经济学家正在迅速上调GDP和失业率预测，并将美联储能够提高最低利率的日期提前。高盛预测美国经济将以三十多年来最快的速度增长。</blockquote></p><p> The renewed optimism is being driven by two major factors: the&nbsp;health crisis is easing&nbsp;and Uncle Sam is&nbsp;coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.</p><p><blockquote>重新燃起的乐观情绪是由两个主要因素推动的：健康危机正在缓解，山姆大叔正在提供惊人数量的援助——比几个月前似乎多了数千亿美元。</blockquote></p><p> After supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.</p><p><blockquote>根据穆迪分析公司的数据，继去年提供4万亿美元的救助后，华盛顿预计将在2021年再提供2万亿美元的赤字融资支持。这相当于美国年度GDP的四分之一以上。</blockquote></p><p> \"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.</p><p><blockquote>穆迪分析公司首席经济学家马克·赞迪(Mark Zandi)告诉CNN Business：“这是大量的经济动力。”</blockquote></p><p> The turning point happened last month&nbsp;when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for&nbsp;President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.</p><p><blockquote>转折点发生在上个月，当时民主党在佐治亚州的决选中以微弱优势控制了美国参议院。这为乔·拜登总统1.9万亿美元的美国救援计划开辟了道路，该计划包括1400美元的刺激支票、提高失业救济金以及向州和地方政府提供3500亿美元的生命线。</blockquote></p><p> <b>'Summer mini-boom'</b></p><p><blockquote><b>“夏季迷你热潮”</b></blockquote></p><p> Before the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a&nbsp;forecast by Treasury Secretary Janet Yellen.</p><p><blockquote>在佐治亚州选举之前，赞迪认为美国经济要到2023年春季或夏季才能恢复充分就业（强劲的劳动力市场，失业率为4%）。现在，他预计这一成就将在明年春天实现，这与财政部长珍妮特·耶伦的预测相呼应。</blockquote></p><p> \"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.</p><p><blockquote>美国银行经济学家在最近给客户的一份报告中写道，“超级财政政策”意味着美国经济增长快于其他国家的论点“似乎日益强烈”。</blockquote></p><p> Oxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.</p><p><blockquote>牛津经济研究院首席美国经济学家Gregory Daco呼吁美国出现“夏季小繁荣”，2021年GDP增长5.9%。</blockquote></p><p> Likewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"</p><p><blockquote>同样，杰富瑞(Jefferies)经济学家表示，“爆炸性的收入增长（得益于财政刺激）可能会推动美国GDP今年增长6.4%，明年增长近5%。”</blockquote></p><p> \"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.</p><p><blockquote>杰富瑞在最近的一份报告中告诉客户：“如果说有什么不同的话，那就是我们的预测可能过于保守。”他指出，其观点仅纳入了拜登计划的1万亿美元。</blockquote></p><p> Indeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.</p><p><blockquote>事实上，高盛本周早些时候将2021年GDP预期上调至6.8%，因为这家华尔街银行现在假设额外财政救助为1.5万亿美元，高于此前的1.1万亿美元。根据圣路易斯联储的数据，如果高盛的预测成真，这将是美国自1989年以来最快的年度GDP增长。</blockquote></p><p> The rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.</p><p><blockquote>乐观的GDP预测远高于美联储的要求。去年12月，美联储预计2021年GDP增长仅为4.2%，并表示失业率要到2023年才会降至4%以下。</blockquote></p><p> <b>Double-dip recession averted</b></p><p><blockquote><b>避免了双底衰退</b></blockquote></p><p> The Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.</p><p><blockquote>美联储对经济预测趋于保守。而且，至关重要的是，美联储的预测是在DC政治功能失调给美国经济蒙上阴影之际发布的。</blockquote></p><p> For months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.</p><p><blockquote>几个月来，共和党和民主党试图就延长计划失效的关键失业和驱逐福利以及向小企业提供更多可原谅贷款达成协议，但未能达成协议。然后当最终达成协议时，前总统唐纳德·特朗普威胁要炸毁它。</blockquote></p><p> At the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.</p><p><blockquote>在最后一刻，特朗普将9000亿美元的救助计划签署成为法律，避免了经济灾难。</blockquote></p><p> \"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.</p><p><blockquote>穆迪经济学家赞迪表示：“如果没有这一点，我们将陷入双底衰退。”</blockquote></p><p> Slammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States&nbsp;added just 49,000 jobs in January.</p><p><blockquote>受疫情冲击，美国经济一瘸一拐地走到2020年底，今年开局缓慢。12月，雇主自春季以来首次裁员。美国1月份仅增加了49,000个就业岗位。</blockquote></p><p> Jobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.</p><p><blockquote>申请失业救济人数仍然高得惊人。仅上周就有793,000名美国人首次申请失业救济。就背景而言，这高于大衰退的最严重水平。</blockquote></p><p> <b>Vaccines to the rescue</b></p><p><blockquote><b>疫苗拯救生命</b></blockquote></p><p> But there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.</p><p><blockquote>但疫情仍有一线希望。尽管Covid死亡人数仍然高得难以想象，但住院人数和病例数已经下降。</blockquote></p><p> Critically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.</p><p><blockquote>至关重要的是，冠状病毒疫苗的推出正在加速。据摩根士丹利称，在总共分发的6600万支疫苗中，约70%已经接种。</blockquote></p><p> And Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday&nbsp;that the United States may be able to vaccinate most Americans by the middle or end of summer.</p><p><blockquote>美国顶级传染病专家安东尼·福奇博士周四告诉NBC新闻，美国可能能够在夏季中期或结束前为大多数美国人接种疫苗。</blockquote></p><p></p><p> All of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.</p><p><blockquote>所有这些使得包括加利福尼亚、纽约和新泽西在内的州放松了对餐馆和其他小企业的健康限制。</blockquote></p><p> That's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants&nbsp;force US states and cities to once again tighten health restrictions.</p><p><blockquote>这并不是说疫情已经结束。事实上，一个风险是，新的Covid-19变种迫使美国各州和城市再次收紧健康限制。</blockquote></p><p> <b>Low-wage workers are still hurting badly</b></p><p><blockquote><b>低薪工人仍然受到严重伤害</b></blockquote></p><p> Against this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.</p><p><blockquote>在此背景下，许多经济学家敦促华盛顿推进激进的财政刺激计划。</blockquote></p><p> \"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"</p><p><blockquote>穆迪经济学家赞迪表示：“请把脚平放在油门上。”“政策制定101说，错误在于做得太多，而不是做得太少。”</blockquote></p><p> Doing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.</p><p><blockquote>做得太少可能会加剧美国的不平等问题。这是因为与之前的衰退相比，这次衰退对餐馆、儿童保育和酒店业等遭受重创行业的低收入工人造成了不成比例的伤害。</blockquote></p><p> Employment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.</p><p><blockquote>根据Opportunity Insights经济跟踪系统的数据，低工资工人（年收入低于27,000美元的人）的就业水平仍下降了20%以上。相比之下，年收入超过6万美元的人的就业水平高于危机前的水平。</blockquote></p><p> \"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.</p><p><blockquote>美国银行的经济学家在给客户的一份报告中写道：“如果收入和种族群体之间的充分就业情况不明显，拜登的团队就不太可能为实现充分就业而开香槟。”</blockquote></p><p> However, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.</p><p><blockquote>然而，前美联储官员、现任Quill Intelligence首席执行官丹妮尔·迪马蒂诺·布斯(Danielle DiMartino Booth)担心，专注于提供收入，而不是投资基础设施和再培训工人，会让该国沉迷于刺激措施。</blockquote></p><p> \"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.</p><p><blockquote>布斯说：“经济将变成这个依赖患者，总是等待下一次注射。”</blockquote></p><p> <b>'Bring it on'</b></p><p><blockquote><b>“来吧”</b></blockquote></p><p> Some economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington&nbsp;overheats the economy by injecting too much support.</p><p><blockquote>包括前财政部长拉里·萨默斯在内的一些经济学家警告说，华盛顿注入过多支持可能会导致经济过热。</blockquote></p><p> \"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.</p><p><blockquote>布斯表示：“未来几个月可能会出现相当大的通胀恐慌，这将考验债券市场和美联储。”</blockquote></p><p> And that in turn would spook the&nbsp;red-hot stock market.</p><p><blockquote>这反过来又会惊动炙手可热的股市。</blockquote></p><p> Fed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.</p><p><blockquote>美联储观察人士正在提前确定美联储何时能够结束紧急政策的时间表。</blockquote></p><p> Citing \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.</p><p><blockquote>高盛援引“通胀前景走强的迹象”，目前预计美联储将在2022年初开始“缩减”资产购买规模，并在2024年上半年加息。</blockquote></p><p> Zandi isn't losing sleep over inflation, mostly because the United States is far from full employment.</p><p><blockquote>赞迪并没有因为通货膨胀而失眠，主要是因为美国还远未实现充分就业。</blockquote></p><p> \"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"</p><p><blockquote>“这是一种被大大夸大的担忧，”他说。“来吧。十多年来，我们最大的问题一直是低通胀。更高的通胀将是一个高级问题。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/02/11/economy/economy-jobs-biden-stimulus/index.html\">CNN Business</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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://edition.cnn.com/2021/02/11/economy/economy-jobs-biden-stimulus/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108705396","content_text":"New York (CNN Business) The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington and millions of families were about to lose crucial benefits.\nFast forward two months, and the economy is still struggling-- but confidence in the recovery is growing, rapidly.\nEconomists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.\nThe renewed optimism is being driven by two major factors: the health crisis is easing and Uncle Sam is coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.\nAfter supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.\n\"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.\nThe turning point happened last month when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.\n'Summer mini-boom'\nBefore the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a forecast by Treasury Secretary Janet Yellen.\n\"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.\nOxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.\nLikewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"\n\"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.\nIndeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.\nThe rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.\nDouble-dip recession averted\nThe Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.\nFor months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.\nAt the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.\n\"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.\nSlammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States added just 49,000 jobs in January.\nJobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.\nVaccines to the rescue\nBut there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.\nCritically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.\nAnd Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday that the United States may be able to vaccinate most Americans by the middle or end of summer.\nAll of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.\nThat's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants force US states and cities to once again tighten health restrictions.\nLow-wage workers are still hurting badly\nAgainst this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.\n\"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"\nDoing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.\nEmployment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.\n\"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.\nHowever, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.\n\"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.\n'Bring it on'\nSome economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington overheats the economy by injecting too much support.\n\"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.\nAnd that in turn would spook the red-hot stock market.\nFed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.\nCiting \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.\nZandi isn't losing sleep over inflation, mostly because the United States is far from full employment.\n\"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":547,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":385046577,"gmtCreate":1613490466899,"gmtModify":1634553436903,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576582855873994","idStr":"3576582855873994"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/385046577","repostId":"1108705396","repostType":4,"repost":{"id":"1108705396","kind":"news","pubTimestamp":1613469786,"share":"https://www.laohu8.com/m/news/1108705396?lang=zh_CN&edition=full","pubTime":"2021-02-16 18:03","market":"us","language":"en","title":"With Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1108705396","media":"CNN Business","summary":"New York (CNN Business) The Covid-ravaged American economy was on the verge of slipping into a doubl","content":"<p><b>New York (CNN Business)&nbsp;</b>The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington&nbsp;and millions of families were about to&nbsp;lose crucial benefits.</p><p><blockquote><b>纽约（CNN商业）</b>2020年底，饱受新冠疫情蹂躏的美国经济濒临陷入双底衰退。疫情正在加剧，僵局使华盛顿陷入瘫痪，数百万家庭即将失去重要福利。</blockquote></p><p> Fast forward two months, and the&nbsp;economy is still struggling-- but confidence in the recovery is growing, rapidly.</p><p><blockquote>快进两个月，经济仍在挣扎，但对复苏的信心正在迅速增长。</blockquote></p><p> Economists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.</p><p><blockquote>经济学家正在迅速上调GDP和失业率预测，并将美联储能够提高最低利率的日期提前。高盛预测美国经济将以三十多年来最快的速度增长。</blockquote></p><p> The renewed optimism is being driven by two major factors: the&nbsp;health crisis is easing&nbsp;and Uncle Sam is&nbsp;coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.</p><p><blockquote>重新燃起的乐观情绪是由两个主要因素推动的：健康危机正在缓解，山姆大叔正在提供惊人数量的援助——比几个月前似乎多了数千亿美元。</blockquote></p><p> After supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.</p><p><blockquote>根据穆迪分析公司的数据，继去年提供4万亿美元的救助后，华盛顿预计将在2021年再提供2万亿美元的赤字融资支持。这相当于美国年度GDP的四分之一以上。</blockquote></p><p> \"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.</p><p><blockquote>穆迪分析公司首席经济学家马克·赞迪(Mark Zandi)告诉CNN Business：“这是大量的经济动力。”</blockquote></p><p> The turning point happened last month&nbsp;when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for&nbsp;President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.</p><p><blockquote>转折点发生在上个月，当时民主党在佐治亚州的决选中以微弱优势控制了美国参议院。这为乔·拜登总统1.9万亿美元的美国救援计划开辟了道路，该计划包括1400美元的刺激支票、提高失业救济金以及向州和地方政府提供3500亿美元的生命线。</blockquote></p><p> <b>'Summer mini-boom'</b></p><p><blockquote><b>“夏季迷你热潮”</b></blockquote></p><p> Before the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a&nbsp;forecast by Treasury Secretary Janet Yellen.</p><p><blockquote>在佐治亚州选举之前，赞迪认为美国经济要到2023年春季或夏季才能恢复充分就业（强劲的劳动力市场，失业率为4%）。现在，他预计这一成就将在明年春天实现，这与财政部长珍妮特·耶伦的预测相呼应。</blockquote></p><p> \"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.</p><p><blockquote>美国银行经济学家在最近给客户的一份报告中写道，“超级财政政策”意味着美国经济增长快于其他国家的论点“似乎日益强烈”。</blockquote></p><p> Oxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.</p><p><blockquote>牛津经济研究院首席美国经济学家Gregory Daco呼吁美国出现“夏季小繁荣”，2021年GDP增长5.9%。</blockquote></p><p> Likewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"</p><p><blockquote>同样，杰富瑞(Jefferies)经济学家表示，“爆炸性的收入增长（得益于财政刺激）可能会推动美国GDP今年增长6.4%，明年增长近5%。”</blockquote></p><p> \"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.</p><p><blockquote>杰富瑞在最近的一份报告中告诉客户：“如果说有什么不同的话，那就是我们的预测可能过于保守。”他指出，其观点仅纳入了拜登计划的1万亿美元。</blockquote></p><p> Indeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.</p><p><blockquote>事实上，高盛本周早些时候将2021年GDP预期上调至6.8%，因为这家华尔街银行现在假设额外财政救助为1.5万亿美元，高于此前的1.1万亿美元。根据圣路易斯联储的数据，如果高盛的预测成真，这将是美国自1989年以来最快的年度GDP增长。</blockquote></p><p> The rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.</p><p><blockquote>乐观的GDP预测远高于美联储的要求。去年12月，美联储预计2021年GDP增长仅为4.2%，并表示失业率要到2023年才会降至4%以下。</blockquote></p><p> <b>Double-dip recession averted</b></p><p><blockquote><b>避免了双底衰退</b></blockquote></p><p> The Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.</p><p><blockquote>美联储对经济预测趋于保守。而且，至关重要的是，美联储的预测是在DC政治功能失调给美国经济蒙上阴影之际发布的。</blockquote></p><p> For months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.</p><p><blockquote>几个月来，共和党和民主党试图就延长计划失效的关键失业和驱逐福利以及向小企业提供更多可原谅贷款达成协议，但未能达成协议。然后当最终达成协议时，前总统唐纳德·特朗普威胁要炸毁它。</blockquote></p><p> At the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.</p><p><blockquote>在最后一刻，特朗普将9000亿美元的救助计划签署成为法律，避免了经济灾难。</blockquote></p><p> \"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.</p><p><blockquote>穆迪经济学家赞迪表示：“如果没有这一点，我们将陷入双底衰退。”</blockquote></p><p> Slammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States&nbsp;added just 49,000 jobs in January.</p><p><blockquote>受疫情冲击，美国经济一瘸一拐地走到2020年底，今年开局缓慢。12月，雇主自春季以来首次裁员。美国1月份仅增加了49,000个就业岗位。</blockquote></p><p> Jobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.</p><p><blockquote>申请失业救济人数仍然高得惊人。仅上周就有793,000名美国人首次申请失业救济。就背景而言，这高于大衰退的最严重水平。</blockquote></p><p> <b>Vaccines to the rescue</b></p><p><blockquote><b>疫苗拯救生命</b></blockquote></p><p> But there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.</p><p><blockquote>但疫情仍有一线希望。尽管Covid死亡人数仍然高得难以想象，但住院人数和病例数已经下降。</blockquote></p><p> Critically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.</p><p><blockquote>至关重要的是，冠状病毒疫苗的推出正在加速。据摩根士丹利称，在总共分发的6600万支疫苗中，约70%已经接种。</blockquote></p><p> And Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday&nbsp;that the United States may be able to vaccinate most Americans by the middle or end of summer.</p><p><blockquote>美国顶级传染病专家安东尼·福奇博士周四告诉NBC新闻，美国可能能够在夏季中期或结束前为大多数美国人接种疫苗。</blockquote></p><p></p><p> All of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.</p><p><blockquote>所有这些使得包括加利福尼亚、纽约和新泽西在内的州放松了对餐馆和其他小企业的健康限制。</blockquote></p><p> That's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants&nbsp;force US states and cities to once again tighten health restrictions.</p><p><blockquote>这并不是说疫情已经结束。事实上，一个风险是，新的Covid-19变种迫使美国各州和城市再次收紧健康限制。</blockquote></p><p> <b>Low-wage workers are still hurting badly</b></p><p><blockquote><b>低薪工人仍然受到严重伤害</b></blockquote></p><p> Against this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.</p><p><blockquote>在此背景下，许多经济学家敦促华盛顿推进激进的财政刺激计划。</blockquote></p><p> \"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"</p><p><blockquote>穆迪经济学家赞迪表示：“请把脚平放在油门上。”“政策制定101说，错误在于做得太多，而不是做得太少。”</blockquote></p><p> Doing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.</p><p><blockquote>做得太少可能会加剧美国的不平等问题。这是因为与之前的衰退相比，这次衰退对餐馆、儿童保育和酒店业等遭受重创行业的低收入工人造成了不成比例的伤害。</blockquote></p><p> Employment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.</p><p><blockquote>根据Opportunity Insights经济跟踪系统的数据，低工资工人（年收入低于27,000美元的人）的就业水平仍下降了20%以上。相比之下，年收入超过6万美元的人的就业水平高于危机前的水平。</blockquote></p><p> \"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.</p><p><blockquote>美国银行的经济学家在给客户的一份报告中写道：“如果收入和种族群体之间的充分就业情况不明显，拜登的团队就不太可能为实现充分就业而开香槟。”</blockquote></p><p> However, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.</p><p><blockquote>然而，前美联储官员、现任Quill Intelligence首席执行官丹妮尔·迪马蒂诺·布斯(Danielle DiMartino Booth)担心，专注于提供收入，而不是投资基础设施和再培训工人，会让该国沉迷于刺激措施。</blockquote></p><p> \"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.</p><p><blockquote>布斯说：“经济将变成这个依赖患者，总是等待下一次注射。”</blockquote></p><p> <b>'Bring it on'</b></p><p><blockquote><b>“来吧”</b></blockquote></p><p> Some economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington&nbsp;overheats the economy by injecting too much support.</p><p><blockquote>包括前财政部长拉里·萨默斯在内的一些经济学家警告说，华盛顿注入过多支持可能会导致经济过热。</blockquote></p><p> \"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.</p><p><blockquote>布斯表示：“未来几个月可能会出现相当大的通胀恐慌，这将考验债券市场和美联储。”</blockquote></p><p> And that in turn would spook the&nbsp;red-hot stock market.</p><p><blockquote>这反过来又会惊动炙手可热的股市。</blockquote></p><p> Fed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.</p><p><blockquote>美联储观察人士正在提前确定美联储何时能够结束紧急政策的时间表。</blockquote></p><p> Citing \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.</p><p><blockquote>高盛援引“通胀前景走强的迹象”，目前预计美联储将在2022年初开始“缩减”资产购买规模，并在2024年上半年加息。</blockquote></p><p> Zandi isn't losing sleep over inflation, mostly because the United States is far from full employment.</p><p><blockquote>赞迪并没有因为通货膨胀而失眠，主要是因为美国还远未实现充分就业。</blockquote></p><p> \"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"</p><p><blockquote>“这是一种被大大夸大的担忧，”他说。“来吧。十多年来，我们最大的问题一直是低通胀。更高的通胀将是一个高级问题。”</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>With Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</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\">\nWith Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-02-16 18:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>New York (CNN Business)&nbsp;</b>The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington&nbsp;and millions of families were about to&nbsp;lose crucial benefits.</p><p><blockquote><b>纽约（CNN商业）</b>2020年底，饱受新冠疫情蹂躏的美国经济濒临陷入双底衰退。疫情正在加剧，僵局使华盛顿陷入瘫痪，数百万家庭即将失去重要福利。</blockquote></p><p> Fast forward two months, and the&nbsp;economy is still struggling-- but confidence in the recovery is growing, rapidly.</p><p><blockquote>快进两个月，经济仍在挣扎，但对复苏的信心正在迅速增长。</blockquote></p><p> Economists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.</p><p><blockquote>经济学家正在迅速上调GDP和失业率预测，并将美联储能够提高最低利率的日期提前。高盛预测美国经济将以三十多年来最快的速度增长。</blockquote></p><p> The renewed optimism is being driven by two major factors: the&nbsp;health crisis is easing&nbsp;and Uncle Sam is&nbsp;coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.</p><p><blockquote>重新燃起的乐观情绪是由两个主要因素推动的：健康危机正在缓解，山姆大叔正在提供惊人数量的援助——比几个月前似乎多了数千亿美元。</blockquote></p><p> After supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.</p><p><blockquote>根据穆迪分析公司的数据，继去年提供4万亿美元的救助后，华盛顿预计将在2021年再提供2万亿美元的赤字融资支持。这相当于美国年度GDP的四分之一以上。</blockquote></p><p> \"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.</p><p><blockquote>穆迪分析公司首席经济学家马克·赞迪(Mark Zandi)告诉CNN Business：“这是大量的经济动力。”</blockquote></p><p> The turning point happened last month&nbsp;when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for&nbsp;President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.</p><p><blockquote>转折点发生在上个月，当时民主党在佐治亚州的决选中以微弱优势控制了美国参议院。这为乔·拜登总统1.9万亿美元的美国救援计划开辟了道路，该计划包括1400美元的刺激支票、提高失业救济金以及向州和地方政府提供3500亿美元的生命线。</blockquote></p><p> <b>'Summer mini-boom'</b></p><p><blockquote><b>“夏季迷你热潮”</b></blockquote></p><p> Before the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a&nbsp;forecast by Treasury Secretary Janet Yellen.</p><p><blockquote>在佐治亚州选举之前，赞迪认为美国经济要到2023年春季或夏季才能恢复充分就业（强劲的劳动力市场，失业率为4%）。现在，他预计这一成就将在明年春天实现，这与财政部长珍妮特·耶伦的预测相呼应。</blockquote></p><p> \"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.</p><p><blockquote>美国银行经济学家在最近给客户的一份报告中写道，“超级财政政策”意味着美国经济增长快于其他国家的论点“似乎日益强烈”。</blockquote></p><p> Oxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.</p><p><blockquote>牛津经济研究院首席美国经济学家Gregory Daco呼吁美国出现“夏季小繁荣”，2021年GDP增长5.9%。</blockquote></p><p> Likewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"</p><p><blockquote>同样，杰富瑞(Jefferies)经济学家表示，“爆炸性的收入增长（得益于财政刺激）可能会推动美国GDP今年增长6.4%，明年增长近5%。”</blockquote></p><p> \"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.</p><p><blockquote>杰富瑞在最近的一份报告中告诉客户：“如果说有什么不同的话，那就是我们的预测可能过于保守。”他指出，其观点仅纳入了拜登计划的1万亿美元。</blockquote></p><p> Indeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.</p><p><blockquote>事实上，高盛本周早些时候将2021年GDP预期上调至6.8%，因为这家华尔街银行现在假设额外财政救助为1.5万亿美元，高于此前的1.1万亿美元。根据圣路易斯联储的数据，如果高盛的预测成真，这将是美国自1989年以来最快的年度GDP增长。</blockquote></p><p> The rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.</p><p><blockquote>乐观的GDP预测远高于美联储的要求。去年12月，美联储预计2021年GDP增长仅为4.2%，并表示失业率要到2023年才会降至4%以下。</blockquote></p><p> <b>Double-dip recession averted</b></p><p><blockquote><b>避免了双底衰退</b></blockquote></p><p> The Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.</p><p><blockquote>美联储对经济预测趋于保守。而且，至关重要的是，美联储的预测是在DC政治功能失调给美国经济蒙上阴影之际发布的。</blockquote></p><p> For months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.</p><p><blockquote>几个月来，共和党和民主党试图就延长计划失效的关键失业和驱逐福利以及向小企业提供更多可原谅贷款达成协议，但未能达成协议。然后当最终达成协议时，前总统唐纳德·特朗普威胁要炸毁它。</blockquote></p><p> At the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.</p><p><blockquote>在最后一刻，特朗普将9000亿美元的救助计划签署成为法律，避免了经济灾难。</blockquote></p><p> \"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.</p><p><blockquote>穆迪经济学家赞迪表示：“如果没有这一点，我们将陷入双底衰退。”</blockquote></p><p> Slammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States&nbsp;added just 49,000 jobs in January.</p><p><blockquote>受疫情冲击，美国经济一瘸一拐地走到2020年底，今年开局缓慢。12月，雇主自春季以来首次裁员。美国1月份仅增加了49,000个就业岗位。</blockquote></p><p> Jobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.</p><p><blockquote>申请失业救济人数仍然高得惊人。仅上周就有793,000名美国人首次申请失业救济。就背景而言，这高于大衰退的最严重水平。</blockquote></p><p> <b>Vaccines to the rescue</b></p><p><blockquote><b>疫苗拯救生命</b></blockquote></p><p> But there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.</p><p><blockquote>但疫情仍有一线希望。尽管Covid死亡人数仍然高得难以想象，但住院人数和病例数已经下降。</blockquote></p><p> Critically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.</p><p><blockquote>至关重要的是，冠状病毒疫苗的推出正在加速。据摩根士丹利称，在总共分发的6600万支疫苗中，约70%已经接种。</blockquote></p><p> And Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday&nbsp;that the United States may be able to vaccinate most Americans by the middle or end of summer.</p><p><blockquote>美国顶级传染病专家安东尼·福奇博士周四告诉NBC新闻，美国可能能够在夏季中期或结束前为大多数美国人接种疫苗。</blockquote></p><p></p><p> All of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.</p><p><blockquote>所有这些使得包括加利福尼亚、纽约和新泽西在内的州放松了对餐馆和其他小企业的健康限制。</blockquote></p><p> That's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants&nbsp;force US states and cities to once again tighten health restrictions.</p><p><blockquote>这并不是说疫情已经结束。事实上，一个风险是，新的Covid-19变种迫使美国各州和城市再次收紧健康限制。</blockquote></p><p> <b>Low-wage workers are still hurting badly</b></p><p><blockquote><b>低薪工人仍然受到严重伤害</b></blockquote></p><p> Against this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.</p><p><blockquote>在此背景下，许多经济学家敦促华盛顿推进激进的财政刺激计划。</blockquote></p><p> \"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"</p><p><blockquote>穆迪经济学家赞迪表示：“请把脚平放在油门上。”“政策制定101说，错误在于做得太多，而不是做得太少。”</blockquote></p><p> Doing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.</p><p><blockquote>做得太少可能会加剧美国的不平等问题。这是因为与之前的衰退相比，这次衰退对餐馆、儿童保育和酒店业等遭受重创行业的低收入工人造成了不成比例的伤害。</blockquote></p><p> Employment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.</p><p><blockquote>根据Opportunity Insights经济跟踪系统的数据，低工资工人（年收入低于27,000美元的人）的就业水平仍下降了20%以上。相比之下，年收入超过6万美元的人的就业水平高于危机前的水平。</blockquote></p><p> \"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.</p><p><blockquote>美国银行的经济学家在给客户的一份报告中写道：“如果收入和种族群体之间的充分就业情况不明显，拜登的团队就不太可能为实现充分就业而开香槟。”</blockquote></p><p> However, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.</p><p><blockquote>然而，前美联储官员、现任Quill Intelligence首席执行官丹妮尔·迪马蒂诺·布斯(Danielle DiMartino Booth)担心，专注于提供收入，而不是投资基础设施和再培训工人，会让该国沉迷于刺激措施。</blockquote></p><p> \"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.</p><p><blockquote>布斯说：“经济将变成这个依赖患者，总是等待下一次注射。”</blockquote></p><p> <b>'Bring it on'</b></p><p><blockquote><b>“来吧”</b></blockquote></p><p> Some economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington&nbsp;overheats the economy by injecting too much support.</p><p><blockquote>包括前财政部长拉里·萨默斯在内的一些经济学家警告说，华盛顿注入过多支持可能会导致经济过热。</blockquote></p><p> \"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.</p><p><blockquote>布斯表示：“未来几个月可能会出现相当大的通胀恐慌，这将考验债券市场和美联储。”</blockquote></p><p> And that in turn would spook the&nbsp;red-hot stock market.</p><p><blockquote>这反过来又会惊动炙手可热的股市。</blockquote></p><p> Fed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.</p><p><blockquote>美联储观察人士正在提前确定美联储何时能够结束紧急政策的时间表。</blockquote></p><p> Citing \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.</p><p><blockquote>高盛援引“通胀前景走强的迹象”，目前预计美联储将在2022年初开始“缩减”资产购买规模，并在2024年上半年加息。</blockquote></p><p> Zandi isn't losing sleep over inflation, mostly because the United States is far from full employment.</p><p><blockquote>赞迪并没有因为通货膨胀而失眠，主要是因为美国还远未实现充分就业。</blockquote></p><p> \"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"</p><p><blockquote>“这是一种被大大夸大的担忧，”他说。“来吧。十多年来，我们最大的问题一直是低通胀。更高的通胀将是一个高级问题。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/02/11/economy/economy-jobs-biden-stimulus/index.html\">CNN Business</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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://edition.cnn.com/2021/02/11/economy/economy-jobs-biden-stimulus/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108705396","content_text":"New York (CNN Business) The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington and millions of families were about to lose crucial benefits.\nFast forward two months, and the economy is still struggling-- but confidence in the recovery is growing, rapidly.\nEconomists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.\nThe renewed optimism is being driven by two major factors: the health crisis is easing and Uncle Sam is coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.\nAfter supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.\n\"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.\nThe turning point happened last month when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.\n'Summer mini-boom'\nBefore the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a forecast by Treasury Secretary Janet Yellen.\n\"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.\nOxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.\nLikewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"\n\"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.\nIndeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.\nThe rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.\nDouble-dip recession averted\nThe Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.\nFor months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.\nAt the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.\n\"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.\nSlammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States added just 49,000 jobs in January.\nJobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.\nVaccines to the rescue\nBut there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.\nCritically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.\nAnd Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday that the United States may be able to vaccinate most Americans by the middle or end of summer.\nAll of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.\nThat's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants force US states and cities to once again tighten health restrictions.\nLow-wage workers are still hurting badly\nAgainst this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.\n\"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"\nDoing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.\nEmployment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.\n\"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.\nHowever, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.\n\"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.\n'Bring it on'\nSome economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington overheats the economy by injecting too much support.\n\"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.\nAnd that in turn would spook the red-hot stock market.\nFed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.\nCiting \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.\nZandi isn't losing sleep over inflation, mostly because the United States is far from full employment.\n\"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":593,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":197968757,"gmtCreate":1621420818379,"gmtModify":1634189304905,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576582855873994","authorIdStr":"3576582855873994"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/197968757","repostId":"1158638540","repostType":4,"repost":{"id":"1158638540","kind":"news","pubTimestamp":1621409180,"share":"https://www.laohu8.com/m/news/1158638540?lang=zh_CN&edition=full","pubTime":"2021-05-19 15:26","market":"us","language":"en","title":"4 Things to Know Ahead of the Squarespace’s Direct Listing<blockquote>Squarespace直接上市前需要了解的4件事</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158638540","media":"Barrons","summary":"The pandemic prompted many small businesses to gain online storefronts for the first time, creating an e-commerce wave that helped website-creation platform Squarespace Inc. accelerate its revenue growth.Now Squarespace will test the resilience of that e-commerce momentum as a public company. Its shares are scheduled to begin trading Wednesday in a direct listing on the New York Stock Exchange under the ticker SQSP.The company offers various tools for website creation, including domains, e-comme","content":"<p>The pandemic prompted many small businesses to gain online storefronts for the first time, creating an e-commerce wave that helped website-creation platform Squarespace Inc. accelerate its revenue growth.</p><p><blockquote>疫情促使许多小企业首次获得在线店面，掀起了一股电子商务浪潮，帮助网站创建平台Squarespace Inc.加速了收入增长。</blockquote></p><p> Now Squarespace will test the resilience of that e-commerce momentum as a public company. Its shares are scheduled to begin trading Wednesday in a direct listing on the New York Stock Exchange under the ticker SQSP.</p><p><blockquote>现在，Squarespace将测试作为一家上市公司电子商务势头的弹性。其股票定于周三开始在纽约证券交易所直接上市交易，股票代码为SQSP。</blockquote></p><p> The company offers various tools for website creation, including domains, e-commerce functions and marketing capabilities. Squarespace aims to work with small businesses that have limited web expertise as well as “large brands” that need greater flexibility to customize based on their needs.</p><p><blockquote>该公司提供各种网站创建工具，包括域名、电子商务功能和营销能力。Squarespace旨在与网络专业知识有限的小型企业以及需要更大灵活性以根据其需求进行定制的“大品牌”合作。</blockquote></p><p> Squarespace sees itself playing into a number of trends, including a growing need for businesses to maintain direct relationships with their customers and an increased emphasis on do-it-yourself solutions that are “rapidly displacing expensive agencies and making equivalent design quality out-of-the-box, accessible and easy-to-use for all,” the company said in&nbsp;its filing with the Securities and Exchange Commission.</p><p><blockquote>Squarespace认为自己正在顺应许多趋势，包括企业越来越需要与客户保持直接关系，以及越来越重视自己动手的解决方案，这些解决方案“正在迅速取代昂贵的代理机构，并使同等的设计质量脱颖而出。该公司在向美国证券交易委员会提交的文件中表示，“所有人都可以访问且易于使用”。</blockquote></p><p> The company raised $300 million in a March funding round that gave the company an enterprise valuation of $10 billion, and is not raising any new funding as it lists. Here is what else you need to know about the company.</p><p><blockquote>该公司在3月份的一轮融资中筹集了3亿美元，使该公司的企业估值达到100亿美元，并且在上市时没有筹集任何新的资金。以下是您需要了解的关于该公司的其他信息。</blockquote></p><p> <b>Growing Revenue, Shrinking Profits</b></p><p><blockquote><b>收入增长，利润缩水</b></blockquote></p><p> Squarespace posted $621 million in revenue during 2020, up from $485 million a year earlier. Revenue was up 28% in the latest fiscal year, ahead of the 24% growth rate seen in the prior period.</p><p><blockquote>Squarespace 2020年收入为6.21亿美元，高于上年同期的4.85亿美元。最近一财年的收入增长了28%，高于上一季度24%的增长率。</blockquote></p><p> The company classifies 94% of its revenue as subscription-based. Squarespace added about 700,000 new unique subscriptions in 2020 and the company disclosed that more than two thirds of total subscriptions are annual.</p><p><blockquote>该公司将94%的收入归类为基于订阅的收入。Squarespace在2020年增加了约70万个新的独立订阅，该公司透露，超过三分之二的总订阅是年度订阅。</blockquote></p><p> About 70% of Squarespace’s revenue last year came from the U.S., while the rest was international.</p><p><blockquote>Squarespace去年约70%的收入来自美国，其余来自国际。</blockquote></p><p> Squarespace was profitable last year, recording about $30.6 million in net income, though profits were down from $58.2 million in 2019. The company’s “fundamentals highlight a rare combo of profitability and growth at scale,” wrote MKM Partners analyst Rohit Kulkarni.</p><p><blockquote>Squarespace去年实现盈利，净利润约为3060万美元，但利润低于2019年的5820万美元。MKM Partners分析师Rohit Kulkarni写道，该公司的“基本面凸显了盈利能力和大规模增长的罕见结合”。</blockquote></p><p> Despite a string of profitability on an annual basis, Squarespace generated a net loss of $10.1 million in the first quarter of 2021 compared with a loss of $1.1 million a year earlier. The company posted profits in each of the last three quarters of 2020.</p><p><blockquote>尽管每年都实现盈利，但Squarespace在2021年第一季度净亏损1010万美元，而去年同期亏损110万美元。该公司在2020年最后三个季度均实现盈利。</blockquote></p><p> <b>Competition Aplenty</b></p><p><blockquote><b>竞争激烈</b></blockquote></p><p> The company competes with a variety of different players across the e-commerce industry, according to its filing. Squarespace counts web-creation platforms like&nbsp;Wix.com&nbsp;(ticker: WIX) and Square’s (SQ) Weebly among its competition, along with e-commerce powerhouse&nbsp;Shopify&nbsp;(ticker: SHOP),&nbsp;which lets businesses set up online shops.</p><p><blockquote>根据其文件，该公司与电子商务行业的各种不同参与者竞争。Squarespace将Wix等网络创建平台视为其竞争对手。com（股票代码：WIX）和Square(SQ)Weebly，以及允许企业建立在线商店的电子商务巨头Shopify（股票代码：SHOP）。</blockquote></p><p> Squarespace also calls out competitors like GoDaddy (GDDY) that offer domain-name tools, as well as those providing email-marketing and scheduling functions, while arguing that its own “comprehensive, all-in-one platform, multichannel commerce capabilities” are an asset.</p><p><blockquote>Squarespace还评级了GoDaddy(GDDY)等提供域名工具以及提供电子邮件营销和日程安排功能的竞争对手，同时辩称其自己的“全面、一体化平台、多渠道商务能力”是一项资产。</blockquote></p><p> Jefferies analyst Brent Thill notes that Wix is larger than Squarespace, with revenue of $989 million last year versus $621 million for Squarespace. In addition, Squarespace’s revenue last year was similar to what Wix posted in 2018, but Wix was posting faster growth at that scale, and without the benefit of the pandemic-driven acceleration in e-commerce more broadly, he wrote.</p><p><blockquote>Jefferies分析师Brent Thill指出，Wix比Squarespace规模更大，去年的收入为9.89亿美元，而Squarespace的收入为6.21亿美元。此外，他写道，Squarespace去年的收入与Wix 2018年的收入相似，但Wix在这一规模上的增长更快，而且没有受益于大流行推动的更广泛的电子商务加速。</blockquote></p><p> <b>On the Menu</b></p><p><blockquote><b>在菜单上</b></blockquote></p><p> SquareSpace recently closed its $415 million acquisition of Tock, a company focused on the restaurant and hospitality industries. Tock’s services allow businesses to manage reservations, takeout, event ticketing and more.</p><p><blockquote>SquareSpace最近完成了对Tock的4.15亿美元收购，Tock是一家专注于餐饮和酒店行业的公司。Tock的服务允许企业管理预订、外卖、活动票务等。</blockquote></p><p> This part of the business may position SquareSpace against more tech giants, suggested MKM’s Kulkarni.</p><p><blockquote>MKM的库尔卡尼表示，这部分业务可能会使SquareSpace与更多科技巨头竞争。</blockquote></p><p> “SquareSpace’s offering with Tock faces competition from delivery services such as Uber Eats (UBER),DoorDash&nbsp;(DASH) and&nbsp;Grubhub&nbsp;(GRUB),&nbsp;along with other restaurant [customer-relationship management] services such as TouchBistro and Toast,” he wrote.</p><p><blockquote>“SquareSpace提供的Tock产品面临着来自Uber Eats(UBER)、DoorDash(DASH)和Grubhub(GRUB)等配送服务以及TouchBistro和Toast等其他餐厅[客户关系管理]服务的竞争，”他写道。</blockquote></p><p> At the same time, the acquisition is an example of one way Squarespace has “smartly diversified into selling not just physical goods online but also adding calendar/scheduling capabilities (restaurant or gym reservations), content sales, and subscriptions,” he continued.</p><p><blockquote>与此同时，此次收购是Squarespace“巧妙地多元化，不仅在线销售实物商品，还增加日历/日程安排功能（餐厅或健身房预订）、内容销售和订阅”的一个例子，他继续说道。</blockquote></p><p> <b>Marketing Bucks</b></p><p><blockquote><b>营销雄鹿</b></blockquote></p><p> Squarespace’s marketing and sales costs are growing far faster than its revenue. The company incurred $3.1 million in such expenses last year, up from $1.7 million in 2019, making for a 45% increase, whereas revenue was up 28% in the same span.</p><p><blockquote>Squarespace的营销和销售成本增长速度远远快于其收入增长速度。该公司去年的此类费用为310万美元，高于2019年的170万美元，增长了45%，而同期收入增长了28%。</blockquote></p><p></p><p> The company’s podcast advertisements may be familiar to frequent listeners, though Squarespace notes in its prospectus that it advertises its services broadly, using “online keyword search, sponsorships and celebrity endorsements, television, podcasts, print and online advertising, email and social media marketing.”</p><p><blockquote>该公司的播客广告可能为经常听众所熟悉，尽管Squarespace在其招股说明书中指出，它使用“在线关键字搜索、赞助和名人代言、电视、播客、印刷和在线广告、电子邮件和社交媒体营销”广泛宣传其服务。”</blockquote></p><p> Among its risk factors, Squarespace points to the possibility that Alphabet’s (GOOGL) Google could change its algorithm or raise the costs of its search-engine-marketing tools.</p><p><blockquote>在其风险因素中，Squarespace指出，Alphabet（GOOGL）的谷歌可能会改变其算法或提高其搜索引擎营销工具的成本。</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>4 Things to Know Ahead of the Squarespace’s Direct Listing<blockquote>Squarespace直接上市前需要了解的4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\">\n4 Things to Know Ahead of the Squarespace’s Direct Listing<blockquote>Squarespace直接上市前需要了解的4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 15:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The pandemic prompted many small businesses to gain online storefronts for the first time, creating an e-commerce wave that helped website-creation platform Squarespace Inc. accelerate its revenue growth.</p><p><blockquote>疫情促使许多小企业首次获得在线店面，掀起了一股电子商务浪潮，帮助网站创建平台Squarespace Inc.加速了收入增长。</blockquote></p><p> Now Squarespace will test the resilience of that e-commerce momentum as a public company. Its shares are scheduled to begin trading Wednesday in a direct listing on the New York Stock Exchange under the ticker SQSP.</p><p><blockquote>现在，Squarespace将测试作为一家上市公司电子商务势头的弹性。其股票定于周三开始在纽约证券交易所直接上市交易，股票代码为SQSP。</blockquote></p><p> The company offers various tools for website creation, including domains, e-commerce functions and marketing capabilities. Squarespace aims to work with small businesses that have limited web expertise as well as “large brands” that need greater flexibility to customize based on their needs.</p><p><blockquote>该公司提供各种网站创建工具，包括域名、电子商务功能和营销能力。Squarespace旨在与网络专业知识有限的小型企业以及需要更大灵活性以根据其需求进行定制的“大品牌”合作。</blockquote></p><p> Squarespace sees itself playing into a number of trends, including a growing need for businesses to maintain direct relationships with their customers and an increased emphasis on do-it-yourself solutions that are “rapidly displacing expensive agencies and making equivalent design quality out-of-the-box, accessible and easy-to-use for all,” the company said in&nbsp;its filing with the Securities and Exchange Commission.</p><p><blockquote>Squarespace认为自己正在顺应许多趋势，包括企业越来越需要与客户保持直接关系，以及越来越重视自己动手的解决方案，这些解决方案“正在迅速取代昂贵的代理机构，并使同等的设计质量脱颖而出。该公司在向美国证券交易委员会提交的文件中表示，“所有人都可以访问且易于使用”。</blockquote></p><p> The company raised $300 million in a March funding round that gave the company an enterprise valuation of $10 billion, and is not raising any new funding as it lists. Here is what else you need to know about the company.</p><p><blockquote>该公司在3月份的一轮融资中筹集了3亿美元，使该公司的企业估值达到100亿美元，并且在上市时没有筹集任何新的资金。以下是您需要了解的关于该公司的其他信息。</blockquote></p><p> <b>Growing Revenue, Shrinking Profits</b></p><p><blockquote><b>收入增长，利润缩水</b></blockquote></p><p> Squarespace posted $621 million in revenue during 2020, up from $485 million a year earlier. Revenue was up 28% in the latest fiscal year, ahead of the 24% growth rate seen in the prior period.</p><p><blockquote>Squarespace 2020年收入为6.21亿美元，高于上年同期的4.85亿美元。最近一财年的收入增长了28%，高于上一季度24%的增长率。</blockquote></p><p> The company classifies 94% of its revenue as subscription-based. Squarespace added about 700,000 new unique subscriptions in 2020 and the company disclosed that more than two thirds of total subscriptions are annual.</p><p><blockquote>该公司将94%的收入归类为基于订阅的收入。Squarespace在2020年增加了约70万个新的独立订阅，该公司透露，超过三分之二的总订阅是年度订阅。</blockquote></p><p> About 70% of Squarespace’s revenue last year came from the U.S., while the rest was international.</p><p><blockquote>Squarespace去年约70%的收入来自美国，其余来自国际。</blockquote></p><p> Squarespace was profitable last year, recording about $30.6 million in net income, though profits were down from $58.2 million in 2019. The company’s “fundamentals highlight a rare combo of profitability and growth at scale,” wrote MKM Partners analyst Rohit Kulkarni.</p><p><blockquote>Squarespace去年实现盈利，净利润约为3060万美元，但利润低于2019年的5820万美元。MKM Partners分析师Rohit Kulkarni写道，该公司的“基本面凸显了盈利能力和大规模增长的罕见结合”。</blockquote></p><p> Despite a string of profitability on an annual basis, Squarespace generated a net loss of $10.1 million in the first quarter of 2021 compared with a loss of $1.1 million a year earlier. The company posted profits in each of the last three quarters of 2020.</p><p><blockquote>尽管每年都实现盈利，但Squarespace在2021年第一季度净亏损1010万美元，而去年同期亏损110万美元。该公司在2020年最后三个季度均实现盈利。</blockquote></p><p> <b>Competition Aplenty</b></p><p><blockquote><b>竞争激烈</b></blockquote></p><p> The company competes with a variety of different players across the e-commerce industry, according to its filing. Squarespace counts web-creation platforms like&nbsp;Wix.com&nbsp;(ticker: WIX) and Square’s (SQ) Weebly among its competition, along with e-commerce powerhouse&nbsp;Shopify&nbsp;(ticker: SHOP),&nbsp;which lets businesses set up online shops.</p><p><blockquote>根据其文件，该公司与电子商务行业的各种不同参与者竞争。Squarespace将Wix等网络创建平台视为其竞争对手。com（股票代码：WIX）和Square(SQ)Weebly，以及允许企业建立在线商店的电子商务巨头Shopify（股票代码：SHOP）。</blockquote></p><p> Squarespace also calls out competitors like GoDaddy (GDDY) that offer domain-name tools, as well as those providing email-marketing and scheduling functions, while arguing that its own “comprehensive, all-in-one platform, multichannel commerce capabilities” are an asset.</p><p><blockquote>Squarespace还评级了GoDaddy(GDDY)等提供域名工具以及提供电子邮件营销和日程安排功能的竞争对手，同时辩称其自己的“全面、一体化平台、多渠道商务能力”是一项资产。</blockquote></p><p> Jefferies analyst Brent Thill notes that Wix is larger than Squarespace, with revenue of $989 million last year versus $621 million for Squarespace. In addition, Squarespace’s revenue last year was similar to what Wix posted in 2018, but Wix was posting faster growth at that scale, and without the benefit of the pandemic-driven acceleration in e-commerce more broadly, he wrote.</p><p><blockquote>Jefferies分析师Brent Thill指出，Wix比Squarespace规模更大，去年的收入为9.89亿美元，而Squarespace的收入为6.21亿美元。此外，他写道，Squarespace去年的收入与Wix 2018年的收入相似，但Wix在这一规模上的增长更快，而且没有受益于大流行推动的更广泛的电子商务加速。</blockquote></p><p> <b>On the Menu</b></p><p><blockquote><b>在菜单上</b></blockquote></p><p> SquareSpace recently closed its $415 million acquisition of Tock, a company focused on the restaurant and hospitality industries. Tock’s services allow businesses to manage reservations, takeout, event ticketing and more.</p><p><blockquote>SquareSpace最近完成了对Tock的4.15亿美元收购，Tock是一家专注于餐饮和酒店行业的公司。Tock的服务允许企业管理预订、外卖、活动票务等。</blockquote></p><p> This part of the business may position SquareSpace against more tech giants, suggested MKM’s Kulkarni.</p><p><blockquote>MKM的库尔卡尼表示，这部分业务可能会使SquareSpace与更多科技巨头竞争。</blockquote></p><p> “SquareSpace’s offering with Tock faces competition from delivery services such as Uber Eats (UBER),DoorDash&nbsp;(DASH) and&nbsp;Grubhub&nbsp;(GRUB),&nbsp;along with other restaurant [customer-relationship management] services such as TouchBistro and Toast,” he wrote.</p><p><blockquote>“SquareSpace提供的Tock产品面临着来自Uber Eats(UBER)、DoorDash(DASH)和Grubhub(GRUB)等配送服务以及TouchBistro和Toast等其他餐厅[客户关系管理]服务的竞争，”他写道。</blockquote></p><p> At the same time, the acquisition is an example of one way Squarespace has “smartly diversified into selling not just physical goods online but also adding calendar/scheduling capabilities (restaurant or gym reservations), content sales, and subscriptions,” he continued.</p><p><blockquote>与此同时，此次收购是Squarespace“巧妙地多元化，不仅在线销售实物商品，还增加日历/日程安排功能（餐厅或健身房预订）、内容销售和订阅”的一个例子，他继续说道。</blockquote></p><p> <b>Marketing Bucks</b></p><p><blockquote><b>营销雄鹿</b></blockquote></p><p> Squarespace’s marketing and sales costs are growing far faster than its revenue. The company incurred $3.1 million in such expenses last year, up from $1.7 million in 2019, making for a 45% increase, whereas revenue was up 28% in the same span.</p><p><blockquote>Squarespace的营销和销售成本增长速度远远快于其收入增长速度。该公司去年的此类费用为310万美元，高于2019年的170万美元，增长了45%，而同期收入增长了28%。</blockquote></p><p></p><p> The company’s podcast advertisements may be familiar to frequent listeners, though Squarespace notes in its prospectus that it advertises its services broadly, using “online keyword search, sponsorships and celebrity endorsements, television, podcasts, print and online advertising, email and social media marketing.”</p><p><blockquote>该公司的播客广告可能为经常听众所熟悉，尽管Squarespace在其招股说明书中指出，它使用“在线关键字搜索、赞助和名人代言、电视、播客、印刷和在线广告、电子邮件和社交媒体营销”广泛宣传其服务。”</blockquote></p><p> Among its risk factors, Squarespace points to the possibility that Alphabet’s (GOOGL) Google could change its algorithm or raise the costs of its search-engine-marketing tools.</p><p><blockquote>在其风险因素中，Squarespace指出，Alphabet（GOOGL）的谷歌可能会改变其算法或提高其搜索引擎营销工具的成本。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/squarespace-direct-listing-51621376597?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":{"SQSP":"Squarespace Inc."},"source_url":"https://www.barrons.com/articles/squarespace-direct-listing-51621376597?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158638540","content_text":"The pandemic prompted many small businesses to gain online storefronts for the first time, creating an e-commerce wave that helped website-creation platform Squarespace Inc. accelerate its revenue growth.\nNow Squarespace will test the resilience of that e-commerce momentum as a public company. Its shares are scheduled to begin trading Wednesday in a direct listing on the New York Stock Exchange under the ticker SQSP.\nThe company offers various tools for website creation, including domains, e-commerce functions and marketing capabilities. Squarespace aims to work with small businesses that have limited web expertise as well as “large brands” that need greater flexibility to customize based on their needs.\nSquarespace sees itself playing into a number of trends, including a growing need for businesses to maintain direct relationships with their customers and an increased emphasis on do-it-yourself solutions that are “rapidly displacing expensive agencies and making equivalent design quality out-of-the-box, accessible and easy-to-use for all,” the company said in its filing with the Securities and Exchange Commission.\nThe company raised $300 million in a March funding round that gave the company an enterprise valuation of $10 billion, and is not raising any new funding as it lists. Here is what else you need to know about the company.\nGrowing Revenue, Shrinking Profits\nSquarespace posted $621 million in revenue during 2020, up from $485 million a year earlier. Revenue was up 28% in the latest fiscal year, ahead of the 24% growth rate seen in the prior period.\nThe company classifies 94% of its revenue as subscription-based. Squarespace added about 700,000 new unique subscriptions in 2020 and the company disclosed that more than two thirds of total subscriptions are annual.\nAbout 70% of Squarespace’s revenue last year came from the U.S., while the rest was international.\nSquarespace was profitable last year, recording about $30.6 million in net income, though profits were down from $58.2 million in 2019. The company’s “fundamentals highlight a rare combo of profitability and growth at scale,” wrote MKM Partners analyst Rohit Kulkarni.\nDespite a string of profitability on an annual basis, Squarespace generated a net loss of $10.1 million in the first quarter of 2021 compared with a loss of $1.1 million a year earlier. The company posted profits in each of the last three quarters of 2020.\nCompetition Aplenty\nThe company competes with a variety of different players across the e-commerce industry, according to its filing. Squarespace counts web-creation platforms like Wix.com (ticker: WIX) and Square’s (SQ) Weebly among its competition, along with e-commerce powerhouse Shopify (ticker: SHOP), which lets businesses set up online shops.\nSquarespace also calls out competitors like GoDaddy (GDDY) that offer domain-name tools, as well as those providing email-marketing and scheduling functions, while arguing that its own “comprehensive, all-in-one platform, multichannel commerce capabilities” are an asset.\nJefferies analyst Brent Thill notes that Wix is larger than Squarespace, with revenue of $989 million last year versus $621 million for Squarespace. In addition, Squarespace’s revenue last year was similar to what Wix posted in 2018, but Wix was posting faster growth at that scale, and without the benefit of the pandemic-driven acceleration in e-commerce more broadly, he wrote.\nOn the Menu\nSquareSpace recently closed its $415 million acquisition of Tock, a company focused on the restaurant and hospitality industries. Tock’s services allow businesses to manage reservations, takeout, event ticketing and more.\nThis part of the business may position SquareSpace against more tech giants, suggested MKM’s Kulkarni.\n“SquareSpace’s offering with Tock faces competition from delivery services such as Uber Eats (UBER),DoorDash (DASH) and Grubhub (GRUB), along with other restaurant [customer-relationship management] services such as TouchBistro and Toast,” he wrote.\nAt the same time, the acquisition is an example of one way Squarespace has “smartly diversified into selling not just physical goods online but also adding calendar/scheduling capabilities (restaurant or gym reservations), content sales, and subscriptions,” he continued.\nMarketing Bucks\nSquarespace’s marketing and sales costs are growing far faster than its revenue. The company incurred $3.1 million in such expenses last year, up from $1.7 million in 2019, making for a 45% increase, whereas revenue was up 28% in the same span.\nThe company’s podcast advertisements may be familiar to frequent listeners, though Squarespace notes in its prospectus that it advertises its services broadly, using “online keyword search, sponsorships and celebrity endorsements, television, podcasts, print and online advertising, email and social media marketing.”\nAmong its risk factors, Squarespace points to the possibility that Alphabet’s (GOOGL) Google could change its algorithm or raise the costs of its search-engine-marketing tools.","news_type":1,"symbols_score_info":{"SQSP":0.9}},"isVote":1,"tweetType":1,"viewCount":2377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":387050458,"gmtCreate":1613701804874,"gmtModify":1634552588589,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576582855873994","authorIdStr":"3576582855873994"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/387050458","repostId":"2112813890","repostType":4,"isVote":1,"tweetType":1,"viewCount":2918,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360875485,"gmtCreate":1613894121047,"gmtModify":1634551924684,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576582855873994","authorIdStr":"3576582855873994"},"themes":[],"htmlText":"Amazing news","listText":"Amazing news","text":"Amazing news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/360875485","repostId":"1161529893","repostType":4,"repost":{"id":"1161529893","kind":"news","pubTimestamp":1613733842,"share":"https://www.laohu8.com/m/news/1161529893?lang=zh_CN&edition=full","pubTime":"2021-02-19 19:24","market":"us","language":"en","title":"Goldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资行列——你应该加入吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161529893","media":"Marketwatch","summary":"‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.Robo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.Now anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by so","content":"<p>  ‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.  Robo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.</p><p><blockquote>加州圣地亚哥的财务顾问万斯·巴斯说，就像在拉斯维加斯一样，众议院通常会获胜。他经营着一家名为Your Dedicated Fiduciary的公司。机器人投资在几乎每个经纪平台上都变得越来越普遍。直到周二，高盛GS(-0.91%)将其机器人咨询服务Marcus限制为至少有1000万美元可投资的人。</blockquote></p><p> Now anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by some of Goldman Sachs’ wealthiest clients for a 0.35% annual advisory fee. But investing experts say there are more costs to consider before jumping on the robo-investing train.</p><p><blockquote>现在，任何拥有至少1,000美元可投资的人都可以使用高盛一些最富有的客户使用的相同交易算法，每年只需支付0.35%的咨询费。但投资专家表示，在跳上机器人投资列车之前，需要考虑更多成本。</blockquote></p><p> “Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.</p><p><blockquote>“就像在拉斯维加斯一样，众议院通常会获胜，”加利福尼亚州圣地亚哥的财务顾问万斯·巴斯(Vance Barse)说，他经营着一家名为Your Dedicated Fiduciary的公司。</blockquote></p><p> Although the 35 basis-point price tag is a “loss leader” to Goldman Sachs, he said companies typically make such offers in order to attract clients to cross-sell them banking products.</p><p><blockquote>尽管35个基点的价格标签对高盛来说是一个“亏损领头羊”，但他表示，公司通常会提出这样的报价，以吸引客户向他们交叉销售银行产品。</blockquote></p><p> “People forget that banks are ultimately in the business of making money,” he said.</p><p><blockquote>“人们忘记了银行最终是为了赚钱，”他说。</blockquote></p><p> Goldman Sachs declined to comment.</p><p><blockquote>高盛拒绝置评。</blockquote></p><p> The company is among other major financial-services firms offering digital advisers, including Vanguard, Fidelity and Schwab SCHW, +1.03% and startups such as Betterment and Wealthfront.</p><p><blockquote>该公司是其他提供数字顾问的主要金融服务公司之一，包括Vanguard、Fidelity和Schwab SCHW，+1.03%，以及Betterment和Wealthfront等初创公司。</blockquote></p><p> Fees for robo advisers can start at around 0.25%, and increase to 1% and above for traditional brokers. A survey of nearly 1,000 financial planners by Inside Information, a trade publication, found that the bigger the portfolio, the lower the percentage clients paid in fees.</p><p><blockquote>机器人顾问的费用从0.25%左右开始，传统经纪商的费用会增加到1%及以上。行业出版物Inside Information对近1,000名理财规划师进行的一项调查发现，投资组合越大，客户支付的费用比例就越低。</blockquote></p><p> The median annual charge hovered at around 1% for portfolios of $1 million or less, and 0.5% for portfolios worth $5 million to $10 million.</p><p><blockquote>对于100万美元或以下的投资组合，年费中位数徘徊在1%左右，对于价值500万至1000万美元的投资组合，年费中位数徘徊在0.5%左右。</blockquote></p><p> Robo advisers like those on offer from Goldman Sachs and Betterment differ from robo platforms like Robinhood. The former suggest portfolios focused on exchange-traded funds, while Robinhood allows users to invest in individual ETFs, stocks, options and even cryptocurrencies.</p><p><blockquote>高盛和Betterment提供的机器人顾问与Robinhood等机器人平台不同。前者建议投资组合专注于交易所交易基金，而Robinhood允许用户投资个人ETF、股票、期权甚至加密货币。</blockquote></p><p> <b>Robo investing as a self-driving car</b></p><p><blockquote><b>机器人投资作为自动驾驶汽车</b></blockquote></p><p> Consumers have turned to robo-investing at unprecedented levels during the pandemic.</p><p><blockquote>在疫情期间，消费者以前所未有的水平转向机器人投资。</blockquote></p><p> The rate of new accounts opened jumped between 50% and 300% during the first quarter of 2020 compared to the fourth quarter of last year, according to a May report published by research and advisory firm Aite Group.</p><p><blockquote>根据研究和咨询公司艾特集团5月份发布的一份报告，与去年第四季度相比，2020年第一季度的新开户率跃升了50%至300%。</blockquote></p><p> So what is rob-investing? Think of it like a self-driving car.</p><p><blockquote>那么什么是rob投资呢？把它想象成一辆自动驾驶汽车。</blockquote></p><p> You put in your destination, buckle up in the backseat and your driver (robo adviser) will get there. You, the passenger, can’t easily slam the breaks if you fear your driver is leading you in the wrong direction. Nor can you put your foot on the gas pedal if you’re in a rush and want to get to your destination faster.</p><p><blockquote>你输入你的目的地，在后座系好安全带，你的司机（机器人顾问）就会到达那里。作为乘客，如果你担心你的司机把你引向错误的方向，你就不能轻易刹车。如果您赶时间并想更快地到达目的地，也不能踩油门。</blockquote></p><p> Robo-investing platforms use advanced-trading algorithm software to design investment portfolios based on factors such as an individual’s appetite for risk-taking and desired short-term and long-term returns.</p><p><blockquote>机器人投资平台使用先进的交易算法软件，根据个人的风险偏好以及期望的短期和长期回报等因素来设计投资组合。</blockquote></p><p> There are over 200 platforms that provide these services charging typically no more than a 0.5% annual advisory fee, compared to the 1% annual fee human investment advisors charge.</p><p><blockquote>有200多个平台提供这些服务，每年收取的咨询费通常不超过0.5%，而人力投资顾问收取的年费为1%。</blockquote></p><p> And rather than investing entirely on your own, which can become a second job and lead to emotional investment decisions, robo advisers handle buying and selling assets.</p><p><blockquote>机器人顾问处理资产的买卖，而不是完全自己投资，这可能成为第二份工作并导致情绪化的投资决策。</blockquote></p><p> Cynthia Loh, Schwab vice president of Digital Advice and Innovation, disagrees, and argues that robo investing doesn’t mean giving technology control of your money. Schwab, she said, has a team of investment experts who oversee investment strategy and keep watch during periods of market volatility, although some services have more input from humans than others.</p><p><blockquote>嘉信理财数字咨询和创新副总裁辛西娅·洛(Cynthia Loh)不同意这种观点，她认为机器人投资并不意味着让技术控制你的资金。她说，嘉信理财拥有一支投资专家团队，负责监督投资策略并在市场波动期间进行监控，尽管有些服务比其他服务有更多的人工输入。</blockquote></p><p> As she recently wrote on MarketWatch: “One common misconception about automated investing is that choosing a robo adviser essentially means handing control of your money over to robots. The truth is that robo solutions have a combination of automated and human components running things behind the scenes.”</p><p><blockquote>正如她最近在MarketWatch上所写：“关于自动化投资的一个常见误解是，选择机器人顾问本质上意味着将资金的控制权交给机器人。事实是，机器人解决方案结合了自动化和人工组件，在幕后运行事物。”</blockquote></p><p> <b>Robos appeal to inexperienced investors</b></p><p><blockquote><b>机器人吸引缺乏经验的投资者</b></blockquote></p><p> Robo investing tends to appeal to inexperienced investors or ones who don’t have the time or energy to manage their own portfolios. These investors can take comfort in the “set it and forget it approach to investing and overtime let the markets do their thing,” Barse said.</p><p><blockquote>机器人投资往往吸引缺乏经验的投资者或没有时间或精力管理自己投资组合的投资者。巴尔斯说，这些投资者可以对“一劳永逸”的投资方法感到放心，随着时间的推移，让市场做自己的事情”。</blockquote></p><p> That makes it much easier to stomach market volatility knowing that you don’t necessarily have to make spur-of-the-moment decisions to buy or sell assets, said Tiffany Lam-Balfour, an investing and retirement specialist at NerdWallet.</p><p><blockquote>NerdWallet的投资和退休专家蒂芙尼·拉姆-贝尔福(Tiffany Lam-Balfour)表示，这使得你更容易承受市场波动，因为你不一定必须做出购买或出售资产的冲动决定。</blockquote></p><p> “When you’re investing, you don’t want to keep looking at the market and going ‘Oh I need to get out of this,’” she said. “You want to leave it to the professionals to get you through it because they know what your time horizon is, and they’ll adjust your portfolio automatically for you.”</p><p><blockquote>“当你投资时，你不会想一直关注市场并说‘哦，我需要摆脱困境’，”她说。“你想让专业人士来帮你度过难关，因为他们知道你的时间范围，他们会自动为你调整你的投资组合。”</blockquote></p><p></p><p> That said, “you can’t just expect your investments will only go up. Even if you had the world’s best human financial adviser you can’t expect that.”</p><p><blockquote>也就是说，“你不能指望你的投资只会上涨。即使你有世界上最好的人类财务顾问，你也不能指望这一点。”</blockquote></p><p> Others disagree, and say robo advisers appeal to older investors. “Planning for and paying yourself in retirement is complex. There are many options out there to help investors through it, and robo investing is one of them,” Loh said.</p><p><blockquote>其他人不同意，并表示机器人顾问对老年投资者有吸引力。“退休后的规划和支付费用很复杂。有很多选择可以帮助投资者度过难关，机器人投资就是其中之一，”Loh说。</blockquote></p><p> “Many thoughtful, long-term investors have discovered that they want a more modern, streamlined, and inexpensive way to invest, and robo investing fits the bill. They are happy to let technology handle the mundane activities that are harder and more time-consuming for investors to do themselves,” she added.</p><p><blockquote>“许多深思熟虑的长期投资者发现，他们想要一种更现代、更简化、更便宜的投资方式，而机器人投资正好符合这一要求。他们很乐意让技术来处理更困难、更耗时的日常活动。投资者自己做，”她补充道。</blockquote></p><p> <b>There is often no door to knock on</b></p><p><blockquote><b>常常无门可敲</b></blockquote></p><p> Your robo adviser only knows what you tell it. The simplistic questionnaire you’re required to fill out will on most robo-investing platforms will collect information on your annual income, desired age to retire and the level of risk you’re willing to take on.</p><p><blockquote>你的机器人顾问只知道你告诉它什么。大多数机器人投资平台上要求您填写的简单问卷将收集有关您的年收入、期望退休年龄以及您愿意承担的风险水平的信息。</blockquote></p><p> It won’t however know if you just had a child and would like to begin saving for their education down the road or if you recently lost your job.</p><p><blockquote>然而，它不会知道你是否刚刚有了一个孩子，并想开始为他们的教育存钱，或者你是否最近失业了。</blockquote></p><p> “The question then becomes to whom does that person go to for advice and does that platform offer that and if so, to what level of complexity?” said Barse.</p><p><blockquote>“那么问题就变成了那个人向谁寻求建议？该平台是否提供建议？如果提供，复杂程度如何？”巴斯说。</blockquote></p><p> Not all platforms give individualized investment advice and the hybrid models that do offer advice from a human tend to charge higher annual fees.</p><p><blockquote>并非所有平台都提供个性化投资建议，提供人工建议的混合模式往往会收取更高的年费。</blockquote></p><p> Additionally, a robo adviser won’t necessarily “manage your money with tax efficiency at front of mind,” said Roger Ma, a certified financial planner at Lifelaidout, a New York City-based financial advisory group.</p><p><blockquote>此外，纽约市财务咨询集团Lifelaidout的注册财务规划师罗杰·马(Roger Ma)表示，机器人顾问不一定“在管理资金时首先考虑税收效率”。</blockquote></p><p> For instance, one common way investors offset the taxes they pay on long-term investments is by selling assets that have accrued losses. Traditional advisers often specialize in constructing portfolios that lead to the most tax-efficient outcomes, said Ma, who is the author of “Work Your Money, Not Your Life”.</p><p><blockquote>例如，投资者抵消长期投资税款的一种常见方式是出售已累计亏损的资产。《工作你的钱，而不是你的生活》一书的作者马说，传统顾问通常专注于构建能带来最节税结果的投资组合。</blockquote></p><p> But with robo investing, the trades that are made for you are the same ones that are being made for a slew of other investors who may fall under a different tax-bracket than you.</p><p><blockquote>但通过机器人投资，为您进行的交易与为许多其他投资者进行的交易是相同的，这些投资者可能属于与您不同的税级。</blockquote></p><p> On top of that, while robo investing may feel like a simplistic way to get into investing, especially for beginners it can “overcomplicate investing,” Ma said.</p><p><blockquote>最重要的是，虽然机器人投资可能感觉像是一种简单的投资方式，特别是对于初学者来说，它可能会“使投资过于复杂”，马云说。</blockquote></p><p> “If you are just looking to dip your toe in and you want to feel like you’re invested in a diversified portfolio, I wouldn’t say definitely don’t do a robo adviser,” he said.</p><p><blockquote>“如果你只是想尝试一下，并且想感觉自己投资于多元化的投资组合，我不会说绝对不要聘请机器人顾问，”他说。</blockquote></p><p> Don’t rule out investing through a target-date fund that selects a single fund to invest in and adjusts the position over time based on their investment goals, he added.</p><p><blockquote>他补充说，不要排除通过目标日期基金进行投资，该基金选择单一基金进行投资，并根据投资目标随着时间的推移调整头寸。</blockquote></p><p> But not everyone can tell the difference between robo advice and advice from a human being. In 2015, MarketWatch asked four prominent robo advisers and four of the traditional, flesh-and-blood variety to construct portfolios for a hypothetical 35-year-old investor with $40,000 to invest.</p><p><blockquote>但并不是每个人都能区分机器人的建议和人类的建议。2015年，MarketWatch请四位著名的机器人顾问和四位传统的有血有肉的机器人顾问为一位假设的35岁投资者构建投资组合，投资金额为40,000美元。</blockquote></p><p> The results were, perhaps, surprising for critics of robo advisers. The robots’ suggestions were “not massively different” from what the human advisers proposed, said Michael Kitces, Pinnacle Advisory Group’s research director, after reviewing the results.</p><p><blockquote>对于机器人顾问的批评者来说，结果或许令人惊讶。Pinnacle Advisory Group的研究总监Michael Kitces在审查结果后表示，机器人的建议与人类顾问的建议“没有太大不同”。</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>Goldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资行列——你应该加入吗？</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\">\nGoldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资行列——你应该加入吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketwatch</strong><span class=\"h-time small\">2021-02-19 19:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  ‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.  Robo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.</p><p><blockquote>加州圣地亚哥的财务顾问万斯·巴斯说，就像在拉斯维加斯一样，众议院通常会获胜。他经营着一家名为Your Dedicated Fiduciary的公司。机器人投资在几乎每个经纪平台上都变得越来越普遍。直到周二，高盛GS(-0.91%)将其机器人咨询服务Marcus限制为至少有1000万美元可投资的人。</blockquote></p><p> Now anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by some of Goldman Sachs’ wealthiest clients for a 0.35% annual advisory fee. But investing experts say there are more costs to consider before jumping on the robo-investing train.</p><p><blockquote>现在，任何拥有至少1,000美元可投资的人都可以使用高盛一些最富有的客户使用的相同交易算法，每年只需支付0.35%的咨询费。但投资专家表示，在跳上机器人投资列车之前，需要考虑更多成本。</blockquote></p><p> “Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.</p><p><blockquote>“就像在拉斯维加斯一样，众议院通常会获胜，”加利福尼亚州圣地亚哥的财务顾问万斯·巴斯(Vance Barse)说，他经营着一家名为Your Dedicated Fiduciary的公司。</blockquote></p><p> Although the 35 basis-point price tag is a “loss leader” to Goldman Sachs, he said companies typically make such offers in order to attract clients to cross-sell them banking products.</p><p><blockquote>尽管35个基点的价格标签对高盛来说是一个“亏损领头羊”，但他表示，公司通常会提出这样的报价，以吸引客户向他们交叉销售银行产品。</blockquote></p><p> “People forget that banks are ultimately in the business of making money,” he said.</p><p><blockquote>“人们忘记了银行最终是为了赚钱，”他说。</blockquote></p><p> Goldman Sachs declined to comment.</p><p><blockquote>高盛拒绝置评。</blockquote></p><p> The company is among other major financial-services firms offering digital advisers, including Vanguard, Fidelity and Schwab SCHW, +1.03% and startups such as Betterment and Wealthfront.</p><p><blockquote>该公司是其他提供数字顾问的主要金融服务公司之一，包括Vanguard、Fidelity和Schwab SCHW，+1.03%，以及Betterment和Wealthfront等初创公司。</blockquote></p><p> Fees for robo advisers can start at around 0.25%, and increase to 1% and above for traditional brokers. A survey of nearly 1,000 financial planners by Inside Information, a trade publication, found that the bigger the portfolio, the lower the percentage clients paid in fees.</p><p><blockquote>机器人顾问的费用从0.25%左右开始，传统经纪商的费用会增加到1%及以上。行业出版物Inside Information对近1,000名理财规划师进行的一项调查发现，投资组合越大，客户支付的费用比例就越低。</blockquote></p><p> The median annual charge hovered at around 1% for portfolios of $1 million or less, and 0.5% for portfolios worth $5 million to $10 million.</p><p><blockquote>对于100万美元或以下的投资组合，年费中位数徘徊在1%左右，对于价值500万至1000万美元的投资组合，年费中位数徘徊在0.5%左右。</blockquote></p><p> Robo advisers like those on offer from Goldman Sachs and Betterment differ from robo platforms like Robinhood. The former suggest portfolios focused on exchange-traded funds, while Robinhood allows users to invest in individual ETFs, stocks, options and even cryptocurrencies.</p><p><blockquote>高盛和Betterment提供的机器人顾问与Robinhood等机器人平台不同。前者建议投资组合专注于交易所交易基金，而Robinhood允许用户投资个人ETF、股票、期权甚至加密货币。</blockquote></p><p> <b>Robo investing as a self-driving car</b></p><p><blockquote><b>机器人投资作为自动驾驶汽车</b></blockquote></p><p> Consumers have turned to robo-investing at unprecedented levels during the pandemic.</p><p><blockquote>在疫情期间，消费者以前所未有的水平转向机器人投资。</blockquote></p><p> The rate of new accounts opened jumped between 50% and 300% during the first quarter of 2020 compared to the fourth quarter of last year, according to a May report published by research and advisory firm Aite Group.</p><p><blockquote>根据研究和咨询公司艾特集团5月份发布的一份报告，与去年第四季度相比，2020年第一季度的新开户率跃升了50%至300%。</blockquote></p><p> So what is rob-investing? Think of it like a self-driving car.</p><p><blockquote>那么什么是rob投资呢？把它想象成一辆自动驾驶汽车。</blockquote></p><p> You put in your destination, buckle up in the backseat and your driver (robo adviser) will get there. You, the passenger, can’t easily slam the breaks if you fear your driver is leading you in the wrong direction. Nor can you put your foot on the gas pedal if you’re in a rush and want to get to your destination faster.</p><p><blockquote>你输入你的目的地，在后座系好安全带，你的司机（机器人顾问）就会到达那里。作为乘客，如果你担心你的司机把你引向错误的方向，你就不能轻易刹车。如果您赶时间并想更快地到达目的地，也不能踩油门。</blockquote></p><p> Robo-investing platforms use advanced-trading algorithm software to design investment portfolios based on factors such as an individual’s appetite for risk-taking and desired short-term and long-term returns.</p><p><blockquote>机器人投资平台使用先进的交易算法软件，根据个人的风险偏好以及期望的短期和长期回报等因素来设计投资组合。</blockquote></p><p> There are over 200 platforms that provide these services charging typically no more than a 0.5% annual advisory fee, compared to the 1% annual fee human investment advisors charge.</p><p><blockquote>有200多个平台提供这些服务，每年收取的咨询费通常不超过0.5%，而人力投资顾问收取的年费为1%。</blockquote></p><p> And rather than investing entirely on your own, which can become a second job and lead to emotional investment decisions, robo advisers handle buying and selling assets.</p><p><blockquote>机器人顾问处理资产的买卖，而不是完全自己投资，这可能成为第二份工作并导致情绪化的投资决策。</blockquote></p><p> Cynthia Loh, Schwab vice president of Digital Advice and Innovation, disagrees, and argues that robo investing doesn’t mean giving technology control of your money. Schwab, she said, has a team of investment experts who oversee investment strategy and keep watch during periods of market volatility, although some services have more input from humans than others.</p><p><blockquote>嘉信理财数字咨询和创新副总裁辛西娅·洛(Cynthia Loh)不同意这种观点，她认为机器人投资并不意味着让技术控制你的资金。她说，嘉信理财拥有一支投资专家团队，负责监督投资策略并在市场波动期间进行监控，尽管有些服务比其他服务有更多的人工输入。</blockquote></p><p> As she recently wrote on MarketWatch: “One common misconception about automated investing is that choosing a robo adviser essentially means handing control of your money over to robots. The truth is that robo solutions have a combination of automated and human components running things behind the scenes.”</p><p><blockquote>正如她最近在MarketWatch上所写：“关于自动化投资的一个常见误解是，选择机器人顾问本质上意味着将资金的控制权交给机器人。事实是，机器人解决方案结合了自动化和人工组件，在幕后运行事物。”</blockquote></p><p> <b>Robos appeal to inexperienced investors</b></p><p><blockquote><b>机器人吸引缺乏经验的投资者</b></blockquote></p><p> Robo investing tends to appeal to inexperienced investors or ones who don’t have the time or energy to manage their own portfolios. These investors can take comfort in the “set it and forget it approach to investing and overtime let the markets do their thing,” Barse said.</p><p><blockquote>机器人投资往往吸引缺乏经验的投资者或没有时间或精力管理自己投资组合的投资者。巴尔斯说，这些投资者可以对“一劳永逸”的投资方法感到放心，随着时间的推移，让市场做自己的事情”。</blockquote></p><p> That makes it much easier to stomach market volatility knowing that you don’t necessarily have to make spur-of-the-moment decisions to buy or sell assets, said Tiffany Lam-Balfour, an investing and retirement specialist at NerdWallet.</p><p><blockquote>NerdWallet的投资和退休专家蒂芙尼·拉姆-贝尔福(Tiffany Lam-Balfour)表示，这使得你更容易承受市场波动，因为你不一定必须做出购买或出售资产的冲动决定。</blockquote></p><p> “When you’re investing, you don’t want to keep looking at the market and going ‘Oh I need to get out of this,’” she said. “You want to leave it to the professionals to get you through it because they know what your time horizon is, and they’ll adjust your portfolio automatically for you.”</p><p><blockquote>“当你投资时，你不会想一直关注市场并说‘哦，我需要摆脱困境’，”她说。“你想让专业人士来帮你度过难关，因为他们知道你的时间范围，他们会自动为你调整你的投资组合。”</blockquote></p><p></p><p> That said, “you can’t just expect your investments will only go up. Even if you had the world’s best human financial adviser you can’t expect that.”</p><p><blockquote>也就是说，“你不能指望你的投资只会上涨。即使你有世界上最好的人类财务顾问，你也不能指望这一点。”</blockquote></p><p> Others disagree, and say robo advisers appeal to older investors. “Planning for and paying yourself in retirement is complex. There are many options out there to help investors through it, and robo investing is one of them,” Loh said.</p><p><blockquote>其他人不同意，并表示机器人顾问对老年投资者有吸引力。“退休后的规划和支付费用很复杂。有很多选择可以帮助投资者度过难关，机器人投资就是其中之一，”Loh说。</blockquote></p><p> “Many thoughtful, long-term investors have discovered that they want a more modern, streamlined, and inexpensive way to invest, and robo investing fits the bill. They are happy to let technology handle the mundane activities that are harder and more time-consuming for investors to do themselves,” she added.</p><p><blockquote>“许多深思熟虑的长期投资者发现，他们想要一种更现代、更简化、更便宜的投资方式，而机器人投资正好符合这一要求。他们很乐意让技术来处理更困难、更耗时的日常活动。投资者自己做，”她补充道。</blockquote></p><p> <b>There is often no door to knock on</b></p><p><blockquote><b>常常无门可敲</b></blockquote></p><p> Your robo adviser only knows what you tell it. The simplistic questionnaire you’re required to fill out will on most robo-investing platforms will collect information on your annual income, desired age to retire and the level of risk you’re willing to take on.</p><p><blockquote>你的机器人顾问只知道你告诉它什么。大多数机器人投资平台上要求您填写的简单问卷将收集有关您的年收入、期望退休年龄以及您愿意承担的风险水平的信息。</blockquote></p><p> It won’t however know if you just had a child and would like to begin saving for their education down the road or if you recently lost your job.</p><p><blockquote>然而，它不会知道你是否刚刚有了一个孩子，并想开始为他们的教育存钱，或者你是否最近失业了。</blockquote></p><p> “The question then becomes to whom does that person go to for advice and does that platform offer that and if so, to what level of complexity?” said Barse.</p><p><blockquote>“那么问题就变成了那个人向谁寻求建议？该平台是否提供建议？如果提供，复杂程度如何？”巴斯说。</blockquote></p><p> Not all platforms give individualized investment advice and the hybrid models that do offer advice from a human tend to charge higher annual fees.</p><p><blockquote>并非所有平台都提供个性化投资建议，提供人工建议的混合模式往往会收取更高的年费。</blockquote></p><p> Additionally, a robo adviser won’t necessarily “manage your money with tax efficiency at front of mind,” said Roger Ma, a certified financial planner at Lifelaidout, a New York City-based financial advisory group.</p><p><blockquote>此外，纽约市财务咨询集团Lifelaidout的注册财务规划师罗杰·马(Roger Ma)表示，机器人顾问不一定“在管理资金时首先考虑税收效率”。</blockquote></p><p> For instance, one common way investors offset the taxes they pay on long-term investments is by selling assets that have accrued losses. Traditional advisers often specialize in constructing portfolios that lead to the most tax-efficient outcomes, said Ma, who is the author of “Work Your Money, Not Your Life”.</p><p><blockquote>例如，投资者抵消长期投资税款的一种常见方式是出售已累计亏损的资产。《工作你的钱，而不是你的生活》一书的作者马说，传统顾问通常专注于构建能带来最节税结果的投资组合。</blockquote></p><p> But with robo investing, the trades that are made for you are the same ones that are being made for a slew of other investors who may fall under a different tax-bracket than you.</p><p><blockquote>但通过机器人投资，为您进行的交易与为许多其他投资者进行的交易是相同的，这些投资者可能属于与您不同的税级。</blockquote></p><p> On top of that, while robo investing may feel like a simplistic way to get into investing, especially for beginners it can “overcomplicate investing,” Ma said.</p><p><blockquote>最重要的是，虽然机器人投资可能感觉像是一种简单的投资方式，特别是对于初学者来说，它可能会“使投资过于复杂”，马云说。</blockquote></p><p> “If you are just looking to dip your toe in and you want to feel like you’re invested in a diversified portfolio, I wouldn’t say definitely don’t do a robo adviser,” he said.</p><p><blockquote>“如果你只是想尝试一下，并且想感觉自己投资于多元化的投资组合，我不会说绝对不要聘请机器人顾问，”他说。</blockquote></p><p> Don’t rule out investing through a target-date fund that selects a single fund to invest in and adjusts the position over time based on their investment goals, he added.</p><p><blockquote>他补充说，不要排除通过目标日期基金进行投资，该基金选择单一基金进行投资，并根据投资目标随着时间的推移调整头寸。</blockquote></p><p> But not everyone can tell the difference between robo advice and advice from a human being. In 2015, MarketWatch asked four prominent robo advisers and four of the traditional, flesh-and-blood variety to construct portfolios for a hypothetical 35-year-old investor with $40,000 to invest.</p><p><blockquote>但并不是每个人都能区分机器人的建议和人类的建议。2015年，MarketWatch请四位著名的机器人顾问和四位传统的有血有肉的机器人顾问为一位假设的35岁投资者构建投资组合，投资金额为40,000美元。</blockquote></p><p> The results were, perhaps, surprising for critics of robo advisers. The robots’ suggestions were “not massively different” from what the human advisers proposed, said Michael Kitces, Pinnacle Advisory Group’s research director, after reviewing the results.</p><p><blockquote>对于机器人顾问的批评者来说，结果或许令人惊讶。Pinnacle Advisory Group的研究总监Michael Kitces在审查结果后表示，机器人的建议与人类顾问的建议“没有太大不同”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/goldman-sachs-is-joining-the-robo-investing-party-should-you-11613658128?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/goldman-sachs-is-joining-the-robo-investing-party-should-you-11613658128?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161529893","content_text":"‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.\n\nRobo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.\nNow anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by some of Goldman Sachs’ wealthiest clients for a 0.35% annual advisory fee. But investing experts say there are more costs to consider before jumping on the robo-investing train.\n“Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.\nAlthough the 35 basis-point price tag is a “loss leader” to Goldman Sachs, he said companies typically make such offers in order to attract clients to cross-sell them banking products.\n“People forget that banks are ultimately in the business of making money,” he said.\nGoldman Sachs declined to comment.\nThe company is among other major financial-services firms offering digital advisers, including Vanguard, Fidelity and Schwab SCHW, +1.03% and startups such as Betterment and Wealthfront.\nFees for robo advisers can start at around 0.25%, and increase to 1% and above for traditional brokers. A survey of nearly 1,000 financial planners by Inside Information, a trade publication, found that the bigger the portfolio, the lower the percentage clients paid in fees.\nThe median annual charge hovered at around 1% for portfolios of $1 million or less, and 0.5% for portfolios worth $5 million to $10 million.\nRobo advisers like those on offer from Goldman Sachs and Betterment differ from robo platforms like Robinhood. The former suggest portfolios focused on exchange-traded funds, while Robinhood allows users to invest in individual ETFs, stocks, options and even cryptocurrencies.\nRobo investing as a self-driving car\nConsumers have turned to robo-investing at unprecedented levels during the pandemic.\nThe rate of new accounts opened jumped between 50% and 300% during the first quarter of 2020 compared to the fourth quarter of last year, according to a May report published by research and advisory firm Aite Group.\nSo what is rob-investing? Think of it like a self-driving car.\nYou put in your destination, buckle up in the backseat and your driver (robo adviser) will get there. You, the passenger, can’t easily slam the breaks if you fear your driver is leading you in the wrong direction. Nor can you put your foot on the gas pedal if you’re in a rush and want to get to your destination faster.\nRobo-investing platforms use advanced-trading algorithm software to design investment portfolios based on factors such as an individual’s appetite for risk-taking and desired short-term and long-term returns.\nThere are over 200 platforms that provide these services charging typically no more than a 0.5% annual advisory fee, compared to the 1% annual fee human investment advisors charge.\nAnd rather than investing entirely on your own, which can become a second job and lead to emotional investment decisions, robo advisers handle buying and selling assets.\nCynthia Loh, Schwab vice president of Digital Advice and Innovation, disagrees, and argues that robo investing doesn’t mean giving technology control of your money. Schwab, she said, has a team of investment experts who oversee investment strategy and keep watch during periods of market volatility, although some services have more input from humans than others.\nAs she recently wrote on MarketWatch: “One common misconception about automated investing is that choosing a robo adviser essentially means handing control of your money over to robots. The truth is that robo solutions have a combination of automated and human components running things behind the scenes.”\nRobos appeal to inexperienced investors\nRobo investing tends to appeal to inexperienced investors or ones who don’t have the time or energy to manage their own portfolios. These investors can take comfort in the “set it and forget it approach to investing and overtime let the markets do their thing,” Barse said.\nThat makes it much easier to stomach market volatility knowing that you don’t necessarily have to make spur-of-the-moment decisions to buy or sell assets, said Tiffany Lam-Balfour, an investing and retirement specialist at NerdWallet.\n“When you’re investing, you don’t want to keep looking at the market and going ‘Oh I need to get out of this,’” she said. “You want to leave it to the professionals to get you through it because they know what your time horizon is, and they’ll adjust your portfolio automatically for you.”\nThat said, “you can’t just expect your investments will only go up. Even if you had the world’s best human financial adviser you can’t expect that.”\nOthers disagree, and say robo advisers appeal to older investors. “Planning for and paying yourself in retirement is complex. There are many options out there to help investors through it, and robo investing is one of them,” Loh said.\n“Many thoughtful, long-term investors have discovered that they want a more modern, streamlined, and inexpensive way to invest, and robo investing fits the bill. They are happy to let technology handle the mundane activities that are harder and more time-consuming for investors to do themselves,” she added.\nThere is often no door to knock on\nYour robo adviser only knows what you tell it. The simplistic questionnaire you’re required to fill out will on most robo-investing platforms will collect information on your annual income, desired age to retire and the level of risk you’re willing to take on.\nIt won’t however know if you just had a child and would like to begin saving for their education down the road or if you recently lost your job.\n“The question then becomes to whom does that person go to for advice and does that platform offer that and if so, to what level of complexity?” said Barse.\nNot all platforms give individualized investment advice and the hybrid models that do offer advice from a human tend to charge higher annual fees.\nAdditionally, a robo adviser won’t necessarily “manage your money with tax efficiency at front of mind,” said Roger Ma, a certified financial planner at Lifelaidout, a New York City-based financial advisory group.\nFor instance, one common way investors offset the taxes they pay on long-term investments is by selling assets that have accrued losses. Traditional advisers often specialize in constructing portfolios that lead to the most tax-efficient outcomes, said Ma, who is the author of “Work Your Money, Not Your Life”.\nBut with robo investing, the trades that are made for you are the same ones that are being made for a slew of other investors who may fall under a different tax-bracket than you.\nOn top of that, while robo investing may feel like a simplistic way to get into investing, especially for beginners it can “overcomplicate investing,” Ma said.\n“If you are just looking to dip your toe in and you want to feel like you’re invested in a diversified portfolio, I wouldn’t say definitely don’t do a robo adviser,” he said.\nDon’t rule out investing through a target-date fund that selects a single fund to invest in and adjusts the position over time based on their investment goals, he added.\nBut not everyone can tell the difference between robo advice and advice from a human being. In 2015, MarketWatch asked four prominent robo advisers and four of the traditional, flesh-and-blood variety to construct portfolios for a hypothetical 35-year-old investor with $40,000 to invest.\nThe results were, perhaps, surprising for critics of robo advisers. The robots’ suggestions were “not massively different” from what the human advisers proposed, said Michael Kitces, Pinnacle Advisory Group’s research director, after reviewing the results.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2457,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":385964987,"gmtCreate":1613494519949,"gmtModify":1634553414598,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576582855873994","authorIdStr":"3576582855873994"},"themes":[],"htmlText":"Amazing","listText":"Amazing","text":"Amazing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/385964987","repostId":"1108705396","repostType":4,"repost":{"id":"1108705396","kind":"news","pubTimestamp":1613469786,"share":"https://www.laohu8.com/m/news/1108705396?lang=zh_CN&edition=full","pubTime":"2021-02-16 18:03","market":"us","language":"en","title":"With Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1108705396","media":"CNN Business","summary":"New York (CNN Business) The Covid-ravaged American economy was on the verge of slipping into a doubl","content":"<p><b>New York (CNN Business)&nbsp;</b>The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington&nbsp;and millions of families were about to&nbsp;lose crucial benefits.</p><p><blockquote><b>纽约（CNN商业）</b>2020年底，饱受新冠疫情蹂躏的美国经济濒临陷入双底衰退。疫情正在加剧，僵局使华盛顿陷入瘫痪，数百万家庭即将失去重要福利。</blockquote></p><p> Fast forward two months, and the&nbsp;economy is still struggling-- but confidence in the recovery is growing, rapidly.</p><p><blockquote>快进两个月，经济仍在挣扎，但对复苏的信心正在迅速增长。</blockquote></p><p> Economists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.</p><p><blockquote>经济学家正在迅速上调GDP和失业率预测，并将美联储能够提高最低利率的日期提前。高盛预测美国经济将以三十多年来最快的速度增长。</blockquote></p><p> The renewed optimism is being driven by two major factors: the&nbsp;health crisis is easing&nbsp;and Uncle Sam is&nbsp;coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.</p><p><blockquote>重新燃起的乐观情绪是由两个主要因素推动的：健康危机正在缓解，山姆大叔正在提供惊人数量的援助——比几个月前似乎多了数千亿美元。</blockquote></p><p> After supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.</p><p><blockquote>根据穆迪分析公司的数据，继去年提供4万亿美元的救助后，华盛顿预计将在2021年再提供2万亿美元的赤字融资支持。这相当于美国年度GDP的四分之一以上。</blockquote></p><p> \"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.</p><p><blockquote>穆迪分析公司首席经济学家马克·赞迪(Mark Zandi)告诉CNN Business：“这是大量的经济动力。”</blockquote></p><p> The turning point happened last month&nbsp;when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for&nbsp;President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.</p><p><blockquote>转折点发生在上个月，当时民主党在佐治亚州的决选中以微弱优势控制了美国参议院。这为乔·拜登总统1.9万亿美元的美国救援计划开辟了道路，该计划包括1400美元的刺激支票、提高失业救济金以及向州和地方政府提供3500亿美元的生命线。</blockquote></p><p> <b>'Summer mini-boom'</b></p><p><blockquote><b>“夏季迷你热潮”</b></blockquote></p><p> Before the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a&nbsp;forecast by Treasury Secretary Janet Yellen.</p><p><blockquote>在佐治亚州选举之前，赞迪认为美国经济要到2023年春季或夏季才能恢复充分就业（强劲的劳动力市场，失业率为4%）。现在，他预计这一成就将在明年春天实现，这与财政部长珍妮特·耶伦的预测相呼应。</blockquote></p><p> \"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.</p><p><blockquote>美国银行经济学家在最近给客户的一份报告中写道，“超级财政政策”意味着美国经济增长快于其他国家的论点“似乎日益强烈”。</blockquote></p><p> Oxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.</p><p><blockquote>牛津经济研究院首席美国经济学家Gregory Daco呼吁美国出现“夏季小繁荣”，2021年GDP增长5.9%。</blockquote></p><p> Likewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"</p><p><blockquote>同样，杰富瑞(Jefferies)经济学家表示，“爆炸性的收入增长（得益于财政刺激）可能会推动美国GDP今年增长6.4%，明年增长近5%。”</blockquote></p><p> \"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.</p><p><blockquote>杰富瑞在最近的一份报告中告诉客户：“如果说有什么不同的话，那就是我们的预测可能过于保守。”他指出，其观点仅纳入了拜登计划的1万亿美元。</blockquote></p><p> Indeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.</p><p><blockquote>事实上，高盛本周早些时候将2021年GDP预期上调至6.8%，因为这家华尔街银行现在假设额外财政救助为1.5万亿美元，高于此前的1.1万亿美元。根据圣路易斯联储的数据，如果高盛的预测成真，这将是美国自1989年以来最快的年度GDP增长。</blockquote></p><p> The rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.</p><p><blockquote>乐观的GDP预测远高于美联储的要求。去年12月，美联储预计2021年GDP增长仅为4.2%，并表示失业率要到2023年才会降至4%以下。</blockquote></p><p> <b>Double-dip recession averted</b></p><p><blockquote><b>避免了双底衰退</b></blockquote></p><p> The Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.</p><p><blockquote>美联储对经济预测趋于保守。而且，至关重要的是，美联储的预测是在DC政治功能失调给美国经济蒙上阴影之际发布的。</blockquote></p><p> For months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.</p><p><blockquote>几个月来，共和党和民主党试图就延长计划失效的关键失业和驱逐福利以及向小企业提供更多可原谅贷款达成协议，但未能达成协议。然后当最终达成协议时，前总统唐纳德·特朗普威胁要炸毁它。</blockquote></p><p> At the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.</p><p><blockquote>在最后一刻，特朗普将9000亿美元的救助计划签署成为法律，避免了经济灾难。</blockquote></p><p> \"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.</p><p><blockquote>穆迪经济学家赞迪表示：“如果没有这一点，我们将陷入双底衰退。”</blockquote></p><p> Slammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States&nbsp;added just 49,000 jobs in January.</p><p><blockquote>受疫情冲击，美国经济一瘸一拐地走到2020年底，今年开局缓慢。12月，雇主自春季以来首次裁员。美国1月份仅增加了49,000个就业岗位。</blockquote></p><p> Jobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.</p><p><blockquote>申请失业救济人数仍然高得惊人。仅上周就有793,000名美国人首次申请失业救济。就背景而言，这高于大衰退的最严重水平。</blockquote></p><p> <b>Vaccines to the rescue</b></p><p><blockquote><b>疫苗拯救生命</b></blockquote></p><p> But there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.</p><p><blockquote>但疫情仍有一线希望。尽管Covid死亡人数仍然高得难以想象，但住院人数和病例数已经下降。</blockquote></p><p> Critically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.</p><p><blockquote>至关重要的是，冠状病毒疫苗的推出正在加速。据摩根士丹利称，在总共分发的6600万支疫苗中，约70%已经接种。</blockquote></p><p> And Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday&nbsp;that the United States may be able to vaccinate most Americans by the middle or end of summer.</p><p><blockquote>美国顶级传染病专家安东尼·福奇博士周四告诉NBC新闻，美国可能能够在夏季中期或结束前为大多数美国人接种疫苗。</blockquote></p><p></p><p> All of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.</p><p><blockquote>所有这些使得包括加利福尼亚、纽约和新泽西在内的州放松了对餐馆和其他小企业的健康限制。</blockquote></p><p> That's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants&nbsp;force US states and cities to once again tighten health restrictions.</p><p><blockquote>这并不是说疫情已经结束。事实上，一个风险是，新的Covid-19变种迫使美国各州和城市再次收紧健康限制。</blockquote></p><p> <b>Low-wage workers are still hurting badly</b></p><p><blockquote><b>低薪工人仍然受到严重伤害</b></blockquote></p><p> Against this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.</p><p><blockquote>在此背景下，许多经济学家敦促华盛顿推进激进的财政刺激计划。</blockquote></p><p> \"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"</p><p><blockquote>穆迪经济学家赞迪表示：“请把脚平放在油门上。”“政策制定101说，错误在于做得太多，而不是做得太少。”</blockquote></p><p> Doing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.</p><p><blockquote>做得太少可能会加剧美国的不平等问题。这是因为与之前的衰退相比，这次衰退对餐馆、儿童保育和酒店业等遭受重创行业的低收入工人造成了不成比例的伤害。</blockquote></p><p> Employment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.</p><p><blockquote>根据Opportunity Insights经济跟踪系统的数据，低工资工人（年收入低于27,000美元的人）的就业水平仍下降了20%以上。相比之下，年收入超过6万美元的人的就业水平高于危机前的水平。</blockquote></p><p> \"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.</p><p><blockquote>美国银行的经济学家在给客户的一份报告中写道：“如果收入和种族群体之间的充分就业情况不明显，拜登的团队就不太可能为实现充分就业而开香槟。”</blockquote></p><p> However, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.</p><p><blockquote>然而，前美联储官员、现任Quill Intelligence首席执行官丹妮尔·迪马蒂诺·布斯(Danielle DiMartino Booth)担心，专注于提供收入，而不是投资基础设施和再培训工人，会让该国沉迷于刺激措施。</blockquote></p><p> \"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.</p><p><blockquote>布斯说：“经济将变成这个依赖患者，总是等待下一次注射。”</blockquote></p><p> <b>'Bring it on'</b></p><p><blockquote><b>“来吧”</b></blockquote></p><p> Some economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington&nbsp;overheats the economy by injecting too much support.</p><p><blockquote>包括前财政部长拉里·萨默斯在内的一些经济学家警告说，华盛顿注入过多支持可能会导致经济过热。</blockquote></p><p> \"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.</p><p><blockquote>布斯表示：“未来几个月可能会出现相当大的通胀恐慌，这将考验债券市场和美联储。”</blockquote></p><p> And that in turn would spook the&nbsp;red-hot stock market.</p><p><blockquote>这反过来又会惊动炙手可热的股市。</blockquote></p><p> Fed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.</p><p><blockquote>美联储观察人士正在提前确定美联储何时能够结束紧急政策的时间表。</blockquote></p><p> Citing \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.</p><p><blockquote>高盛援引“通胀前景走强的迹象”，目前预计美联储将在2022年初开始“缩减”资产购买规模，并在2024年上半年加息。</blockquote></p><p> Zandi isn't losing sleep over inflation, mostly because the United States is far from full employment.</p><p><blockquote>赞迪并没有因为通货膨胀而失眠，主要是因为美国还远未实现充分就业。</blockquote></p><p> \"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"</p><p><blockquote>“这是一种被大大夸大的担忧，”他说。“来吧。十多年来，我们最大的问题一直是低通胀。更高的通胀将是一个高级问题。”</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>With Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</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\">\nWith Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-02-16 18:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>New York (CNN Business)&nbsp;</b>The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington&nbsp;and millions of families were about to&nbsp;lose crucial benefits.</p><p><blockquote><b>纽约（CNN商业）</b>2020年底，饱受新冠疫情蹂躏的美国经济濒临陷入双底衰退。疫情正在加剧，僵局使华盛顿陷入瘫痪，数百万家庭即将失去重要福利。</blockquote></p><p> Fast forward two months, and the&nbsp;economy is still struggling-- but confidence in the recovery is growing, rapidly.</p><p><blockquote>快进两个月，经济仍在挣扎，但对复苏的信心正在迅速增长。</blockquote></p><p> Economists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.</p><p><blockquote>经济学家正在迅速上调GDP和失业率预测，并将美联储能够提高最低利率的日期提前。高盛预测美国经济将以三十多年来最快的速度增长。</blockquote></p><p> The renewed optimism is being driven by two major factors: the&nbsp;health crisis is easing&nbsp;and Uncle Sam is&nbsp;coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.</p><p><blockquote>重新燃起的乐观情绪是由两个主要因素推动的：健康危机正在缓解，山姆大叔正在提供惊人数量的援助——比几个月前似乎多了数千亿美元。</blockquote></p><p> After supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.</p><p><blockquote>根据穆迪分析公司的数据，继去年提供4万亿美元的救助后，华盛顿预计将在2021年再提供2万亿美元的赤字融资支持。这相当于美国年度GDP的四分之一以上。</blockquote></p><p> \"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.</p><p><blockquote>穆迪分析公司首席经济学家马克·赞迪(Mark Zandi)告诉CNN Business：“这是大量的经济动力。”</blockquote></p><p> The turning point happened last month&nbsp;when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for&nbsp;President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.</p><p><blockquote>转折点发生在上个月，当时民主党在佐治亚州的决选中以微弱优势控制了美国参议院。这为乔·拜登总统1.9万亿美元的美国救援计划开辟了道路，该计划包括1400美元的刺激支票、提高失业救济金以及向州和地方政府提供3500亿美元的生命线。</blockquote></p><p> <b>'Summer mini-boom'</b></p><p><blockquote><b>“夏季迷你热潮”</b></blockquote></p><p> Before the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a&nbsp;forecast by Treasury Secretary Janet Yellen.</p><p><blockquote>在佐治亚州选举之前，赞迪认为美国经济要到2023年春季或夏季才能恢复充分就业（强劲的劳动力市场，失业率为4%）。现在，他预计这一成就将在明年春天实现，这与财政部长珍妮特·耶伦的预测相呼应。</blockquote></p><p> \"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.</p><p><blockquote>美国银行经济学家在最近给客户的一份报告中写道，“超级财政政策”意味着美国经济增长快于其他国家的论点“似乎日益强烈”。</blockquote></p><p> Oxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.</p><p><blockquote>牛津经济研究院首席美国经济学家Gregory Daco呼吁美国出现“夏季小繁荣”，2021年GDP增长5.9%。</blockquote></p><p> Likewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"</p><p><blockquote>同样，杰富瑞(Jefferies)经济学家表示，“爆炸性的收入增长（得益于财政刺激）可能会推动美国GDP今年增长6.4%，明年增长近5%。”</blockquote></p><p> \"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.</p><p><blockquote>杰富瑞在最近的一份报告中告诉客户：“如果说有什么不同的话，那就是我们的预测可能过于保守。”他指出，其观点仅纳入了拜登计划的1万亿美元。</blockquote></p><p> Indeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.</p><p><blockquote>事实上，高盛本周早些时候将2021年GDP预期上调至6.8%，因为这家华尔街银行现在假设额外财政救助为1.5万亿美元，高于此前的1.1万亿美元。根据圣路易斯联储的数据，如果高盛的预测成真，这将是美国自1989年以来最快的年度GDP增长。</blockquote></p><p> The rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.</p><p><blockquote>乐观的GDP预测远高于美联储的要求。去年12月，美联储预计2021年GDP增长仅为4.2%，并表示失业率要到2023年才会降至4%以下。</blockquote></p><p> <b>Double-dip recession averted</b></p><p><blockquote><b>避免了双底衰退</b></blockquote></p><p> The Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.</p><p><blockquote>美联储对经济预测趋于保守。而且，至关重要的是，美联储的预测是在DC政治功能失调给美国经济蒙上阴影之际发布的。</blockquote></p><p> For months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.</p><p><blockquote>几个月来，共和党和民主党试图就延长计划失效的关键失业和驱逐福利以及向小企业提供更多可原谅贷款达成协议，但未能达成协议。然后当最终达成协议时，前总统唐纳德·特朗普威胁要炸毁它。</blockquote></p><p> At the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.</p><p><blockquote>在最后一刻，特朗普将9000亿美元的救助计划签署成为法律，避免了经济灾难。</blockquote></p><p> \"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.</p><p><blockquote>穆迪经济学家赞迪表示：“如果没有这一点，我们将陷入双底衰退。”</blockquote></p><p> Slammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States&nbsp;added just 49,000 jobs in January.</p><p><blockquote>受疫情冲击，美国经济一瘸一拐地走到2020年底，今年开局缓慢。12月，雇主自春季以来首次裁员。美国1月份仅增加了49,000个就业岗位。</blockquote></p><p> Jobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.</p><p><blockquote>申请失业救济人数仍然高得惊人。仅上周就有793,000名美国人首次申请失业救济。就背景而言，这高于大衰退的最严重水平。</blockquote></p><p> <b>Vaccines to the rescue</b></p><p><blockquote><b>疫苗拯救生命</b></blockquote></p><p> But there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.</p><p><blockquote>但疫情仍有一线希望。尽管Covid死亡人数仍然高得难以想象，但住院人数和病例数已经下降。</blockquote></p><p> Critically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.</p><p><blockquote>至关重要的是，冠状病毒疫苗的推出正在加速。据摩根士丹利称，在总共分发的6600万支疫苗中，约70%已经接种。</blockquote></p><p> And Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday&nbsp;that the United States may be able to vaccinate most Americans by the middle or end of summer.</p><p><blockquote>美国顶级传染病专家安东尼·福奇博士周四告诉NBC新闻，美国可能能够在夏季中期或结束前为大多数美国人接种疫苗。</blockquote></p><p></p><p> All of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.</p><p><blockquote>所有这些使得包括加利福尼亚、纽约和新泽西在内的州放松了对餐馆和其他小企业的健康限制。</blockquote></p><p> That's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants&nbsp;force US states and cities to once again tighten health restrictions.</p><p><blockquote>这并不是说疫情已经结束。事实上，一个风险是，新的Covid-19变种迫使美国各州和城市再次收紧健康限制。</blockquote></p><p> <b>Low-wage workers are still hurting badly</b></p><p><blockquote><b>低薪工人仍然受到严重伤害</b></blockquote></p><p> Against this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.</p><p><blockquote>在此背景下，许多经济学家敦促华盛顿推进激进的财政刺激计划。</blockquote></p><p> \"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"</p><p><blockquote>穆迪经济学家赞迪表示：“请把脚平放在油门上。”“政策制定101说，错误在于做得太多，而不是做得太少。”</blockquote></p><p> Doing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.</p><p><blockquote>做得太少可能会加剧美国的不平等问题。这是因为与之前的衰退相比，这次衰退对餐馆、儿童保育和酒店业等遭受重创行业的低收入工人造成了不成比例的伤害。</blockquote></p><p> Employment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.</p><p><blockquote>根据Opportunity Insights经济跟踪系统的数据，低工资工人（年收入低于27,000美元的人）的就业水平仍下降了20%以上。相比之下，年收入超过6万美元的人的就业水平高于危机前的水平。</blockquote></p><p> \"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.</p><p><blockquote>美国银行的经济学家在给客户的一份报告中写道：“如果收入和种族群体之间的充分就业情况不明显，拜登的团队就不太可能为实现充分就业而开香槟。”</blockquote></p><p> However, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.</p><p><blockquote>然而，前美联储官员、现任Quill Intelligence首席执行官丹妮尔·迪马蒂诺·布斯(Danielle DiMartino Booth)担心，专注于提供收入，而不是投资基础设施和再培训工人，会让该国沉迷于刺激措施。</blockquote></p><p> \"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.</p><p><blockquote>布斯说：“经济将变成这个依赖患者，总是等待下一次注射。”</blockquote></p><p> <b>'Bring it on'</b></p><p><blockquote><b>“来吧”</b></blockquote></p><p> Some economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington&nbsp;overheats the economy by injecting too much support.</p><p><blockquote>包括前财政部长拉里·萨默斯在内的一些经济学家警告说，华盛顿注入过多支持可能会导致经济过热。</blockquote></p><p> \"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.</p><p><blockquote>布斯表示：“未来几个月可能会出现相当大的通胀恐慌，这将考验债券市场和美联储。”</blockquote></p><p> And that in turn would spook the&nbsp;red-hot stock market.</p><p><blockquote>这反过来又会惊动炙手可热的股市。</blockquote></p><p> Fed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.</p><p><blockquote>美联储观察人士正在提前确定美联储何时能够结束紧急政策的时间表。</blockquote></p><p> Citing \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.</p><p><blockquote>高盛援引“通胀前景走强的迹象”，目前预计美联储将在2022年初开始“缩减”资产购买规模，并在2024年上半年加息。</blockquote></p><p> Zandi isn't losing sleep over inflation, mostly because the United States is far from full employment.</p><p><blockquote>赞迪并没有因为通货膨胀而失眠，主要是因为美国还远未实现充分就业。</blockquote></p><p> \"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"</p><p><blockquote>“这是一种被大大夸大的担忧，”他说。“来吧。十多年来，我们最大的问题一直是低通胀。更高的通胀将是一个高级问题。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/02/11/economy/economy-jobs-biden-stimulus/index.html\">CNN Business</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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://edition.cnn.com/2021/02/11/economy/economy-jobs-biden-stimulus/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108705396","content_text":"New York (CNN Business) The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington and millions of families were about to lose crucial benefits.\nFast forward two months, and the economy is still struggling-- but confidence in the recovery is growing, rapidly.\nEconomists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.\nThe renewed optimism is being driven by two major factors: the health crisis is easing and Uncle Sam is coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.\nAfter supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.\n\"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.\nThe turning point happened last month when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.\n'Summer mini-boom'\nBefore the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a forecast by Treasury Secretary Janet Yellen.\n\"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.\nOxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.\nLikewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"\n\"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.\nIndeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.\nThe rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.\nDouble-dip recession averted\nThe Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.\nFor months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.\nAt the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.\n\"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.\nSlammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States added just 49,000 jobs in January.\nJobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.\nVaccines to the rescue\nBut there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.\nCritically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.\nAnd Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday that the United States may be able to vaccinate most Americans by the middle or end of summer.\nAll of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.\nThat's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants force US states and cities to once again tighten health restrictions.\nLow-wage workers are still hurting badly\nAgainst this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.\n\"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"\nDoing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.\nEmployment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.\n\"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.\nHowever, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.\n\"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.\n'Bring it on'\nSome economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington overheats the economy by injecting too much support.\n\"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.\nAnd that in turn would spook the red-hot stock market.\nFed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.\nCiting \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.\nZandi isn't losing sleep over inflation, mostly because the United States is far from full employment.\n\"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2625,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363868256,"gmtCreate":1614125996675,"gmtModify":1634551094868,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576582855873994","authorIdStr":"3576582855873994"},"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/363868256","repostId":"1198320495","repostType":4,"isVote":1,"tweetType":1,"viewCount":2333,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369347717,"gmtCreate":1614006229239,"gmtModify":1634551556523,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576582855873994","authorIdStr":"3576582855873994"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/369347717","repostId":"1135994288","repostType":4,"isVote":1,"tweetType":1,"viewCount":1544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":387760199,"gmtCreate":1613787064311,"gmtModify":1634552235992,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576582855873994","authorIdStr":"3576582855873994"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/387760199","repostId":"1161529893","repostType":4,"repost":{"id":"1161529893","kind":"news","pubTimestamp":1613733842,"share":"https://www.laohu8.com/m/news/1161529893?lang=zh_CN&edition=full","pubTime":"2021-02-19 19:24","market":"us","language":"en","title":"Goldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资行列——你应该加入吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161529893","media":"Marketwatch","summary":"‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.Robo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.Now anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by so","content":"<p>  ‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.  Robo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.</p><p><blockquote>加州圣地亚哥的财务顾问万斯·巴斯说，就像在拉斯维加斯一样，众议院通常会获胜。他经营着一家名为Your Dedicated Fiduciary的公司。机器人投资在几乎每个经纪平台上都变得越来越普遍。直到周二，高盛GS(-0.91%)将其机器人咨询服务Marcus限制为至少有1000万美元可投资的人。</blockquote></p><p> Now anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by some of Goldman Sachs’ wealthiest clients for a 0.35% annual advisory fee. But investing experts say there are more costs to consider before jumping on the robo-investing train.</p><p><blockquote>现在，任何拥有至少1,000美元可投资的人都可以使用高盛一些最富有的客户使用的相同交易算法，每年只需支付0.35%的咨询费。但投资专家表示，在跳上机器人投资列车之前，需要考虑更多成本。</blockquote></p><p> “Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.</p><p><blockquote>“就像在拉斯维加斯一样，众议院通常会获胜，”加利福尼亚州圣地亚哥的财务顾问万斯·巴斯(Vance Barse)说，他经营着一家名为Your Dedicated Fiduciary的公司。</blockquote></p><p> Although the 35 basis-point price tag is a “loss leader” to Goldman Sachs, he said companies typically make such offers in order to attract clients to cross-sell them banking products.</p><p><blockquote>尽管35个基点的价格标签对高盛来说是一个“亏损领头羊”，但他表示，公司通常会提出这样的报价，以吸引客户向他们交叉销售银行产品。</blockquote></p><p> “People forget that banks are ultimately in the business of making money,” he said.</p><p><blockquote>“人们忘记了银行最终是为了赚钱，”他说。</blockquote></p><p> Goldman Sachs declined to comment.</p><p><blockquote>高盛拒绝置评。</blockquote></p><p> The company is among other major financial-services firms offering digital advisers, including Vanguard, Fidelity and Schwab SCHW, +1.03% and startups such as Betterment and Wealthfront.</p><p><blockquote>该公司是其他提供数字顾问的主要金融服务公司之一，包括Vanguard、Fidelity和Schwab SCHW，+1.03%，以及Betterment和Wealthfront等初创公司。</blockquote></p><p> Fees for robo advisers can start at around 0.25%, and increase to 1% and above for traditional brokers. A survey of nearly 1,000 financial planners by Inside Information, a trade publication, found that the bigger the portfolio, the lower the percentage clients paid in fees.</p><p><blockquote>机器人顾问的费用从0.25%左右开始，传统经纪商的费用会增加到1%及以上。行业出版物Inside Information对近1,000名理财规划师进行的一项调查发现，投资组合越大，客户支付的费用比例就越低。</blockquote></p><p> The median annual charge hovered at around 1% for portfolios of $1 million or less, and 0.5% for portfolios worth $5 million to $10 million.</p><p><blockquote>对于100万美元或以下的投资组合，年费中位数徘徊在1%左右，对于价值500万至1000万美元的投资组合，年费中位数徘徊在0.5%左右。</blockquote></p><p> Robo advisers like those on offer from Goldman Sachs and Betterment differ from robo platforms like Robinhood. The former suggest portfolios focused on exchange-traded funds, while Robinhood allows users to invest in individual ETFs, stocks, options and even cryptocurrencies.</p><p><blockquote>高盛和Betterment提供的机器人顾问与Robinhood等机器人平台不同。前者建议投资组合专注于交易所交易基金，而Robinhood允许用户投资个人ETF、股票、期权甚至加密货币。</blockquote></p><p> <b>Robo investing as a self-driving car</b></p><p><blockquote><b>机器人投资作为自动驾驶汽车</b></blockquote></p><p> Consumers have turned to robo-investing at unprecedented levels during the pandemic.</p><p><blockquote>在疫情期间，消费者以前所未有的水平转向机器人投资。</blockquote></p><p> The rate of new accounts opened jumped between 50% and 300% during the first quarter of 2020 compared to the fourth quarter of last year, according to a May report published by research and advisory firm Aite Group.</p><p><blockquote>根据研究和咨询公司艾特集团5月份发布的一份报告，与去年第四季度相比，2020年第一季度的新开户率跃升了50%至300%。</blockquote></p><p> So what is rob-investing? Think of it like a self-driving car.</p><p><blockquote>那么什么是rob投资呢？把它想象成一辆自动驾驶汽车。</blockquote></p><p> You put in your destination, buckle up in the backseat and your driver (robo adviser) will get there. You, the passenger, can’t easily slam the breaks if you fear your driver is leading you in the wrong direction. Nor can you put your foot on the gas pedal if you’re in a rush and want to get to your destination faster.</p><p><blockquote>你输入你的目的地，在后座系好安全带，你的司机（机器人顾问）就会到达那里。作为乘客，如果你担心你的司机把你引向错误的方向，你就不能轻易刹车。如果您赶时间并想更快地到达目的地，也不能踩油门。</blockquote></p><p> Robo-investing platforms use advanced-trading algorithm software to design investment portfolios based on factors such as an individual’s appetite for risk-taking and desired short-term and long-term returns.</p><p><blockquote>机器人投资平台使用先进的交易算法软件，根据个人的风险偏好以及期望的短期和长期回报等因素来设计投资组合。</blockquote></p><p> There are over 200 platforms that provide these services charging typically no more than a 0.5% annual advisory fee, compared to the 1% annual fee human investment advisors charge.</p><p><blockquote>有200多个平台提供这些服务，每年收取的咨询费通常不超过0.5%，而人力投资顾问收取的年费为1%。</blockquote></p><p> And rather than investing entirely on your own, which can become a second job and lead to emotional investment decisions, robo advisers handle buying and selling assets.</p><p><blockquote>机器人顾问处理资产的买卖，而不是完全自己投资，这可能成为第二份工作并导致情绪化的投资决策。</blockquote></p><p> Cynthia Loh, Schwab vice president of Digital Advice and Innovation, disagrees, and argues that robo investing doesn’t mean giving technology control of your money. Schwab, she said, has a team of investment experts who oversee investment strategy and keep watch during periods of market volatility, although some services have more input from humans than others.</p><p><blockquote>嘉信理财数字咨询和创新副总裁辛西娅·洛(Cynthia Loh)不同意这种观点，她认为机器人投资并不意味着让技术控制你的资金。她说，嘉信理财拥有一支投资专家团队，负责监督投资策略并在市场波动期间进行监控，尽管有些服务比其他服务有更多的人工输入。</blockquote></p><p> As she recently wrote on MarketWatch: “One common misconception about automated investing is that choosing a robo adviser essentially means handing control of your money over to robots. The truth is that robo solutions have a combination of automated and human components running things behind the scenes.”</p><p><blockquote>正如她最近在MarketWatch上所写：“关于自动化投资的一个常见误解是，选择机器人顾问本质上意味着将资金的控制权交给机器人。事实是，机器人解决方案结合了自动化和人工组件，在幕后运行事物。”</blockquote></p><p> <b>Robos appeal to inexperienced investors</b></p><p><blockquote><b>机器人吸引缺乏经验的投资者</b></blockquote></p><p> Robo investing tends to appeal to inexperienced investors or ones who don’t have the time or energy to manage their own portfolios. These investors can take comfort in the “set it and forget it approach to investing and overtime let the markets do their thing,” Barse said.</p><p><blockquote>机器人投资往往吸引缺乏经验的投资者或没有时间或精力管理自己投资组合的投资者。巴尔斯说，这些投资者可以对“一劳永逸”的投资方法感到放心，随着时间的推移，让市场做自己的事情”。</blockquote></p><p> That makes it much easier to stomach market volatility knowing that you don’t necessarily have to make spur-of-the-moment decisions to buy or sell assets, said Tiffany Lam-Balfour, an investing and retirement specialist at NerdWallet.</p><p><blockquote>NerdWallet的投资和退休专家蒂芙尼·拉姆-贝尔福(Tiffany Lam-Balfour)表示，这使得你更容易承受市场波动，因为你不一定必须做出购买或出售资产的冲动决定。</blockquote></p><p> “When you’re investing, you don’t want to keep looking at the market and going ‘Oh I need to get out of this,’” she said. “You want to leave it to the professionals to get you through it because they know what your time horizon is, and they’ll adjust your portfolio automatically for you.”</p><p><blockquote>“当你投资时，你不会想一直关注市场并说‘哦，我需要摆脱困境’，”她说。“你想让专业人士来帮你度过难关，因为他们知道你的时间范围，他们会自动为你调整你的投资组合。”</blockquote></p><p></p><p> That said, “you can’t just expect your investments will only go up. Even if you had the world’s best human financial adviser you can’t expect that.”</p><p><blockquote>也就是说，“你不能指望你的投资只会上涨。即使你有世界上最好的人类财务顾问，你也不能指望这一点。”</blockquote></p><p> Others disagree, and say robo advisers appeal to older investors. “Planning for and paying yourself in retirement is complex. There are many options out there to help investors through it, and robo investing is one of them,” Loh said.</p><p><blockquote>其他人不同意，并表示机器人顾问对老年投资者有吸引力。“退休后的规划和支付费用很复杂。有很多选择可以帮助投资者度过难关，机器人投资就是其中之一，”Loh说。</blockquote></p><p> “Many thoughtful, long-term investors have discovered that they want a more modern, streamlined, and inexpensive way to invest, and robo investing fits the bill. They are happy to let technology handle the mundane activities that are harder and more time-consuming for investors to do themselves,” she added.</p><p><blockquote>“许多深思熟虑的长期投资者发现，他们想要一种更现代、更简化、更便宜的投资方式，而机器人投资正好符合这一要求。他们很乐意让技术来处理更困难、更耗时的日常活动。投资者自己做，”她补充道。</blockquote></p><p> <b>There is often no door to knock on</b></p><p><blockquote><b>常常无门可敲</b></blockquote></p><p> Your robo adviser only knows what you tell it. The simplistic questionnaire you’re required to fill out will on most robo-investing platforms will collect information on your annual income, desired age to retire and the level of risk you’re willing to take on.</p><p><blockquote>你的机器人顾问只知道你告诉它什么。大多数机器人投资平台上要求您填写的简单问卷将收集有关您的年收入、期望退休年龄以及您愿意承担的风险水平的信息。</blockquote></p><p> It won’t however know if you just had a child and would like to begin saving for their education down the road or if you recently lost your job.</p><p><blockquote>然而，它不会知道你是否刚刚有了一个孩子，并想开始为他们的教育存钱，或者你是否最近失业了。</blockquote></p><p> “The question then becomes to whom does that person go to for advice and does that platform offer that and if so, to what level of complexity?” said Barse.</p><p><blockquote>“那么问题就变成了那个人向谁寻求建议？该平台是否提供建议？如果提供，复杂程度如何？”巴斯说。</blockquote></p><p> Not all platforms give individualized investment advice and the hybrid models that do offer advice from a human tend to charge higher annual fees.</p><p><blockquote>并非所有平台都提供个性化投资建议，提供人工建议的混合模式往往会收取更高的年费。</blockquote></p><p> Additionally, a robo adviser won’t necessarily “manage your money with tax efficiency at front of mind,” said Roger Ma, a certified financial planner at Lifelaidout, a New York City-based financial advisory group.</p><p><blockquote>此外，纽约市财务咨询集团Lifelaidout的注册财务规划师罗杰·马(Roger Ma)表示，机器人顾问不一定“在管理资金时首先考虑税收效率”。</blockquote></p><p> For instance, one common way investors offset the taxes they pay on long-term investments is by selling assets that have accrued losses. Traditional advisers often specialize in constructing portfolios that lead to the most tax-efficient outcomes, said Ma, who is the author of “Work Your Money, Not Your Life”.</p><p><blockquote>例如，投资者抵消长期投资税款的一种常见方式是出售已累计亏损的资产。《工作你的钱，而不是你的生活》一书的作者马说，传统顾问通常专注于构建能带来最节税结果的投资组合。</blockquote></p><p> But with robo investing, the trades that are made for you are the same ones that are being made for a slew of other investors who may fall under a different tax-bracket than you.</p><p><blockquote>但通过机器人投资，为您进行的交易与为许多其他投资者进行的交易是相同的，这些投资者可能属于与您不同的税级。</blockquote></p><p> On top of that, while robo investing may feel like a simplistic way to get into investing, especially for beginners it can “overcomplicate investing,” Ma said.</p><p><blockquote>最重要的是，虽然机器人投资可能感觉像是一种简单的投资方式，特别是对于初学者来说，它可能会“使投资过于复杂”，马云说。</blockquote></p><p> “If you are just looking to dip your toe in and you want to feel like you’re invested in a diversified portfolio, I wouldn’t say definitely don’t do a robo adviser,” he said.</p><p><blockquote>“如果你只是想尝试一下，并且想感觉自己投资于多元化的投资组合，我不会说绝对不要聘请机器人顾问，”他说。</blockquote></p><p> Don’t rule out investing through a target-date fund that selects a single fund to invest in and adjusts the position over time based on their investment goals, he added.</p><p><blockquote>他补充说，不要排除通过目标日期基金进行投资，该基金选择单一基金进行投资，并根据投资目标随着时间的推移调整头寸。</blockquote></p><p> But not everyone can tell the difference between robo advice and advice from a human being. In 2015, MarketWatch asked four prominent robo advisers and four of the traditional, flesh-and-blood variety to construct portfolios for a hypothetical 35-year-old investor with $40,000 to invest.</p><p><blockquote>但并不是每个人都能区分机器人的建议和人类的建议。2015年，MarketWatch请四位著名的机器人顾问和四位传统的有血有肉的机器人顾问为一位假设的35岁投资者构建投资组合，投资金额为40,000美元。</blockquote></p><p> The results were, perhaps, surprising for critics of robo advisers. The robots’ suggestions were “not massively different” from what the human advisers proposed, said Michael Kitces, Pinnacle Advisory Group’s research director, after reviewing the results.</p><p><blockquote>对于机器人顾问的批评者来说，结果或许令人惊讶。Pinnacle Advisory Group的研究总监Michael Kitces在审查结果后表示，机器人的建议与人类顾问的建议“没有太大不同”。</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>Goldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资行列——你应该加入吗？</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\">\nGoldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资行列——你应该加入吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketwatch</strong><span class=\"h-time small\">2021-02-19 19:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  ‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.  Robo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.</p><p><blockquote>加州圣地亚哥的财务顾问万斯·巴斯说，就像在拉斯维加斯一样，众议院通常会获胜。他经营着一家名为Your Dedicated Fiduciary的公司。机器人投资在几乎每个经纪平台上都变得越来越普遍。直到周二，高盛GS(-0.91%)将其机器人咨询服务Marcus限制为至少有1000万美元可投资的人。</blockquote></p><p> Now anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by some of Goldman Sachs’ wealthiest clients for a 0.35% annual advisory fee. But investing experts say there are more costs to consider before jumping on the robo-investing train.</p><p><blockquote>现在，任何拥有至少1,000美元可投资的人都可以使用高盛一些最富有的客户使用的相同交易算法，每年只需支付0.35%的咨询费。但投资专家表示，在跳上机器人投资列车之前，需要考虑更多成本。</blockquote></p><p> “Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.</p><p><blockquote>“就像在拉斯维加斯一样，众议院通常会获胜，”加利福尼亚州圣地亚哥的财务顾问万斯·巴斯(Vance Barse)说，他经营着一家名为Your Dedicated Fiduciary的公司。</blockquote></p><p> Although the 35 basis-point price tag is a “loss leader” to Goldman Sachs, he said companies typically make such offers in order to attract clients to cross-sell them banking products.</p><p><blockquote>尽管35个基点的价格标签对高盛来说是一个“亏损领头羊”，但他表示，公司通常会提出这样的报价，以吸引客户向他们交叉销售银行产品。</blockquote></p><p> “People forget that banks are ultimately in the business of making money,” he said.</p><p><blockquote>“人们忘记了银行最终是为了赚钱，”他说。</blockquote></p><p> Goldman Sachs declined to comment.</p><p><blockquote>高盛拒绝置评。</blockquote></p><p> The company is among other major financial-services firms offering digital advisers, including Vanguard, Fidelity and Schwab SCHW, +1.03% and startups such as Betterment and Wealthfront.</p><p><blockquote>该公司是其他提供数字顾问的主要金融服务公司之一，包括Vanguard、Fidelity和Schwab SCHW，+1.03%，以及Betterment和Wealthfront等初创公司。</blockquote></p><p> Fees for robo advisers can start at around 0.25%, and increase to 1% and above for traditional brokers. A survey of nearly 1,000 financial planners by Inside Information, a trade publication, found that the bigger the portfolio, the lower the percentage clients paid in fees.</p><p><blockquote>机器人顾问的费用从0.25%左右开始，传统经纪商的费用会增加到1%及以上。行业出版物Inside Information对近1,000名理财规划师进行的一项调查发现，投资组合越大，客户支付的费用比例就越低。</blockquote></p><p> The median annual charge hovered at around 1% for portfolios of $1 million or less, and 0.5% for portfolios worth $5 million to $10 million.</p><p><blockquote>对于100万美元或以下的投资组合，年费中位数徘徊在1%左右，对于价值500万至1000万美元的投资组合，年费中位数徘徊在0.5%左右。</blockquote></p><p> Robo advisers like those on offer from Goldman Sachs and Betterment differ from robo platforms like Robinhood. The former suggest portfolios focused on exchange-traded funds, while Robinhood allows users to invest in individual ETFs, stocks, options and even cryptocurrencies.</p><p><blockquote>高盛和Betterment提供的机器人顾问与Robinhood等机器人平台不同。前者建议投资组合专注于交易所交易基金，而Robinhood允许用户投资个人ETF、股票、期权甚至加密货币。</blockquote></p><p> <b>Robo investing as a self-driving car</b></p><p><blockquote><b>机器人投资作为自动驾驶汽车</b></blockquote></p><p> Consumers have turned to robo-investing at unprecedented levels during the pandemic.</p><p><blockquote>在疫情期间，消费者以前所未有的水平转向机器人投资。</blockquote></p><p> The rate of new accounts opened jumped between 50% and 300% during the first quarter of 2020 compared to the fourth quarter of last year, according to a May report published by research and advisory firm Aite Group.</p><p><blockquote>根据研究和咨询公司艾特集团5月份发布的一份报告，与去年第四季度相比，2020年第一季度的新开户率跃升了50%至300%。</blockquote></p><p> So what is rob-investing? Think of it like a self-driving car.</p><p><blockquote>那么什么是rob投资呢？把它想象成一辆自动驾驶汽车。</blockquote></p><p> You put in your destination, buckle up in the backseat and your driver (robo adviser) will get there. You, the passenger, can’t easily slam the breaks if you fear your driver is leading you in the wrong direction. Nor can you put your foot on the gas pedal if you’re in a rush and want to get to your destination faster.</p><p><blockquote>你输入你的目的地，在后座系好安全带，你的司机（机器人顾问）就会到达那里。作为乘客，如果你担心你的司机把你引向错误的方向，你就不能轻易刹车。如果您赶时间并想更快地到达目的地，也不能踩油门。</blockquote></p><p> Robo-investing platforms use advanced-trading algorithm software to design investment portfolios based on factors such as an individual’s appetite for risk-taking and desired short-term and long-term returns.</p><p><blockquote>机器人投资平台使用先进的交易算法软件，根据个人的风险偏好以及期望的短期和长期回报等因素来设计投资组合。</blockquote></p><p> There are over 200 platforms that provide these services charging typically no more than a 0.5% annual advisory fee, compared to the 1% annual fee human investment advisors charge.</p><p><blockquote>有200多个平台提供这些服务，每年收取的咨询费通常不超过0.5%，而人力投资顾问收取的年费为1%。</blockquote></p><p> And rather than investing entirely on your own, which can become a second job and lead to emotional investment decisions, robo advisers handle buying and selling assets.</p><p><blockquote>机器人顾问处理资产的买卖，而不是完全自己投资，这可能成为第二份工作并导致情绪化的投资决策。</blockquote></p><p> Cynthia Loh, Schwab vice president of Digital Advice and Innovation, disagrees, and argues that robo investing doesn’t mean giving technology control of your money. Schwab, she said, has a team of investment experts who oversee investment strategy and keep watch during periods of market volatility, although some services have more input from humans than others.</p><p><blockquote>嘉信理财数字咨询和创新副总裁辛西娅·洛(Cynthia Loh)不同意这种观点，她认为机器人投资并不意味着让技术控制你的资金。她说，嘉信理财拥有一支投资专家团队，负责监督投资策略并在市场波动期间进行监控，尽管有些服务比其他服务有更多的人工输入。</blockquote></p><p> As she recently wrote on MarketWatch: “One common misconception about automated investing is that choosing a robo adviser essentially means handing control of your money over to robots. The truth is that robo solutions have a combination of automated and human components running things behind the scenes.”</p><p><blockquote>正如她最近在MarketWatch上所写：“关于自动化投资的一个常见误解是，选择机器人顾问本质上意味着将资金的控制权交给机器人。事实是，机器人解决方案结合了自动化和人工组件，在幕后运行事物。”</blockquote></p><p> <b>Robos appeal to inexperienced investors</b></p><p><blockquote><b>机器人吸引缺乏经验的投资者</b></blockquote></p><p> Robo investing tends to appeal to inexperienced investors or ones who don’t have the time or energy to manage their own portfolios. These investors can take comfort in the “set it and forget it approach to investing and overtime let the markets do their thing,” Barse said.</p><p><blockquote>机器人投资往往吸引缺乏经验的投资者或没有时间或精力管理自己投资组合的投资者。巴尔斯说，这些投资者可以对“一劳永逸”的投资方法感到放心，随着时间的推移，让市场做自己的事情”。</blockquote></p><p> That makes it much easier to stomach market volatility knowing that you don’t necessarily have to make spur-of-the-moment decisions to buy or sell assets, said Tiffany Lam-Balfour, an investing and retirement specialist at NerdWallet.</p><p><blockquote>NerdWallet的投资和退休专家蒂芙尼·拉姆-贝尔福(Tiffany Lam-Balfour)表示，这使得你更容易承受市场波动，因为你不一定必须做出购买或出售资产的冲动决定。</blockquote></p><p> “When you’re investing, you don’t want to keep looking at the market and going ‘Oh I need to get out of this,’” she said. “You want to leave it to the professionals to get you through it because they know what your time horizon is, and they’ll adjust your portfolio automatically for you.”</p><p><blockquote>“当你投资时，你不会想一直关注市场并说‘哦，我需要摆脱困境’，”她说。“你想让专业人士来帮你度过难关，因为他们知道你的时间范围，他们会自动为你调整你的投资组合。”</blockquote></p><p></p><p> That said, “you can’t just expect your investments will only go up. Even if you had the world’s best human financial adviser you can’t expect that.”</p><p><blockquote>也就是说，“你不能指望你的投资只会上涨。即使你有世界上最好的人类财务顾问，你也不能指望这一点。”</blockquote></p><p> Others disagree, and say robo advisers appeal to older investors. “Planning for and paying yourself in retirement is complex. There are many options out there to help investors through it, and robo investing is one of them,” Loh said.</p><p><blockquote>其他人不同意，并表示机器人顾问对老年投资者有吸引力。“退休后的规划和支付费用很复杂。有很多选择可以帮助投资者度过难关，机器人投资就是其中之一，”Loh说。</blockquote></p><p> “Many thoughtful, long-term investors have discovered that they want a more modern, streamlined, and inexpensive way to invest, and robo investing fits the bill. They are happy to let technology handle the mundane activities that are harder and more time-consuming for investors to do themselves,” she added.</p><p><blockquote>“许多深思熟虑的长期投资者发现，他们想要一种更现代、更简化、更便宜的投资方式，而机器人投资正好符合这一要求。他们很乐意让技术来处理更困难、更耗时的日常活动。投资者自己做，”她补充道。</blockquote></p><p> <b>There is often no door to knock on</b></p><p><blockquote><b>常常无门可敲</b></blockquote></p><p> Your robo adviser only knows what you tell it. The simplistic questionnaire you’re required to fill out will on most robo-investing platforms will collect information on your annual income, desired age to retire and the level of risk you’re willing to take on.</p><p><blockquote>你的机器人顾问只知道你告诉它什么。大多数机器人投资平台上要求您填写的简单问卷将收集有关您的年收入、期望退休年龄以及您愿意承担的风险水平的信息。</blockquote></p><p> It won’t however know if you just had a child and would like to begin saving for their education down the road or if you recently lost your job.</p><p><blockquote>然而，它不会知道你是否刚刚有了一个孩子，并想开始为他们的教育存钱，或者你是否最近失业了。</blockquote></p><p> “The question then becomes to whom does that person go to for advice and does that platform offer that and if so, to what level of complexity?” said Barse.</p><p><blockquote>“那么问题就变成了那个人向谁寻求建议？该平台是否提供建议？如果提供，复杂程度如何？”巴斯说。</blockquote></p><p> Not all platforms give individualized investment advice and the hybrid models that do offer advice from a human tend to charge higher annual fees.</p><p><blockquote>并非所有平台都提供个性化投资建议，提供人工建议的混合模式往往会收取更高的年费。</blockquote></p><p> Additionally, a robo adviser won’t necessarily “manage your money with tax efficiency at front of mind,” said Roger Ma, a certified financial planner at Lifelaidout, a New York City-based financial advisory group.</p><p><blockquote>此外，纽约市财务咨询集团Lifelaidout的注册财务规划师罗杰·马(Roger Ma)表示，机器人顾问不一定“在管理资金时首先考虑税收效率”。</blockquote></p><p> For instance, one common way investors offset the taxes they pay on long-term investments is by selling assets that have accrued losses. Traditional advisers often specialize in constructing portfolios that lead to the most tax-efficient outcomes, said Ma, who is the author of “Work Your Money, Not Your Life”.</p><p><blockquote>例如，投资者抵消长期投资税款的一种常见方式是出售已累计亏损的资产。《工作你的钱，而不是你的生活》一书的作者马说，传统顾问通常专注于构建能带来最节税结果的投资组合。</blockquote></p><p> But with robo investing, the trades that are made for you are the same ones that are being made for a slew of other investors who may fall under a different tax-bracket than you.</p><p><blockquote>但通过机器人投资，为您进行的交易与为许多其他投资者进行的交易是相同的，这些投资者可能属于与您不同的税级。</blockquote></p><p> On top of that, while robo investing may feel like a simplistic way to get into investing, especially for beginners it can “overcomplicate investing,” Ma said.</p><p><blockquote>最重要的是，虽然机器人投资可能感觉像是一种简单的投资方式，特别是对于初学者来说，它可能会“使投资过于复杂”，马云说。</blockquote></p><p> “If you are just looking to dip your toe in and you want to feel like you’re invested in a diversified portfolio, I wouldn’t say definitely don’t do a robo adviser,” he said.</p><p><blockquote>“如果你只是想尝试一下，并且想感觉自己投资于多元化的投资组合，我不会说绝对不要聘请机器人顾问，”他说。</blockquote></p><p> Don’t rule out investing through a target-date fund that selects a single fund to invest in and adjusts the position over time based on their investment goals, he added.</p><p><blockquote>他补充说，不要排除通过目标日期基金进行投资，该基金选择单一基金进行投资，并根据投资目标随着时间的推移调整头寸。</blockquote></p><p> But not everyone can tell the difference between robo advice and advice from a human being. In 2015, MarketWatch asked four prominent robo advisers and four of the traditional, flesh-and-blood variety to construct portfolios for a hypothetical 35-year-old investor with $40,000 to invest.</p><p><blockquote>但并不是每个人都能区分机器人的建议和人类的建议。2015年，MarketWatch请四位著名的机器人顾问和四位传统的有血有肉的机器人顾问为一位假设的35岁投资者构建投资组合，投资金额为40,000美元。</blockquote></p><p> The results were, perhaps, surprising for critics of robo advisers. The robots’ suggestions were “not massively different” from what the human advisers proposed, said Michael Kitces, Pinnacle Advisory Group’s research director, after reviewing the results.</p><p><blockquote>对于机器人顾问的批评者来说，结果或许令人惊讶。Pinnacle Advisory Group的研究总监Michael Kitces在审查结果后表示，机器人的建议与人类顾问的建议“没有太大不同”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/goldman-sachs-is-joining-the-robo-investing-party-should-you-11613658128?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/goldman-sachs-is-joining-the-robo-investing-party-should-you-11613658128?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161529893","content_text":"‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.\n\nRobo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.\nNow anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by some of Goldman Sachs’ wealthiest clients for a 0.35% annual advisory fee. But investing experts say there are more costs to consider before jumping on the robo-investing train.\n“Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.\nAlthough the 35 basis-point price tag is a “loss leader” to Goldman Sachs, he said companies typically make such offers in order to attract clients to cross-sell them banking products.\n“People forget that banks are ultimately in the business of making money,” he said.\nGoldman Sachs declined to comment.\nThe company is among other major financial-services firms offering digital advisers, including Vanguard, Fidelity and Schwab SCHW, +1.03% and startups such as Betterment and Wealthfront.\nFees for robo advisers can start at around 0.25%, and increase to 1% and above for traditional brokers. A survey of nearly 1,000 financial planners by Inside Information, a trade publication, found that the bigger the portfolio, the lower the percentage clients paid in fees.\nThe median annual charge hovered at around 1% for portfolios of $1 million or less, and 0.5% for portfolios worth $5 million to $10 million.\nRobo advisers like those on offer from Goldman Sachs and Betterment differ from robo platforms like Robinhood. The former suggest portfolios focused on exchange-traded funds, while Robinhood allows users to invest in individual ETFs, stocks, options and even cryptocurrencies.\nRobo investing as a self-driving car\nConsumers have turned to robo-investing at unprecedented levels during the pandemic.\nThe rate of new accounts opened jumped between 50% and 300% during the first quarter of 2020 compared to the fourth quarter of last year, according to a May report published by research and advisory firm Aite Group.\nSo what is rob-investing? Think of it like a self-driving car.\nYou put in your destination, buckle up in the backseat and your driver (robo adviser) will get there. You, the passenger, can’t easily slam the breaks if you fear your driver is leading you in the wrong direction. Nor can you put your foot on the gas pedal if you’re in a rush and want to get to your destination faster.\nRobo-investing platforms use advanced-trading algorithm software to design investment portfolios based on factors such as an individual’s appetite for risk-taking and desired short-term and long-term returns.\nThere are over 200 platforms that provide these services charging typically no more than a 0.5% annual advisory fee, compared to the 1% annual fee human investment advisors charge.\nAnd rather than investing entirely on your own, which can become a second job and lead to emotional investment decisions, robo advisers handle buying and selling assets.\nCynthia Loh, Schwab vice president of Digital Advice and Innovation, disagrees, and argues that robo investing doesn’t mean giving technology control of your money. Schwab, she said, has a team of investment experts who oversee investment strategy and keep watch during periods of market volatility, although some services have more input from humans than others.\nAs she recently wrote on MarketWatch: “One common misconception about automated investing is that choosing a robo adviser essentially means handing control of your money over to robots. The truth is that robo solutions have a combination of automated and human components running things behind the scenes.”\nRobos appeal to inexperienced investors\nRobo investing tends to appeal to inexperienced investors or ones who don’t have the time or energy to manage their own portfolios. These investors can take comfort in the “set it and forget it approach to investing and overtime let the markets do their thing,” Barse said.\nThat makes it much easier to stomach market volatility knowing that you don’t necessarily have to make spur-of-the-moment decisions to buy or sell assets, said Tiffany Lam-Balfour, an investing and retirement specialist at NerdWallet.\n“When you’re investing, you don’t want to keep looking at the market and going ‘Oh I need to get out of this,’” she said. “You want to leave it to the professionals to get you through it because they know what your time horizon is, and they’ll adjust your portfolio automatically for you.”\nThat said, “you can’t just expect your investments will only go up. Even if you had the world’s best human financial adviser you can’t expect that.”\nOthers disagree, and say robo advisers appeal to older investors. “Planning for and paying yourself in retirement is complex. There are many options out there to help investors through it, and robo investing is one of them,” Loh said.\n“Many thoughtful, long-term investors have discovered that they want a more modern, streamlined, and inexpensive way to invest, and robo investing fits the bill. They are happy to let technology handle the mundane activities that are harder and more time-consuming for investors to do themselves,” she added.\nThere is often no door to knock on\nYour robo adviser only knows what you tell it. The simplistic questionnaire you’re required to fill out will on most robo-investing platforms will collect information on your annual income, desired age to retire and the level of risk you’re willing to take on.\nIt won’t however know if you just had a child and would like to begin saving for their education down the road or if you recently lost your job.\n“The question then becomes to whom does that person go to for advice and does that platform offer that and if so, to what level of complexity?” said Barse.\nNot all platforms give individualized investment advice and the hybrid models that do offer advice from a human tend to charge higher annual fees.\nAdditionally, a robo adviser won’t necessarily “manage your money with tax efficiency at front of mind,” said Roger Ma, a certified financial planner at Lifelaidout, a New York City-based financial advisory group.\nFor instance, one common way investors offset the taxes they pay on long-term investments is by selling assets that have accrued losses. Traditional advisers often specialize in constructing portfolios that lead to the most tax-efficient outcomes, said Ma, who is the author of “Work Your Money, Not Your Life”.\nBut with robo investing, the trades that are made for you are the same ones that are being made for a slew of other investors who may fall under a different tax-bracket than you.\nOn top of that, while robo investing may feel like a simplistic way to get into investing, especially for beginners it can “overcomplicate investing,” Ma said.\n“If you are just looking to dip your toe in and you want to feel like you’re invested in a diversified portfolio, I wouldn’t say definitely don’t do a robo adviser,” he said.\nDon’t rule out investing through a target-date fund that selects a single fund to invest in and adjusts the position over time based on their investment goals, he added.\nBut not everyone can tell the difference between robo advice and advice from a human being. In 2015, MarketWatch asked four prominent robo advisers and four of the traditional, flesh-and-blood variety to construct portfolios for a hypothetical 35-year-old investor with $40,000 to invest.\nThe results were, perhaps, surprising for critics of robo advisers. The robots’ suggestions were “not massively different” from what the human advisers proposed, said Michael Kitces, Pinnacle Advisory Group’s research director, after reviewing the results.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2959,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369210268,"gmtCreate":1614046501354,"gmtModify":1634551411617,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576582855873994","authorIdStr":"3576582855873994"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/369210268","repostId":"1136280549","repostType":4,"isVote":1,"tweetType":1,"viewCount":1524,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360871112,"gmtCreate":1613893220236,"gmtModify":1634551926821,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576582855873994","authorIdStr":"3576582855873994"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/360871112","repostId":"1143100356","repostType":4,"isVote":1,"tweetType":1,"viewCount":2139,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":387059282,"gmtCreate":1613701853746,"gmtModify":1634552588122,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576582855873994","authorIdStr":"3576582855873994"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/387059282","repostId":"1112683598","repostType":4,"isVote":1,"tweetType":1,"viewCount":2470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":385221694,"gmtCreate":1613556390918,"gmtModify":1634553178302,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576582855873994","authorIdStr":"3576582855873994"},"themes":[],"htmlText":"Good news&nbsp;","listText":"Good news&nbsp;","text":"Good news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/385221694","repostId":"2112317468","repostType":4,"isVote":1,"tweetType":1,"viewCount":1200,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":385042414,"gmtCreate":1613490519338,"gmtModify":1634553436678,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576582855873994","authorIdStr":"3576582855873994"},"themes":[],"htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/385042414","repostId":"1108705396","repostType":4,"repost":{"id":"1108705396","kind":"news","pubTimestamp":1613469786,"share":"https://www.laohu8.com/m/news/1108705396?lang=zh_CN&edition=full","pubTime":"2021-02-16 18:03","market":"us","language":"en","title":"With Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1108705396","media":"CNN Business","summary":"New York (CNN Business) The Covid-ravaged American economy was on the verge of slipping into a doubl","content":"<p><b>New York (CNN Business)&nbsp;</b>The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington&nbsp;and millions of families were about to&nbsp;lose crucial benefits.</p><p><blockquote><b>纽约（CNN商业）</b>2020年底，饱受新冠疫情蹂躏的美国经济濒临陷入双底衰退。疫情正在加剧，僵局使华盛顿陷入瘫痪，数百万家庭即将失去重要福利。</blockquote></p><p> Fast forward two months, and the&nbsp;economy is still struggling-- but confidence in the recovery is growing, rapidly.</p><p><blockquote>快进两个月，经济仍在挣扎，但对复苏的信心正在迅速增长。</blockquote></p><p> Economists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.</p><p><blockquote>经济学家正在迅速上调GDP和失业率预测，并将美联储能够提高最低利率的日期提前。高盛预测美国经济将以三十多年来最快的速度增长。</blockquote></p><p> The renewed optimism is being driven by two major factors: the&nbsp;health crisis is easing&nbsp;and Uncle Sam is&nbsp;coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.</p><p><blockquote>重新燃起的乐观情绪是由两个主要因素推动的：健康危机正在缓解，山姆大叔正在提供惊人数量的援助——比几个月前似乎多了数千亿美元。</blockquote></p><p> After supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.</p><p><blockquote>根据穆迪分析公司的数据，继去年提供4万亿美元的救助后，华盛顿预计将在2021年再提供2万亿美元的赤字融资支持。这相当于美国年度GDP的四分之一以上。</blockquote></p><p> \"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.</p><p><blockquote>穆迪分析公司首席经济学家马克·赞迪(Mark Zandi)告诉CNN Business：“这是大量的经济动力。”</blockquote></p><p> The turning point happened last month&nbsp;when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for&nbsp;President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.</p><p><blockquote>转折点发生在上个月，当时民主党在佐治亚州的决选中以微弱优势控制了美国参议院。这为乔·拜登总统1.9万亿美元的美国救援计划开辟了道路，该计划包括1400美元的刺激支票、提高失业救济金以及向州和地方政府提供3500亿美元的生命线。</blockquote></p><p> <b>'Summer mini-boom'</b></p><p><blockquote><b>“夏季迷你热潮”</b></blockquote></p><p> Before the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a&nbsp;forecast by Treasury Secretary Janet Yellen.</p><p><blockquote>在佐治亚州选举之前，赞迪认为美国经济要到2023年春季或夏季才能恢复充分就业（强劲的劳动力市场，失业率为4%）。现在，他预计这一成就将在明年春天实现，这与财政部长珍妮特·耶伦的预测相呼应。</blockquote></p><p> \"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.</p><p><blockquote>美国银行经济学家在最近给客户的一份报告中写道，“超级财政政策”意味着美国经济增长快于其他国家的论点“似乎日益强烈”。</blockquote></p><p> Oxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.</p><p><blockquote>牛津经济研究院首席美国经济学家Gregory Daco呼吁美国出现“夏季小繁荣”，2021年GDP增长5.9%。</blockquote></p><p> Likewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"</p><p><blockquote>同样，杰富瑞(Jefferies)经济学家表示，“爆炸性的收入增长（得益于财政刺激）可能会推动美国GDP今年增长6.4%，明年增长近5%。”</blockquote></p><p> \"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.</p><p><blockquote>杰富瑞在最近的一份报告中告诉客户：“如果说有什么不同的话，那就是我们的预测可能过于保守。”他指出，其观点仅纳入了拜登计划的1万亿美元。</blockquote></p><p> Indeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.</p><p><blockquote>事实上，高盛本周早些时候将2021年GDP预期上调至6.8%，因为这家华尔街银行现在假设额外财政救助为1.5万亿美元，高于此前的1.1万亿美元。根据圣路易斯联储的数据，如果高盛的预测成真，这将是美国自1989年以来最快的年度GDP增长。</blockquote></p><p> The rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.</p><p><blockquote>乐观的GDP预测远高于美联储的要求。去年12月，美联储预计2021年GDP增长仅为4.2%，并表示失业率要到2023年才会降至4%以下。</blockquote></p><p> <b>Double-dip recession averted</b></p><p><blockquote><b>避免了双底衰退</b></blockquote></p><p> The Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.</p><p><blockquote>美联储对经济预测趋于保守。而且，至关重要的是，美联储的预测是在DC政治功能失调给美国经济蒙上阴影之际发布的。</blockquote></p><p> For months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.</p><p><blockquote>几个月来，共和党和民主党试图就延长计划失效的关键失业和驱逐福利以及向小企业提供更多可原谅贷款达成协议，但未能达成协议。然后当最终达成协议时，前总统唐纳德·特朗普威胁要炸毁它。</blockquote></p><p> At the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.</p><p><blockquote>在最后一刻，特朗普将9000亿美元的救助计划签署成为法律，避免了经济灾难。</blockquote></p><p> \"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.</p><p><blockquote>穆迪经济学家赞迪表示：“如果没有这一点，我们将陷入双底衰退。”</blockquote></p><p> Slammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States&nbsp;added just 49,000 jobs in January.</p><p><blockquote>受疫情冲击，美国经济一瘸一拐地走到2020年底，今年开局缓慢。12月，雇主自春季以来首次裁员。美国1月份仅增加了49,000个就业岗位。</blockquote></p><p> Jobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.</p><p><blockquote>申请失业救济人数仍然高得惊人。仅上周就有793,000名美国人首次申请失业救济。就背景而言，这高于大衰退的最严重水平。</blockquote></p><p> <b>Vaccines to the rescue</b></p><p><blockquote><b>疫苗拯救生命</b></blockquote></p><p> But there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.</p><p><blockquote>但疫情仍有一线希望。尽管Covid死亡人数仍然高得难以想象，但住院人数和病例数已经下降。</blockquote></p><p> Critically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.</p><p><blockquote>至关重要的是，冠状病毒疫苗的推出正在加速。据摩根士丹利称，在总共分发的6600万支疫苗中，约70%已经接种。</blockquote></p><p> And Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday&nbsp;that the United States may be able to vaccinate most Americans by the middle or end of summer.</p><p><blockquote>美国顶级传染病专家安东尼·福奇博士周四告诉NBC新闻，美国可能能够在夏季中期或结束前为大多数美国人接种疫苗。</blockquote></p><p></p><p> All of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.</p><p><blockquote>所有这些使得包括加利福尼亚、纽约和新泽西在内的州放松了对餐馆和其他小企业的健康限制。</blockquote></p><p> That's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants&nbsp;force US states and cities to once again tighten health restrictions.</p><p><blockquote>这并不是说疫情已经结束。事实上，一个风险是，新的Covid-19变种迫使美国各州和城市再次收紧健康限制。</blockquote></p><p> <b>Low-wage workers are still hurting badly</b></p><p><blockquote><b>低薪工人仍然受到严重伤害</b></blockquote></p><p> Against this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.</p><p><blockquote>在此背景下，许多经济学家敦促华盛顿推进激进的财政刺激计划。</blockquote></p><p> \"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"</p><p><blockquote>穆迪经济学家赞迪表示：“请把脚平放在油门上。”“政策制定101说，错误在于做得太多，而不是做得太少。”</blockquote></p><p> Doing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.</p><p><blockquote>做得太少可能会加剧美国的不平等问题。这是因为与之前的衰退相比，这次衰退对餐馆、儿童保育和酒店业等遭受重创行业的低收入工人造成了不成比例的伤害。</blockquote></p><p> Employment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.</p><p><blockquote>根据Opportunity Insights经济跟踪系统的数据，低工资工人（年收入低于27,000美元的人）的就业水平仍下降了20%以上。相比之下，年收入超过6万美元的人的就业水平高于危机前的水平。</blockquote></p><p> \"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.</p><p><blockquote>美国银行的经济学家在给客户的一份报告中写道：“如果收入和种族群体之间的充分就业情况不明显，拜登的团队就不太可能为实现充分就业而开香槟。”</blockquote></p><p> However, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.</p><p><blockquote>然而，前美联储官员、现任Quill Intelligence首席执行官丹妮尔·迪马蒂诺·布斯(Danielle DiMartino Booth)担心，专注于提供收入，而不是投资基础设施和再培训工人，会让该国沉迷于刺激措施。</blockquote></p><p> \"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.</p><p><blockquote>布斯说：“经济将变成这个依赖患者，总是等待下一次注射。”</blockquote></p><p> <b>'Bring it on'</b></p><p><blockquote><b>“来吧”</b></blockquote></p><p> Some economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington&nbsp;overheats the economy by injecting too much support.</p><p><blockquote>包括前财政部长拉里·萨默斯在内的一些经济学家警告说，华盛顿注入过多支持可能会导致经济过热。</blockquote></p><p> \"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.</p><p><blockquote>布斯表示：“未来几个月可能会出现相当大的通胀恐慌，这将考验债券市场和美联储。”</blockquote></p><p> And that in turn would spook the&nbsp;red-hot stock market.</p><p><blockquote>这反过来又会惊动炙手可热的股市。</blockquote></p><p> Fed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.</p><p><blockquote>美联储观察人士正在提前确定美联储何时能够结束紧急政策的时间表。</blockquote></p><p> Citing \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.</p><p><blockquote>高盛援引“通胀前景走强的迹象”，目前预计美联储将在2022年初开始“缩减”资产购买规模，并在2024年上半年加息。</blockquote></p><p> Zandi isn't losing sleep over inflation, mostly because the United States is far from full employment.</p><p><blockquote>赞迪并没有因为通货膨胀而失眠，主要是因为美国还远未实现充分就业。</blockquote></p><p> \"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"</p><p><blockquote>“这是一种被大大夸大的担忧，”他说。“来吧。十多年来，我们最大的问题一直是低通胀。更高的通胀将是一个高级问题。”</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>With Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</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\">\nWith Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-02-16 18:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>New York (CNN Business)&nbsp;</b>The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington&nbsp;and millions of families were about to&nbsp;lose crucial benefits.</p><p><blockquote><b>纽约（CNN商业）</b>2020年底，饱受新冠疫情蹂躏的美国经济濒临陷入双底衰退。疫情正在加剧，僵局使华盛顿陷入瘫痪，数百万家庭即将失去重要福利。</blockquote></p><p> Fast forward two months, and the&nbsp;economy is still struggling-- but confidence in the recovery is growing, rapidly.</p><p><blockquote>快进两个月，经济仍在挣扎，但对复苏的信心正在迅速增长。</blockquote></p><p> Economists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.</p><p><blockquote>经济学家正在迅速上调GDP和失业率预测，并将美联储能够提高最低利率的日期提前。高盛预测美国经济将以三十多年来最快的速度增长。</blockquote></p><p> The renewed optimism is being driven by two major factors: the&nbsp;health crisis is easing&nbsp;and Uncle Sam is&nbsp;coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.</p><p><blockquote>重新燃起的乐观情绪是由两个主要因素推动的：健康危机正在缓解，山姆大叔正在提供惊人数量的援助——比几个月前似乎多了数千亿美元。</blockquote></p><p> After supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.</p><p><blockquote>根据穆迪分析公司的数据，继去年提供4万亿美元的救助后，华盛顿预计将在2021年再提供2万亿美元的赤字融资支持。这相当于美国年度GDP的四分之一以上。</blockquote></p><p> \"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.</p><p><blockquote>穆迪分析公司首席经济学家马克·赞迪(Mark Zandi)告诉CNN Business：“这是大量的经济动力。”</blockquote></p><p> The turning point happened last month&nbsp;when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for&nbsp;President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.</p><p><blockquote>转折点发生在上个月，当时民主党在佐治亚州的决选中以微弱优势控制了美国参议院。这为乔·拜登总统1.9万亿美元的美国救援计划开辟了道路，该计划包括1400美元的刺激支票、提高失业救济金以及向州和地方政府提供3500亿美元的生命线。</blockquote></p><p> <b>'Summer mini-boom'</b></p><p><blockquote><b>“夏季迷你热潮”</b></blockquote></p><p> Before the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a&nbsp;forecast by Treasury Secretary Janet Yellen.</p><p><blockquote>在佐治亚州选举之前，赞迪认为美国经济要到2023年春季或夏季才能恢复充分就业（强劲的劳动力市场，失业率为4%）。现在，他预计这一成就将在明年春天实现，这与财政部长珍妮特·耶伦的预测相呼应。</blockquote></p><p> \"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.</p><p><blockquote>美国银行经济学家在最近给客户的一份报告中写道，“超级财政政策”意味着美国经济增长快于其他国家的论点“似乎日益强烈”。</blockquote></p><p> Oxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.</p><p><blockquote>牛津经济研究院首席美国经济学家Gregory Daco呼吁美国出现“夏季小繁荣”，2021年GDP增长5.9%。</blockquote></p><p> Likewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"</p><p><blockquote>同样，杰富瑞(Jefferies)经济学家表示，“爆炸性的收入增长（得益于财政刺激）可能会推动美国GDP今年增长6.4%，明年增长近5%。”</blockquote></p><p> \"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.</p><p><blockquote>杰富瑞在最近的一份报告中告诉客户：“如果说有什么不同的话，那就是我们的预测可能过于保守。”他指出，其观点仅纳入了拜登计划的1万亿美元。</blockquote></p><p> Indeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.</p><p><blockquote>事实上，高盛本周早些时候将2021年GDP预期上调至6.8%，因为这家华尔街银行现在假设额外财政救助为1.5万亿美元，高于此前的1.1万亿美元。根据圣路易斯联储的数据，如果高盛的预测成真，这将是美国自1989年以来最快的年度GDP增长。</blockquote></p><p> The rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.</p><p><blockquote>乐观的GDP预测远高于美联储的要求。去年12月，美联储预计2021年GDP增长仅为4.2%，并表示失业率要到2023年才会降至4%以下。</blockquote></p><p> <b>Double-dip recession averted</b></p><p><blockquote><b>避免了双底衰退</b></blockquote></p><p> The Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.</p><p><blockquote>美联储对经济预测趋于保守。而且，至关重要的是，美联储的预测是在DC政治功能失调给美国经济蒙上阴影之际发布的。</blockquote></p><p> For months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.</p><p><blockquote>几个月来，共和党和民主党试图就延长计划失效的关键失业和驱逐福利以及向小企业提供更多可原谅贷款达成协议，但未能达成协议。然后当最终达成协议时，前总统唐纳德·特朗普威胁要炸毁它。</blockquote></p><p> At the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.</p><p><blockquote>在最后一刻，特朗普将9000亿美元的救助计划签署成为法律，避免了经济灾难。</blockquote></p><p> \"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.</p><p><blockquote>穆迪经济学家赞迪表示：“如果没有这一点，我们将陷入双底衰退。”</blockquote></p><p> Slammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States&nbsp;added just 49,000 jobs in January.</p><p><blockquote>受疫情冲击，美国经济一瘸一拐地走到2020年底，今年开局缓慢。12月，雇主自春季以来首次裁员。美国1月份仅增加了49,000个就业岗位。</blockquote></p><p> Jobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.</p><p><blockquote>申请失业救济人数仍然高得惊人。仅上周就有793,000名美国人首次申请失业救济。就背景而言，这高于大衰退的最严重水平。</blockquote></p><p> <b>Vaccines to the rescue</b></p><p><blockquote><b>疫苗拯救生命</b></blockquote></p><p> But there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.</p><p><blockquote>但疫情仍有一线希望。尽管Covid死亡人数仍然高得难以想象，但住院人数和病例数已经下降。</blockquote></p><p> Critically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.</p><p><blockquote>至关重要的是，冠状病毒疫苗的推出正在加速。据摩根士丹利称，在总共分发的6600万支疫苗中，约70%已经接种。</blockquote></p><p> And Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday&nbsp;that the United States may be able to vaccinate most Americans by the middle or end of summer.</p><p><blockquote>美国顶级传染病专家安东尼·福奇博士周四告诉NBC新闻，美国可能能够在夏季中期或结束前为大多数美国人接种疫苗。</blockquote></p><p></p><p> All of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.</p><p><blockquote>所有这些使得包括加利福尼亚、纽约和新泽西在内的州放松了对餐馆和其他小企业的健康限制。</blockquote></p><p> That's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants&nbsp;force US states and cities to once again tighten health restrictions.</p><p><blockquote>这并不是说疫情已经结束。事实上，一个风险是，新的Covid-19变种迫使美国各州和城市再次收紧健康限制。</blockquote></p><p> <b>Low-wage workers are still hurting badly</b></p><p><blockquote><b>低薪工人仍然受到严重伤害</b></blockquote></p><p> Against this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.</p><p><blockquote>在此背景下，许多经济学家敦促华盛顿推进激进的财政刺激计划。</blockquote></p><p> \"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"</p><p><blockquote>穆迪经济学家赞迪表示：“请把脚平放在油门上。”“政策制定101说，错误在于做得太多，而不是做得太少。”</blockquote></p><p> Doing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.</p><p><blockquote>做得太少可能会加剧美国的不平等问题。这是因为与之前的衰退相比，这次衰退对餐馆、儿童保育和酒店业等遭受重创行业的低收入工人造成了不成比例的伤害。</blockquote></p><p> Employment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.</p><p><blockquote>根据Opportunity Insights经济跟踪系统的数据，低工资工人（年收入低于27,000美元的人）的就业水平仍下降了20%以上。相比之下，年收入超过6万美元的人的就业水平高于危机前的水平。</blockquote></p><p> \"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.</p><p><blockquote>美国银行的经济学家在给客户的一份报告中写道：“如果收入和种族群体之间的充分就业情况不明显，拜登的团队就不太可能为实现充分就业而开香槟。”</blockquote></p><p> However, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.</p><p><blockquote>然而，前美联储官员、现任Quill Intelligence首席执行官丹妮尔·迪马蒂诺·布斯(Danielle DiMartino Booth)担心，专注于提供收入，而不是投资基础设施和再培训工人，会让该国沉迷于刺激措施。</blockquote></p><p> \"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.</p><p><blockquote>布斯说：“经济将变成这个依赖患者，总是等待下一次注射。”</blockquote></p><p> <b>'Bring it on'</b></p><p><blockquote><b>“来吧”</b></blockquote></p><p> Some economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington&nbsp;overheats the economy by injecting too much support.</p><p><blockquote>包括前财政部长拉里·萨默斯在内的一些经济学家警告说，华盛顿注入过多支持可能会导致经济过热。</blockquote></p><p> \"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.</p><p><blockquote>布斯表示：“未来几个月可能会出现相当大的通胀恐慌，这将考验债券市场和美联储。”</blockquote></p><p> And that in turn would spook the&nbsp;red-hot stock market.</p><p><blockquote>这反过来又会惊动炙手可热的股市。</blockquote></p><p> Fed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.</p><p><blockquote>美联储观察人士正在提前确定美联储何时能够结束紧急政策的时间表。</blockquote></p><p> Citing \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.</p><p><blockquote>高盛援引“通胀前景走强的迹象”，目前预计美联储将在2022年初开始“缩减”资产购买规模，并在2024年上半年加息。</blockquote></p><p> Zandi isn't losing sleep over inflation, mostly because the United States is far from full employment.</p><p><blockquote>赞迪并没有因为通货膨胀而失眠，主要是因为美国还远未实现充分就业。</blockquote></p><p> \"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"</p><p><blockquote>“这是一种被大大夸大的担忧，”他说。“来吧。十多年来，我们最大的问题一直是低通胀。更高的通胀将是一个高级问题。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/02/11/economy/economy-jobs-biden-stimulus/index.html\">CNN Business</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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://edition.cnn.com/2021/02/11/economy/economy-jobs-biden-stimulus/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108705396","content_text":"New York (CNN Business) The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington and millions of families were about to lose crucial benefits.\nFast forward two months, and the economy is still struggling-- but confidence in the recovery is growing, rapidly.\nEconomists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.\nThe renewed optimism is being driven by two major factors: the health crisis is easing and Uncle Sam is coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.\nAfter supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.\n\"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.\nThe turning point happened last month when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.\n'Summer mini-boom'\nBefore the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a forecast by Treasury Secretary Janet Yellen.\n\"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.\nOxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.\nLikewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"\n\"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.\nIndeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.\nThe rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.\nDouble-dip recession averted\nThe Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.\nFor months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.\nAt the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.\n\"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.\nSlammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States added just 49,000 jobs in January.\nJobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.\nVaccines to the rescue\nBut there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.\nCritically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.\nAnd Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday that the United States may be able to vaccinate most Americans by the middle or end of summer.\nAll of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.\nThat's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants force US states and cities to once again tighten health restrictions.\nLow-wage workers are still hurting badly\nAgainst this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.\n\"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"\nDoing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.\nEmployment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.\n\"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.\nHowever, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.\n\"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.\n'Bring it on'\nSome economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington overheats the economy by injecting too much support.\n\"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.\nAnd that in turn would spook the red-hot stock market.\nFed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.\nCiting \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.\nZandi isn't losing sleep over inflation, mostly because the United States is far from full employment.\n\"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":547,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":385046577,"gmtCreate":1613490466899,"gmtModify":1634553436903,"author":{"id":"3576582855873994","authorId":"3576582855873994","name":"JoeKoh","avatar":"https://static.tigerbbs.com/70fc342d4d7e337fadb833cb9a2b7fde","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576582855873994","authorIdStr":"3576582855873994"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/385046577","repostId":"1108705396","repostType":4,"repost":{"id":"1108705396","kind":"news","pubTimestamp":1613469786,"share":"https://www.laohu8.com/m/news/1108705396?lang=zh_CN&edition=full","pubTime":"2021-02-16 18:03","market":"us","language":"en","title":"With Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1108705396","media":"CNN Business","summary":"New York (CNN Business) The Covid-ravaged American economy was on the verge of slipping into a doubl","content":"<p><b>New York (CNN Business)&nbsp;</b>The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington&nbsp;and millions of families were about to&nbsp;lose crucial benefits.</p><p><blockquote><b>纽约（CNN商业）</b>2020年底，饱受新冠疫情蹂躏的美国经济濒临陷入双底衰退。疫情正在加剧，僵局使华盛顿陷入瘫痪，数百万家庭即将失去重要福利。</blockquote></p><p> Fast forward two months, and the&nbsp;economy is still struggling-- but confidence in the recovery is growing, rapidly.</p><p><blockquote>快进两个月，经济仍在挣扎，但对复苏的信心正在迅速增长。</blockquote></p><p> Economists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.</p><p><blockquote>经济学家正在迅速上调GDP和失业率预测，并将美联储能够提高最低利率的日期提前。高盛预测美国经济将以三十多年来最快的速度增长。</blockquote></p><p> The renewed optimism is being driven by two major factors: the&nbsp;health crisis is easing&nbsp;and Uncle Sam is&nbsp;coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.</p><p><blockquote>重新燃起的乐观情绪是由两个主要因素推动的：健康危机正在缓解，山姆大叔正在提供惊人数量的援助——比几个月前似乎多了数千亿美元。</blockquote></p><p> After supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.</p><p><blockquote>根据穆迪分析公司的数据，继去年提供4万亿美元的救助后，华盛顿预计将在2021年再提供2万亿美元的赤字融资支持。这相当于美国年度GDP的四分之一以上。</blockquote></p><p> \"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.</p><p><blockquote>穆迪分析公司首席经济学家马克·赞迪(Mark Zandi)告诉CNN Business：“这是大量的经济动力。”</blockquote></p><p> The turning point happened last month&nbsp;when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for&nbsp;President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.</p><p><blockquote>转折点发生在上个月，当时民主党在佐治亚州的决选中以微弱优势控制了美国参议院。这为乔·拜登总统1.9万亿美元的美国救援计划开辟了道路，该计划包括1400美元的刺激支票、提高失业救济金以及向州和地方政府提供3500亿美元的生命线。</blockquote></p><p> <b>'Summer mini-boom'</b></p><p><blockquote><b>“夏季迷你热潮”</b></blockquote></p><p> Before the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a&nbsp;forecast by Treasury Secretary Janet Yellen.</p><p><blockquote>在佐治亚州选举之前，赞迪认为美国经济要到2023年春季或夏季才能恢复充分就业（强劲的劳动力市场，失业率为4%）。现在，他预计这一成就将在明年春天实现，这与财政部长珍妮特·耶伦的预测相呼应。</blockquote></p><p> \"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.</p><p><blockquote>美国银行经济学家在最近给客户的一份报告中写道，“超级财政政策”意味着美国经济增长快于其他国家的论点“似乎日益强烈”。</blockquote></p><p> Oxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.</p><p><blockquote>牛津经济研究院首席美国经济学家Gregory Daco呼吁美国出现“夏季小繁荣”，2021年GDP增长5.9%。</blockquote></p><p> Likewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"</p><p><blockquote>同样，杰富瑞(Jefferies)经济学家表示，“爆炸性的收入增长（得益于财政刺激）可能会推动美国GDP今年增长6.4%，明年增长近5%。”</blockquote></p><p> \"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.</p><p><blockquote>杰富瑞在最近的一份报告中告诉客户：“如果说有什么不同的话，那就是我们的预测可能过于保守。”他指出，其观点仅纳入了拜登计划的1万亿美元。</blockquote></p><p> Indeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.</p><p><blockquote>事实上，高盛本周早些时候将2021年GDP预期上调至6.8%，因为这家华尔街银行现在假设额外财政救助为1.5万亿美元，高于此前的1.1万亿美元。根据圣路易斯联储的数据，如果高盛的预测成真，这将是美国自1989年以来最快的年度GDP增长。</blockquote></p><p> The rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.</p><p><blockquote>乐观的GDP预测远高于美联储的要求。去年12月，美联储预计2021年GDP增长仅为4.2%，并表示失业率要到2023年才会降至4%以下。</blockquote></p><p> <b>Double-dip recession averted</b></p><p><blockquote><b>避免了双底衰退</b></blockquote></p><p> The Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.</p><p><blockquote>美联储对经济预测趋于保守。而且，至关重要的是，美联储的预测是在DC政治功能失调给美国经济蒙上阴影之际发布的。</blockquote></p><p> For months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.</p><p><blockquote>几个月来，共和党和民主党试图就延长计划失效的关键失业和驱逐福利以及向小企业提供更多可原谅贷款达成协议，但未能达成协议。然后当最终达成协议时，前总统唐纳德·特朗普威胁要炸毁它。</blockquote></p><p> At the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.</p><p><blockquote>在最后一刻，特朗普将9000亿美元的救助计划签署成为法律，避免了经济灾难。</blockquote></p><p> \"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.</p><p><blockquote>穆迪经济学家赞迪表示：“如果没有这一点，我们将陷入双底衰退。”</blockquote></p><p> Slammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States&nbsp;added just 49,000 jobs in January.</p><p><blockquote>受疫情冲击，美国经济一瘸一拐地走到2020年底，今年开局缓慢。12月，雇主自春季以来首次裁员。美国1月份仅增加了49,000个就业岗位。</blockquote></p><p> Jobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.</p><p><blockquote>申请失业救济人数仍然高得惊人。仅上周就有793,000名美国人首次申请失业救济。就背景而言，这高于大衰退的最严重水平。</blockquote></p><p> <b>Vaccines to the rescue</b></p><p><blockquote><b>疫苗拯救生命</b></blockquote></p><p> But there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.</p><p><blockquote>但疫情仍有一线希望。尽管Covid死亡人数仍然高得难以想象，但住院人数和病例数已经下降。</blockquote></p><p> Critically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.</p><p><blockquote>至关重要的是，冠状病毒疫苗的推出正在加速。据摩根士丹利称，在总共分发的6600万支疫苗中，约70%已经接种。</blockquote></p><p> And Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday&nbsp;that the United States may be able to vaccinate most Americans by the middle or end of summer.</p><p><blockquote>美国顶级传染病专家安东尼·福奇博士周四告诉NBC新闻，美国可能能够在夏季中期或结束前为大多数美国人接种疫苗。</blockquote></p><p></p><p> All of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.</p><p><blockquote>所有这些使得包括加利福尼亚、纽约和新泽西在内的州放松了对餐馆和其他小企业的健康限制。</blockquote></p><p> That's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants&nbsp;force US states and cities to once again tighten health restrictions.</p><p><blockquote>这并不是说疫情已经结束。事实上，一个风险是，新的Covid-19变种迫使美国各州和城市再次收紧健康限制。</blockquote></p><p> <b>Low-wage workers are still hurting badly</b></p><p><blockquote><b>低薪工人仍然受到严重伤害</b></blockquote></p><p> Against this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.</p><p><blockquote>在此背景下，许多经济学家敦促华盛顿推进激进的财政刺激计划。</blockquote></p><p> \"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"</p><p><blockquote>穆迪经济学家赞迪表示：“请把脚平放在油门上。”“政策制定101说，错误在于做得太多，而不是做得太少。”</blockquote></p><p> Doing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.</p><p><blockquote>做得太少可能会加剧美国的不平等问题。这是因为与之前的衰退相比，这次衰退对餐馆、儿童保育和酒店业等遭受重创行业的低收入工人造成了不成比例的伤害。</blockquote></p><p> Employment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.</p><p><blockquote>根据Opportunity Insights经济跟踪系统的数据，低工资工人（年收入低于27,000美元的人）的就业水平仍下降了20%以上。相比之下，年收入超过6万美元的人的就业水平高于危机前的水平。</blockquote></p><p> \"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.</p><p><blockquote>美国银行的经济学家在给客户的一份报告中写道：“如果收入和种族群体之间的充分就业情况不明显，拜登的团队就不太可能为实现充分就业而开香槟。”</blockquote></p><p> However, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.</p><p><blockquote>然而，前美联储官员、现任Quill Intelligence首席执行官丹妮尔·迪马蒂诺·布斯(Danielle DiMartino Booth)担心，专注于提供收入，而不是投资基础设施和再培训工人，会让该国沉迷于刺激措施。</blockquote></p><p> \"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.</p><p><blockquote>布斯说：“经济将变成这个依赖患者，总是等待下一次注射。”</blockquote></p><p> <b>'Bring it on'</b></p><p><blockquote><b>“来吧”</b></blockquote></p><p> Some economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington&nbsp;overheats the economy by injecting too much support.</p><p><blockquote>包括前财政部长拉里·萨默斯在内的一些经济学家警告说，华盛顿注入过多支持可能会导致经济过热。</blockquote></p><p> \"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.</p><p><blockquote>布斯表示：“未来几个月可能会出现相当大的通胀恐慌，这将考验债券市场和美联储。”</blockquote></p><p> And that in turn would spook the&nbsp;red-hot stock market.</p><p><blockquote>这反过来又会惊动炙手可热的股市。</blockquote></p><p> Fed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.</p><p><blockquote>美联储观察人士正在提前确定美联储何时能够结束紧急政策的时间表。</blockquote></p><p> Citing \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.</p><p><blockquote>高盛援引“通胀前景走强的迹象”，目前预计美联储将在2022年初开始“缩减”资产购买规模，并在2024年上半年加息。</blockquote></p><p> Zandi isn't losing sleep over inflation, mostly because the United States is far from full employment.</p><p><blockquote>赞迪并没有因为通货膨胀而失眠，主要是因为美国还远未实现充分就业。</blockquote></p><p> \"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"</p><p><blockquote>“这是一种被大大夸大的担忧，”他说。“来吧。十多年来，我们最大的问题一直是低通胀。更高的通胀将是一个高级问题。”</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>With Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</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\">\nWith Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-02-16 18:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>New York (CNN Business)&nbsp;</b>The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington&nbsp;and millions of families were about to&nbsp;lose crucial benefits.</p><p><blockquote><b>纽约（CNN商业）</b>2020年底，饱受新冠疫情蹂躏的美国经济濒临陷入双底衰退。疫情正在加剧，僵局使华盛顿陷入瘫痪，数百万家庭即将失去重要福利。</blockquote></p><p> Fast forward two months, and the&nbsp;economy is still struggling-- but confidence in the recovery is growing, rapidly.</p><p><blockquote>快进两个月，经济仍在挣扎，但对复苏的信心正在迅速增长。</blockquote></p><p> Economists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.</p><p><blockquote>经济学家正在迅速上调GDP和失业率预测，并将美联储能够提高最低利率的日期提前。高盛预测美国经济将以三十多年来最快的速度增长。</blockquote></p><p> The renewed optimism is being driven by two major factors: the&nbsp;health crisis is easing&nbsp;and Uncle Sam is&nbsp;coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.</p><p><blockquote>重新燃起的乐观情绪是由两个主要因素推动的：健康危机正在缓解，山姆大叔正在提供惊人数量的援助——比几个月前似乎多了数千亿美元。</blockquote></p><p> After supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.</p><p><blockquote>根据穆迪分析公司的数据，继去年提供4万亿美元的救助后，华盛顿预计将在2021年再提供2万亿美元的赤字融资支持。这相当于美国年度GDP的四分之一以上。</blockquote></p><p> \"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.</p><p><blockquote>穆迪分析公司首席经济学家马克·赞迪(Mark Zandi)告诉CNN Business：“这是大量的经济动力。”</blockquote></p><p> The turning point happened last month&nbsp;when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for&nbsp;President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.</p><p><blockquote>转折点发生在上个月，当时民主党在佐治亚州的决选中以微弱优势控制了美国参议院。这为乔·拜登总统1.9万亿美元的美国救援计划开辟了道路，该计划包括1400美元的刺激支票、提高失业救济金以及向州和地方政府提供3500亿美元的生命线。</blockquote></p><p> <b>'Summer mini-boom'</b></p><p><blockquote><b>“夏季迷你热潮”</b></blockquote></p><p> Before the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a&nbsp;forecast by Treasury Secretary Janet Yellen.</p><p><blockquote>在佐治亚州选举之前，赞迪认为美国经济要到2023年春季或夏季才能恢复充分就业（强劲的劳动力市场，失业率为4%）。现在，他预计这一成就将在明年春天实现，这与财政部长珍妮特·耶伦的预测相呼应。</blockquote></p><p> \"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.</p><p><blockquote>美国银行经济学家在最近给客户的一份报告中写道，“超级财政政策”意味着美国经济增长快于其他国家的论点“似乎日益强烈”。</blockquote></p><p> Oxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.</p><p><blockquote>牛津经济研究院首席美国经济学家Gregory Daco呼吁美国出现“夏季小繁荣”，2021年GDP增长5.9%。</blockquote></p><p> Likewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"</p><p><blockquote>同样，杰富瑞(Jefferies)经济学家表示，“爆炸性的收入增长（得益于财政刺激）可能会推动美国GDP今年增长6.4%，明年增长近5%。”</blockquote></p><p> \"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.</p><p><blockquote>杰富瑞在最近的一份报告中告诉客户：“如果说有什么不同的话，那就是我们的预测可能过于保守。”他指出，其观点仅纳入了拜登计划的1万亿美元。</blockquote></p><p> Indeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.</p><p><blockquote>事实上，高盛本周早些时候将2021年GDP预期上调至6.8%，因为这家华尔街银行现在假设额外财政救助为1.5万亿美元，高于此前的1.1万亿美元。根据圣路易斯联储的数据，如果高盛的预测成真，这将是美国自1989年以来最快的年度GDP增长。</blockquote></p><p> The rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.</p><p><blockquote>乐观的GDP预测远高于美联储的要求。去年12月，美联储预计2021年GDP增长仅为4.2%，并表示失业率要到2023年才会降至4%以下。</blockquote></p><p> <b>Double-dip recession averted</b></p><p><blockquote><b>避免了双底衰退</b></blockquote></p><p> The Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.</p><p><blockquote>美联储对经济预测趋于保守。而且，至关重要的是，美联储的预测是在DC政治功能失调给美国经济蒙上阴影之际发布的。</blockquote></p><p> For months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.</p><p><blockquote>几个月来，共和党和民主党试图就延长计划失效的关键失业和驱逐福利以及向小企业提供更多可原谅贷款达成协议，但未能达成协议。然后当最终达成协议时，前总统唐纳德·特朗普威胁要炸毁它。</blockquote></p><p> At the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.</p><p><blockquote>在最后一刻，特朗普将9000亿美元的救助计划签署成为法律，避免了经济灾难。</blockquote></p><p> \"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.</p><p><blockquote>穆迪经济学家赞迪表示：“如果没有这一点，我们将陷入双底衰退。”</blockquote></p><p> Slammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States&nbsp;added just 49,000 jobs in January.</p><p><blockquote>受疫情冲击，美国经济一瘸一拐地走到2020年底，今年开局缓慢。12月，雇主自春季以来首次裁员。美国1月份仅增加了49,000个就业岗位。</blockquote></p><p> Jobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.</p><p><blockquote>申请失业救济人数仍然高得惊人。仅上周就有793,000名美国人首次申请失业救济。就背景而言，这高于大衰退的最严重水平。</blockquote></p><p> <b>Vaccines to the rescue</b></p><p><blockquote><b>疫苗拯救生命</b></blockquote></p><p> But there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.</p><p><blockquote>但疫情仍有一线希望。尽管Covid死亡人数仍然高得难以想象，但住院人数和病例数已经下降。</blockquote></p><p> Critically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.</p><p><blockquote>至关重要的是，冠状病毒疫苗的推出正在加速。据摩根士丹利称，在总共分发的6600万支疫苗中，约70%已经接种。</blockquote></p><p> And Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday&nbsp;that the United States may be able to vaccinate most Americans by the middle or end of summer.</p><p><blockquote>美国顶级传染病专家安东尼·福奇博士周四告诉NBC新闻，美国可能能够在夏季中期或结束前为大多数美国人接种疫苗。</blockquote></p><p></p><p> All of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.</p><p><blockquote>所有这些使得包括加利福尼亚、纽约和新泽西在内的州放松了对餐馆和其他小企业的健康限制。</blockquote></p><p> That's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants&nbsp;force US states and cities to once again tighten health restrictions.</p><p><blockquote>这并不是说疫情已经结束。事实上，一个风险是，新的Covid-19变种迫使美国各州和城市再次收紧健康限制。</blockquote></p><p> <b>Low-wage workers are still hurting badly</b></p><p><blockquote><b>低薪工人仍然受到严重伤害</b></blockquote></p><p> Against this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.</p><p><blockquote>在此背景下，许多经济学家敦促华盛顿推进激进的财政刺激计划。</blockquote></p><p> \"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"</p><p><blockquote>穆迪经济学家赞迪表示：“请把脚平放在油门上。”“政策制定101说，错误在于做得太多，而不是做得太少。”</blockquote></p><p> Doing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.</p><p><blockquote>做得太少可能会加剧美国的不平等问题。这是因为与之前的衰退相比，这次衰退对餐馆、儿童保育和酒店业等遭受重创行业的低收入工人造成了不成比例的伤害。</blockquote></p><p> Employment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.</p><p><blockquote>根据Opportunity Insights经济跟踪系统的数据，低工资工人（年收入低于27,000美元的人）的就业水平仍下降了20%以上。相比之下，年收入超过6万美元的人的就业水平高于危机前的水平。</blockquote></p><p> \"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.</p><p><blockquote>美国银行的经济学家在给客户的一份报告中写道：“如果收入和种族群体之间的充分就业情况不明显，拜登的团队就不太可能为实现充分就业而开香槟。”</blockquote></p><p> However, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.</p><p><blockquote>然而，前美联储官员、现任Quill Intelligence首席执行官丹妮尔·迪马蒂诺·布斯(Danielle DiMartino Booth)担心，专注于提供收入，而不是投资基础设施和再培训工人，会让该国沉迷于刺激措施。</blockquote></p><p> \"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.</p><p><blockquote>布斯说：“经济将变成这个依赖患者，总是等待下一次注射。”</blockquote></p><p> <b>'Bring it on'</b></p><p><blockquote><b>“来吧”</b></blockquote></p><p> Some economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington&nbsp;overheats the economy by injecting too much support.</p><p><blockquote>包括前财政部长拉里·萨默斯在内的一些经济学家警告说，华盛顿注入过多支持可能会导致经济过热。</blockquote></p><p> \"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.</p><p><blockquote>布斯表示：“未来几个月可能会出现相当大的通胀恐慌，这将考验债券市场和美联储。”</blockquote></p><p> And that in turn would spook the&nbsp;red-hot stock market.</p><p><blockquote>这反过来又会惊动炙手可热的股市。</blockquote></p><p> Fed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.</p><p><blockquote>美联储观察人士正在提前确定美联储何时能够结束紧急政策的时间表。</blockquote></p><p> Citing \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.</p><p><blockquote>高盛援引“通胀前景走强的迹象”，目前预计美联储将在2022年初开始“缩减”资产购买规模，并在2024年上半年加息。</blockquote></p><p> Zandi isn't losing sleep over inflation, mostly because the United States is far from full employment.</p><p><blockquote>赞迪并没有因为通货膨胀而失眠，主要是因为美国还远未实现充分就业。</blockquote></p><p> \"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"</p><p><blockquote>“这是一种被大大夸大的担忧，”他说。“来吧。十多年来，我们最大的问题一直是低通胀。更高的通胀将是一个高级问题。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/02/11/economy/economy-jobs-biden-stimulus/index.html\">CNN Business</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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://edition.cnn.com/2021/02/11/economy/economy-jobs-biden-stimulus/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108705396","content_text":"New York (CNN Business) The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington and millions of families were about to lose crucial benefits.\nFast forward two months, and the economy is still struggling-- but confidence in the recovery is growing, rapidly.\nEconomists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.\nThe renewed optimism is being driven by two major factors: the health crisis is easing and Uncle Sam is coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.\nAfter supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.\n\"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.\nThe turning point happened last month when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.\n'Summer mini-boom'\nBefore the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a forecast by Treasury Secretary Janet Yellen.\n\"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.\nOxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.\nLikewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"\n\"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.\nIndeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.\nThe rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.\nDouble-dip recession averted\nThe Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.\nFor months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.\nAt the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.\n\"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.\nSlammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States added just 49,000 jobs in January.\nJobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.\nVaccines to the rescue\nBut there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.\nCritically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.\nAnd Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday that the United States may be able to vaccinate most Americans by the middle or end of summer.\nAll of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.\nThat's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants force US states and cities to once again tighten health restrictions.\nLow-wage workers are still hurting badly\nAgainst this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.\n\"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"\nDoing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.\nEmployment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.\n\"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.\nHowever, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.\n\"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.\n'Bring it on'\nSome economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington overheats the economy by injecting too much support.\n\"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.\nAnd that in turn would spook the red-hot stock market.\nFed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.\nCiting \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.\nZandi isn't losing sleep over inflation, mostly because the United States is far from full employment.\n\"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":593,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}