从时间维度和可替代性的角度看,当前美股、美债与美元逐渐分野。美元定价的时间维度最长,美股最短,美债居中;而美股的可替代性较低,美元的可替代性较高,美债亦居于中间。根本原因是三者的核心驱动存在差异,美股目前是短期情绪和资金驱动的资产;美债则交织着短期衰退预期和长期财政可持续性担忧;美元则是体现了中期关税因素和长期财政可持续性担忧。美股:定价时间维度最短,当前由情绪和资金驱动首先,美股趋于短期化,散户...
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