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2021-06-16

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The Fed Should Talk About Tapering. Here’s What Could Happen to the Stock Market.<blockquote>美联储应该讨论缩减规模。以下是股市可能发生的情况。</blockquote>

Investors expect the Federal Reserve to remain supportive of the economy and financial markets. But

The Fed Should Talk About Tapering. Here’s What Could Happen to the Stock Market.<blockquote>美联储应该讨论缩减规模。以下是股市可能发生的情况。</blockquote>

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Here’s What Could Happen to the Stock Market.<blockquote>美联储应该讨论缩减规模。以下是股市可能发生的情况。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185142374","media":"Barrons","summary":"Investors expect the Federal Reserve to remain supportive of the economy and financial markets. But ","content":"<p>Investors expect the Federal Reserve to remain supportive of the economy and financial markets. But the central bank has limited margin for error, and any miscues on messaging could be costly to the stock market.</p><p><blockquote>投资者预计美联储将继续支持经济和金融市场。但央行犯错的余地有限，任何信息传递失误都可能给股市带来高昂的代价。</blockquote></p><p> Markets do not expect the Fed to make any sudden or drastic changes to its current easy-money policy. The 10-year Treasury bond’s yield has fallen to 1.51% from 1.64% a month ago, even as inflation has run hotter than expected. The Nasdaq 100, an index of large capitalization and fast-growing technology companies,is up more than 5% in the past month. Growth stocks see a significant valuation booster when long-dated bond yields remain low, as growth companies expect growing profits on a particularly long-term basis. But while&nbsp;investors expect the Fed to soon reduce the size of its bond-buying program, which would raise bond prices and lower their yields, most don’t think the Fed will do so immediately or drastically.</p><p><blockquote>市场预计美联储不会对当前的宽松货币政策做出任何突然或剧烈的改变。尽管通胀高于预期，但10年期国债收益率已从一个月前的1.64%降至1.51%。纳斯达克100指数是大型市值和快速增长的科技公司指数，过去一个月上涨了5%以上。当长期债券收益率保持在低位时，成长型股票的估值会显着提升，因为成长型公司预计利润会在特别长期的基础上增长。不过，尽管投资者预计美联储将很快缩减债券购买计划的规模，这将提高债券价格并降低其收益率，但大多数人认为美联储不会立即或大幅这样做。</blockquote></p><p> “It’s pretty clear that the market expects Fed Chair Powell to strongly reiterate his stances,” writes Chris Senyek, chief investment strategist at Wolfe Research.</p><p><blockquote>Wolfe Research首席投资策略师Chris Senyek写道：“很明显，市场预计美联储主席鲍威尔将强烈重申他的立场。”</blockquote></p><p> Now, the Fed could stoke a harsh move downwards in tech stocks if it doesn’t choose its words wisely. With the Nasdaq 100 hovering just below a new all-time high set on June 14—accompanied with a 10-year Treasury bond yield that’s well below its 2021 peak of 1.75%—tech stocks are vulnerable to a downward jolt if the Fed misspeaks. Senyek notes that the Fed may indeed be more ready to taper—or reduce the size of its bond-buying program—than some appreciate. He cites the&nbsp;recently hot inflation. To be sure, most market participants see&nbsp;inflation as transitory, a result of a natural year-over-year bounce from low prices during last year’s lockdown. Even so, if the Fed speaks in a way that indicates it will begin tapering before the end of the year—which is the expected timing—stocks could fall sharply.</p><p><blockquote>现在，如果美联储不明智地选择措辞，它可能会引发科技股大幅下跌。由于纳斯达克100指数徘徊在6月14日创下的历史新高以下，加上10年期国债收益率远低于2021年1.75%的峰值，如果美联储说错了，科技股很容易受到下行冲击。森耶克指出，美联储可能确实比一些人想象的更愿意缩减或缩小债券购买计划的规模。他引用了最近火爆的通货膨胀。可以肯定的是，大多数市场参与者认为通胀是暂时的，这是从去年封锁期间的低价自然同比反弹的结果。即便如此，如果美联储的讲话表明将在年底前开始缩减规模——这是预期的时间——股市可能会大幅下跌。</blockquote></p><p> “With both stocks and bonds currently ‘priced for perfection,’ the slightest miscommunication could spark a sharp selloff,” says Senyek, who cites the Nasdsaq 100’s recent rise.</p><p><blockquote>“由于股票和债券目前都‘定价完美’，最轻微的沟通失误都可能引发大幅抛售，”Senyek表示，他引用了Nasdsaq 100指数最近的上涨。</blockquote></p><p> Watch to see if the Fed is about to begin tapering, or is merely considering the move in the coming quarters.</p><p><blockquote>观察美联储是否即将开始缩减规模，或者只是考虑在未来几个季度采取行动。</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>The Fed Should Talk About Tapering. 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Here’s What Could Happen to the Stock Market.<blockquote>美联储应该讨论缩减规模。以下是股市可能发生的情况。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-16 10:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Investors expect the Federal Reserve to remain supportive of the economy and financial markets. But the central bank has limited margin for error, and any miscues on messaging could be costly to the stock market.</p><p><blockquote>投资者预计美联储将继续支持经济和金融市场。但央行犯错的余地有限，任何信息传递失误都可能给股市带来高昂的代价。</blockquote></p><p> Markets do not expect the Fed to make any sudden or drastic changes to its current easy-money policy. The 10-year Treasury bond’s yield has fallen to 1.51% from 1.64% a month ago, even as inflation has run hotter than expected. The Nasdaq 100, an index of large capitalization and fast-growing technology companies,is up more than 5% in the past month. Growth stocks see a significant valuation booster when long-dated bond yields remain low, as growth companies expect growing profits on a particularly long-term basis. But while&nbsp;investors expect the Fed to soon reduce the size of its bond-buying program, which would raise bond prices and lower their yields, most don’t think the Fed will do so immediately or drastically.</p><p><blockquote>市场预计美联储不会对当前的宽松货币政策做出任何突然或剧烈的改变。尽管通胀高于预期，但10年期国债收益率已从一个月前的1.64%降至1.51%。纳斯达克100指数是大型市值和快速增长的科技公司指数，过去一个月上涨了5%以上。当长期债券收益率保持在低位时，成长型股票的估值会显着提升，因为成长型公司预计利润会在特别长期的基础上增长。不过，尽管投资者预计美联储将很快缩减债券购买计划的规模，这将提高债券价格并降低其收益率，但大多数人认为美联储不会立即或大幅这样做。</blockquote></p><p> “It’s pretty clear that the market expects Fed Chair Powell to strongly reiterate his stances,” writes Chris Senyek, chief investment strategist at Wolfe Research.</p><p><blockquote>Wolfe Research首席投资策略师Chris Senyek写道：“很明显，市场预计美联储主席鲍威尔将强烈重申他的立场。”</blockquote></p><p> Now, the Fed could stoke a harsh move downwards in tech stocks if it doesn’t choose its words wisely. With the Nasdaq 100 hovering just below a new all-time high set on June 14—accompanied with a 10-year Treasury bond yield that’s well below its 2021 peak of 1.75%—tech stocks are vulnerable to a downward jolt if the Fed misspeaks. Senyek notes that the Fed may indeed be more ready to taper—or reduce the size of its bond-buying program—than some appreciate. He cites the&nbsp;recently hot inflation. To be sure, most market participants see&nbsp;inflation as transitory, a result of a natural year-over-year bounce from low prices during last year’s lockdown. Even so, if the Fed speaks in a way that indicates it will begin tapering before the end of the year—which is the expected timing—stocks could fall sharply.</p><p><blockquote>现在，如果美联储不明智地选择措辞，它可能会引发科技股大幅下跌。由于纳斯达克100指数徘徊在6月14日创下的历史新高以下，加上10年期国债收益率远低于2021年1.75%的峰值，如果美联储说错了，科技股很容易受到下行冲击。森耶克指出，美联储可能确实比一些人想象的更愿意缩减或缩小债券购买计划的规模。他引用了最近火爆的通货膨胀。可以肯定的是，大多数市场参与者认为通胀是暂时的，这是从去年封锁期间的低价自然同比反弹的结果。即便如此，如果美联储的讲话表明将在年底前开始缩减规模——这是预期的时间——股市可能会大幅下跌。</blockquote></p><p> “With both stocks and bonds currently ‘priced for perfection,’ the slightest miscommunication could spark a sharp selloff,” says Senyek, who cites the Nasdsaq 100’s recent rise.</p><p><blockquote>“由于股票和债券目前都‘定价完美’，最轻微的沟通失误都可能引发大幅抛售，”Senyek表示，他引用了Nasdsaq 100指数最近的上涨。</blockquote></p><p> Watch to see if the Fed is about to begin tapering, or is merely considering the move in the coming quarters.</p><p><blockquote>观察美联储是否即将开始缩减规模，或者只是考虑在未来几个季度采取行动。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-fed-tapering-stock-market-51623777984?mod=RTA\">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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/the-fed-tapering-stock-market-51623777984?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185142374","content_text":"Investors expect the Federal Reserve to remain supportive of the economy and financial markets. But the central bank has limited margin for error, and any miscues on messaging could be costly to the stock market.\nMarkets do not expect the Fed to make any sudden or drastic changes to its current easy-money policy. The 10-year Treasury bond’s yield has fallen to 1.51% from 1.64% a month ago, even as inflation has run hotter than expected. The Nasdaq 100, an index of large capitalization and fast-growing technology companies,is up more than 5% in the past month. Growth stocks see a significant valuation booster when long-dated bond yields remain low, as growth companies expect growing profits on a particularly long-term basis. But while investors expect the Fed to soon reduce the size of its bond-buying program, which would raise bond prices and lower their yields, most don’t think the Fed will do so immediately or drastically.\n“It’s pretty clear that the market expects Fed Chair Powell to strongly reiterate his stances,” writes Chris Senyek, chief investment strategist at Wolfe Research.\nNow, the Fed could stoke a harsh move downwards in tech stocks if it doesn’t choose its words wisely. With the Nasdaq 100 hovering just below a new all-time high set on June 14—accompanied with a 10-year Treasury bond yield that’s well below its 2021 peak of 1.75%—tech stocks are vulnerable to a downward jolt if the Fed misspeaks. Senyek notes that the Fed may indeed be more ready to taper—or reduce the size of its bond-buying program—than some appreciate. He cites the recently hot inflation. To be sure, most market participants see inflation as transitory, a result of a natural year-over-year bounce from low prices during last year’s lockdown. Even so, if the Fed speaks in a way that indicates it will begin tapering before the end of the year—which is the expected timing—stocks could fall sharply.\n“With both stocks and bonds currently ‘priced for perfection,’ the slightest miscommunication could spark a sharp selloff,” says Senyek, who cites the Nasdsaq 100’s recent rise.\nWatch to see if the Fed is about to begin tapering, or is merely considering the move in the coming quarters.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1437,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}