金融市场“三大脱钩”与全球“民粹主义”崛起

华尔街见闻
Jan 18

美银最新报告警示,全球金融市场正经历三大历史性“脱钩”:黄金与实际利率负相关打破、美元弱于利差暗示、新兴市场本币债与美债回报转负。其背后深层驱动力是全球民粹主义政策覆盖率已达1900年以来最高水平,长期将压制增长、推升通胀与债务。传统“美债-美元-黄金”配置框架解释力下降,投资者需转向以“政策可信度与相对基本面”为核心进行资产筛选。美银全球研究团队在最新报告中指出,全球金融市场正面临三个历史性的“...

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