戴蒙:经济韧性增强,但风险格局已迥异于2010年——市场快评

投资观察
Apr 06

摩根大通首席执行官杰米·戴蒙在公司致股东信中表示,当前全球经济金融体系与2010年相比已发生显著变化,部分变革增强了其韧性,另一些则催生了新型风险。他指出,全球经济规模远超二十年前,结构更趋多元,对能源投入的依赖度明显降低。与此同时,全球债务与权益市场规模、财政赤字、众多非银金融机构及投资者体量均大幅扩张。值得注意的是,外国投资者持有的大量美国国债并非由央行集中管理。戴蒙警示称:“市场情绪转变可能轻易冲击全球资本向证券资产(包括美债)的流动通道。此外,券商库存占投资组合的比例已降至历史低点,这将削弱做市商在极端波动市场中发挥中介功能的能力。”

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