Financial markets got off to a rip-roaring start to 2023. Equities, bonds and even bitcoin rallied in January. Emerging markets, shunned during the pandemic, also saw big inflows. The risk-on appetite hinged on expectations for a “soft landing” in the US: speedy disinflation, without a recession. Investors were brought back down to earth on Friday as the US reported strong job numbers, which raises the prospect that inflation could be stickier than expected and the Federal Reserve pushes interest rates higher for longer. Investors are befuddled. Until a clear narrative on how the economy will fare emerges, markets will continue to whipsaw.
进入2023年，金融市场迎来了热火朝天的开局。股票、债券甚至比特币在1月份都反弹了。资金也大量流入它们在疫情期间避之唯恐不及的新兴市场。风险偏好上升的背后，是对美国manbetx20客户端下载 “软着陆”的预期：通胀快速放缓，而manbetx20客户端下载 不会衰退。但上周五投资者一下子被拉回到现实中，因为美国公布的就业数据表现强劲。该数据增加了一种可能性：通胀可能比预期的更有粘性，美联储可能把利率上调到更高水平并且在这种水平上维持得更久。这把投资者搞糊涂了。在人们弄明白美国manbetx20客户端下载 会怎么走之前，市场将继续来回拉锯。