花旗复盘周期首次降息前后历史模式:美股债双涨,黄金先强后平

Blockbeats
Sep 17, 2025

BlockBeats 消息,9 月 17 日,据花旗研究,从历史数据看,美股和债券在首次降息前后的中位数表现均为正收益。股票在降息后 50 天的中位数涨幅约为 5%,但硬着陆情形下存在下行风险。债券同样受益于降息预期和实际降息,收益率通常在首次降息前后达到低点。

美元指数的表现则呈现“先弱后平”的特征,通常在降息前走弱,但降息后进入区间震荡。黄金等贵金属同样在宽松政策出台前上涨,但在实际降息后表现趋于平淡,更多呈现区间交易格局。

花旗分析师表示,这些历史模式在 2024 年基本得到验证,但债券价格在首次降息附近见顶。当时市场对降息的定价较为激进,而本轮周期定价相对温和,因此对债券前景的担忧有所缓解。(华尔街见闻)

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