VincentYeo的个人主页 - 老虎社区

VincentYeo

VincentYeo

暂无个人介绍

IP属地：未知

2关注

9粉丝

0主题

0勋章

2021-11-25

Leave a comment

抱歉，原内容已删除

2021-11-25

Comment

抱歉，原内容已删除

2021-11-20

Comment

抱歉，原内容已删除

2021-11-18

Hi

抱歉，原内容已删除

2021-11-17

Hi hi

@VincentYeo:$Tiger Brokers(TIGR)$ share

2021-11-12

$MoneyGram(MGI)$ share

2021-11-12

$Tiger Brokers(TIGR)$ share

2021-11-10

$Plug Power(PLUG)$Go go go

2021-11-10

$Cemtrex Inc(CETXP)$yyyyyy

2021-11-10

$Lucira Health, Inc.(LHDX)$ going up

2021-11-10

$UiPath(PATH)$wwoop

2021-11-05

$UiPath(PATH)$lead the way

2021-11-05

$UiPath(PATH)$take the right path

2021-11-01

$Plug Power(PLUG)$ here it goes

2021-11-01

$Tiger Brokers(TIGR)$ sad ending

2021-10-28

$Tiger Brokers(TIGR)$????!?

2021-10-28

$Tiger Brokers(TIGR)$pleaseplease okay

2021-10-28

$Tesla Motors(TSLA)$ too high

2021-10-27

$Tiger Brokers(TIGR)$ded

2021-10-26

$Tiger Brokers(TIGR)$pop pop pop

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3571782327892977","uuid":"3571782327892977","gmtCreate":1608688854438,"gmtModify":1613012970653,"name":"VincentYeo","pinyin":"vincentyeo","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":9,"headSize":2,"tweetSize":138,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":3,"name":"书生虎","nameTw":"書生虎","represent":"努力向上","factor":"发布10条非转发主帖,其中5条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-2","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"资深虎友","description":"加入老虎社区1000天","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.09.20","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"228c86a078844d74991fff2b7ab2428d-2","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资总监虎","description":"证券账户累计交易金额达到30万美元","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.28","exceedPercentage":"80.95%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"35ec162348d5460f88c959321e554969-2","templateUuid":"35ec162348d5460f88c959321e554969","name":"宗师交易员","description":"证券或期货账户累计交易次数达到100次","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"80.59%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":877939666,"gmtCreate":1637855643343,"gmtModify":1637855643419,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"Leave a comment","listText":"Leave a comment","text":"Leave a comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/877939666","repostId":"2186916023","repostType":4,"isVote":1,"tweetType":1,"viewCount":3603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877939049,"gmtCreate":1637855604802,"gmtModify":1637855604880,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/877939049","repostId":"2186916023","repostType":4,"isVote":1,"tweetType":1,"viewCount":2510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":876444553,"gmtCreate":1637352167880,"gmtModify":1637352168099,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/876444553","repostId":"2184841787","repostType":2,"isVote":1,"tweetType":1,"viewCount":2398,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":878472804,"gmtCreate":1637227161473,"gmtModify":1637227161589,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/878472804","repostId":"2184943861","repostType":2,"isVote":1,"tweetType":1,"viewCount":2689,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":878910550,"gmtCreate":1637136273924,"gmtModify":1637136274178,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"Hi hi","listText":"Hi hi","text":"Hi hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/878910550","repostId":"870718660","repostType":1,"repost":{"id":870718660,"gmtCreate":1636646797752,"gmtModify":1636646939948,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a> share","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a> share","text":"$Tiger Brokers(TIGR)$ share","images":[{"img":"https://static.tigerbbs.com/793d103a41bd60d2bc5c8d5a730c5bd9","width":"1440","height":"4560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/870718660","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3863,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":870718474,"gmtCreate":1636646810354,"gmtModify":1636646941058,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MGI\">$MoneyGram(MGI)$</a> share","listText":"<a href=\"https://laohu8.com/S/MGI\">$MoneyGram(MGI)$</a> share","text":"$MoneyGram(MGI)$ share","images":[{"img":"https://static.tigerbbs.com/37c89831e20c7e11ee3580c13046d2f8","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/870718474","isVote":1,"tweetType":1,"viewCount":3862,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":870718660,"gmtCreate":1636646797752,"gmtModify":1636646939948,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a> share","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a> share","text":"$Tiger Brokers(TIGR)$ share","images":[{"img":"https://static.tigerbbs.com/793d103a41bd60d2bc5c8d5a730c5bd9","width":"1440","height":"4560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":1,"link":"https://laohu8.com/post/870718660","isVote":1,"tweetType":1,"viewCount":2395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":870096925,"gmtCreate":1636557023965,"gmtModify":1636557299715,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PLUG\">$Plug Power(PLUG)$</a>Go go go","listText":"<a href=\"https://laohu8.com/S/PLUG\">$Plug Power(PLUG)$</a>Go go go","text":"$Plug Power(PLUG)$Go go go","images":[{"img":"https://static.tigerbbs.com/88789d2943fd994d72ed9ecd24740d42","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/870096925","isVote":1,"tweetType":1,"viewCount":2778,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":870098485,"gmtCreate":1636557013485,"gmtModify":1636557299384,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CETXP\">$Cemtrex Inc(CETXP)$</a>yyyyyy","listText":"<a href=\"https://laohu8.com/S/CETXP\">$Cemtrex Inc(CETXP)$</a>yyyyyy","text":"$Cemtrex Inc(CETXP)$yyyyyy","images":[{"img":"https://static.tigerbbs.com/3f51fd3aecdd5f0b11f38873198264ec","width":"1440","height":"4407"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/870098485","isVote":1,"tweetType":1,"viewCount":2465,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":847313557,"gmtCreate":1636488967800,"gmtModify":1636488967988,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LHDX\">$Lucira Health, Inc.(LHDX)$</a> going up","listText":"<a href=\"https://laohu8.com/S/LHDX\">$Lucira Health, Inc.(LHDX)$</a> going up","text":"$Lucira Health, Inc.(LHDX)$ going up","images":[{"img":"https://static.tigerbbs.com/d8cbe5f3e537b864ed3abb79de640d73","width":"1440","height":"4407"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/847313557","isVote":1,"tweetType":1,"viewCount":3865,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":847313834,"gmtCreate":1636488935430,"gmtModify":1636488935660,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PATH\">$UiPath(PATH)$</a>wwoop","listText":"<a href=\"https://laohu8.com/S/PATH\">$UiPath(PATH)$</a>wwoop","text":"$UiPath(PATH)$wwoop","images":[{"img":"https://static.tigerbbs.com/a838f80f39e6ee58800dda48540dcd6e","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/847313834","isVote":1,"tweetType":1,"viewCount":979,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":846426721,"gmtCreate":1636107150184,"gmtModify":1636107150256,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PATH\">$UiPath(PATH)$</a>lead&nbsp;the way","listText":"<a href=\"https://laohu8.com/S/PATH\">$UiPath(PATH)$</a>lead&nbsp;the way","text":"$UiPath(PATH)$lead the way","images":[{"img":"https://static.tigerbbs.com/b43c597d67504762fb9ba61e69f10aca","width":"1440","height":"4531"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/846426721","isVote":1,"tweetType":1,"viewCount":913,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":846331006,"gmtCreate":1636047128125,"gmtModify":1636047128320,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PATH\">$UiPath(PATH)$</a>take the right path","listText":"<a href=\"https://laohu8.com/S/PATH\">$UiPath(PATH)$</a>take the right path","text":"$UiPath(PATH)$take the right path","images":[{"img":"https://static.tigerbbs.com/24a71aed2001bae6f74be2799c256169","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/846331006","isVote":1,"tweetType":1,"viewCount":576,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":849409685,"gmtCreate":1635770948500,"gmtModify":1635770948620,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PLUG\">$Plug Power(PLUG)$</a> here it goes","listText":"<a href=\"https://laohu8.com/S/PLUG\">$Plug Power(PLUG)$</a> here it goes","text":"$Plug Power(PLUG)$ here it goes","images":[{"img":"https://static.tigerbbs.com/b3a64385788640c46e95270b8728e587","width":"1440","height":"4531"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/849409685","isVote":1,"tweetType":1,"viewCount":776,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":849409999,"gmtCreate":1635770929455,"gmtModify":1635770929530,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a> sad ending","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a> sad ending","text":"$Tiger Brokers(TIGR)$ sad ending","images":[{"img":"https://static.tigerbbs.com/f8744cb051746946975f2dcd46223281","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/849409999","isVote":1,"tweetType":1,"viewCount":957,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":855754607,"gmtCreate":1635405760942,"gmtModify":1635405761054,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>????!?","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>????!?","text":"$Tiger Brokers(TIGR)$????!?","images":[{"img":"https://static.tigerbbs.com/f90c91d7186632f4983b25603dfe4443","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/855754607","isVote":1,"tweetType":1,"viewCount":808,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":855754339,"gmtCreate":1635405744083,"gmtModify":1635405744206,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>pleaseplease okay","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>pleaseplease okay","text":"$Tiger Brokers(TIGR)$pleaseplease okay","images":[{"img":"https://static.tigerbbs.com/b9628afb43b871da4abeafbc8a4dcca3","width":"1440","height":"4684"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/855754339","isVote":1,"tweetType":1,"viewCount":989,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":855873146,"gmtCreate":1635356186294,"gmtModify":1635356186492,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a> too high","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a> too high","text":"$Tesla Motors(TSLA)$ too high","images":[{"img":"https://static.tigerbbs.com/b590be5962a6242c2c567022671efe57","width":"1440","height":"4407"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/855873146","isVote":1,"tweetType":1,"viewCount":778,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":855110387,"gmtCreate":1635342871175,"gmtModify":1635343555441,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>ded","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>ded","text":"$Tiger Brokers(TIGR)$ded","images":[{"img":"https://static.tigerbbs.com/7cd698c1a49ebe71c2807e9cefbd19cb","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/855110387","isVote":1,"tweetType":1,"viewCount":1057,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":852136491,"gmtCreate":1635251083712,"gmtModify":1635251083886,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>pop&nbsp;pop pop","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>pop&nbsp;pop pop","text":"$Tiger Brokers(TIGR)$pop pop pop","images":[{"img":"https://static.tigerbbs.com/7bc508af29fd097f0ec2809ff865bdf4","width":"1440","height":"4684"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/852136491","isVote":1,"tweetType":1,"viewCount":1151,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0}],"hots":[{"id":185557426,"gmtCreate":1623662359665,"gmtModify":1631893401350,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"To the moon","listText":"To the moon","text":"To the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/185557426","repostId":"2143781032","repostType":4,"isVote":1,"tweetType":1,"viewCount":407,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194046671,"gmtCreate":1621329369493,"gmtModify":1634192406411,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"Are you ready?","listText":"Are you ready?","text":"Are you ready?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/194046671","repostId":"1149675883","repostType":2,"isVote":1,"tweetType":1,"viewCount":666,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890600844,"gmtCreate":1628097890988,"gmtModify":1631889532830,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"Safe","listText":"Safe","text":"Safe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/890600844","repostId":"1187165636","repostType":4,"isVote":1,"tweetType":1,"viewCount":409,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100346040,"gmtCreate":1619584323080,"gmtModify":1634211549485,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"Buy buy bye","listText":"Buy buy bye","text":"Buy buy bye","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/100346040","repostId":"1171426101","repostType":2,"isVote":1,"tweetType":1,"viewCount":582,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346128710,"gmtCreate":1618016045130,"gmtModify":1634295243024,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"$$$","listText":"$$$","text":"$$$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/346128710","repostId":"1136941144","repostType":4,"isVote":1,"tweetType":1,"viewCount":680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":852136491,"gmtCreate":1635251083712,"gmtModify":1635251083886,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>pop&nbsp;pop pop","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>pop&nbsp;pop pop","text":"$Tiger Brokers(TIGR)$pop pop pop","images":[{"img":"https://static.tigerbbs.com/7bc508af29fd097f0ec2809ff865bdf4","width":"1440","height":"4684"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/852136491","isVote":1,"tweetType":1,"viewCount":1151,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":183158244,"gmtCreate":1623316891488,"gmtModify":1631888885629,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/CMCM\">$Cheetah Mobile(CMCM)$</a> Beat estimates!","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/CMCM\">$Cheetah Mobile(CMCM)$</a> Beat estimates!","text":"$Cheetah Mobile(CMCM)$ Beat estimates!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/183158244","isVote":1,"tweetType":1,"viewCount":1732,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":877939666,"gmtCreate":1637855643343,"gmtModify":1637855643419,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"Leave a comment","listText":"Leave a comment","text":"Leave a comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/877939666","repostId":"2186916023","repostType":4,"isVote":1,"tweetType":1,"viewCount":3603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":870718660,"gmtCreate":1636646797752,"gmtModify":1636646939948,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a> share","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a> share","text":"$Tiger Brokers(TIGR)$ share","images":[{"img":"https://static.tigerbbs.com/793d103a41bd60d2bc5c8d5a730c5bd9","width":"1440","height":"4560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":1,"link":"https://laohu8.com/post/870718660","isVote":1,"tweetType":1,"viewCount":2395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":375987372,"gmtCreate":1619277587996,"gmtModify":1634287317972,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"No","listText":"No","text":"No","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/375987372","repostId":"1166519043","repostType":4,"isVote":1,"tweetType":1,"viewCount":280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344025421,"gmtCreate":1618361768263,"gmtModify":1634293485003,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"Huat arrr","listText":"Huat arrr","text":"Huat arrr","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/344025421","repostId":"2127045633","repostType":4,"isVote":1,"tweetType":1,"viewCount":482,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362663505,"gmtCreate":1614625862307,"gmtModify":1703479061880,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"Yay","listText":"Yay","text":"Yay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/362663505","repostId":"1118801983","repostType":4,"isVote":1,"tweetType":1,"viewCount":620,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":361016544,"gmtCreate":1614178710588,"gmtModify":1634550842862,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/361016544","repostId":"1129467108","repostType":4,"repost":{"id":"1129467108","kind":"news","pubTimestamp":1614164417,"share":"https://www.laohu8.com/m/news/1129467108?lang=zh_CN&edition=full","pubTime":"2021-02-24 19:00","market":"us","language":"en","title":"Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129467108","media":"Barrons","summary":"Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullie","content":"<p>Don’t worry. Be greedy.</p><p><blockquote>别担心。要贪心。</blockquote></p><p>Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.</p><p><blockquote>尽管投资者的担忧正在加剧，股市也受到债券收益率上升的欺负，但J.P.摩根策略师告诉他们的客户，现在是拥抱股票的时候了。</blockquote></p><p>TheS&amp;P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.</p><p><blockquote>标准普尔500指数可能在3875点附近徘徊，但该行坚持2021年年底目标价4400点，区间为4200点至4600点。它的数字不仅仅是股市预期收益的一些衍生物。相反，它们反映了美国在Covid-19大流行后的经济复苏。</blockquote></p><p>Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”</p><p><blockquote>摩根大通衍生品策略师肖恩·奎格(Shawn Quigg)最近告诉客户，市场实现“这种收益迟早会到来，特别是考虑到未来的众多催化剂、它们对波动性的影响以及对投资者定位的影响。”</blockquote></p><p>As President Joe Biden’s administration&nbsp;champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move&nbsp;that is fanning inflation fearsand worries about stock slumps.</p><p><blockquote>随着乔·拜登总统的政府支持1.9万亿美元的刺激计划，以及Covid-19感染和住院人数的下降，奎格预计股市将飙升。他的观点与近期交易有些出入。随着10年期国债收益率升至1.38%左右，股市下跌，此举加剧了通胀担忧和对股市暴跌的担忧。</blockquote></p><p>Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.</p><p><blockquote>奎格喜欢利用恐惧和悬而未决的刺激计划，拜登已经开始为该计划辩护，因为担心该计划规模过大。在各种采访中，总统挑战批评者告诉他，在这个国家如此多的人遭受苦难的时候，应该削减什么。拜登政府现在警告说，最大的风险不是大规模的刺激计划，而是规模太小，因此无法有意义地刺激经济增长。</blockquote></p><p>To position for the stock market to surge higher, Quigg advised clients to consider selling one of the&nbsp;SPDR S&amp;P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls&nbsp;with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.</p><p><blockquote>为了让股市飙升，Quigg建议客户考虑出售SPDR标普500 ETF（股票代码：SPDR标普500指数ETF）5月353美元的看跌期权之一，并购买5月15日450美元的看涨期权期权。当ETF价格为392.39美元时，杠杆风险逆转策略——即卖出一份看跌期权并买入更多执行价格更高但到期日相同的评级——可以免费完成。换句话说，卖出看跌期权收到的钱足以买入15个看涨的评级。</blockquote></p><p>The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.</p><p><blockquote>该交易表明，该ETF（最近交易价格约为387美元）将在5月21日5月期权到期时达到450美元。看涨期权售价460美元，价值10美元。</blockquote></p><p>Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.</p><p><blockquote>比方说，如果ETF下跌，因为当前的担忧将市场推至353美元的执行价格以下，投资者将有义务以较低的价格买入，或者回补或调整看跌期权。</blockquote></p><p>Quigg’s trade idea has a lot to admire.</p><p><blockquote>奎格的交易理念有很多值得钦佩的地方。</blockquote></p><p>For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.</p><p><blockquote>其一，上周晚些时候推荐该交易时成本为零。是的，自2月18日的报告发布以来，价格已经发生了变化，但投资者可以重新调整执行价格以创建类似的定价。市场会发生变化，这就是为什么列出了这么多不同的执行价格。</blockquote></p><p>Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&amp;P 500 stocks at lower prices isn’t terrible, either.</p><p><blockquote>此外，如果摩根大通对经济复苏的基本观点被证明是正确的，那么拥有一批不需要花费任何成本的上行评级可能会非常有利可图。如果市场屈服于当前价格疲软的担忧，以较低的价格持有标普500股票也并不可怕。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-24 19:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Don’t worry. Be greedy.</p><p><blockquote>别担心。要贪心。</blockquote></p><p>Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.</p><p><blockquote>尽管投资者的担忧正在加剧，股市也受到债券收益率上升的欺负，但J.P.摩根策略师告诉他们的客户，现在是拥抱股票的时候了。</blockquote></p><p>TheS&amp;P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.</p><p><blockquote>标准普尔500指数可能在3875点附近徘徊，但该行坚持2021年年底目标价4400点，区间为4200点至4600点。它的数字不仅仅是股市预期收益的一些衍生物。相反，它们反映了美国在Covid-19大流行后的经济复苏。</blockquote></p><p>Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”</p><p><blockquote>摩根大通衍生品策略师肖恩·奎格(Shawn Quigg)最近告诉客户，市场实现“这种收益迟早会到来，特别是考虑到未来的众多催化剂、它们对波动性的影响以及对投资者定位的影响。”</blockquote></p><p>As President Joe Biden’s administration&nbsp;champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move&nbsp;that is fanning inflation fearsand worries about stock slumps.</p><p><blockquote>随着乔·拜登总统的政府支持1.9万亿美元的刺激计划，以及Covid-19感染和住院人数的下降，奎格预计股市将飙升。他的观点与近期交易有些出入。随着10年期国债收益率升至1.38%左右，股市下跌，此举加剧了通胀担忧和对股市暴跌的担忧。</blockquote></p><p>Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.</p><p><blockquote>奎格喜欢利用恐惧和悬而未决的刺激计划，拜登已经开始为该计划辩护，因为担心该计划规模过大。在各种采访中，总统挑战批评者告诉他，在这个国家如此多的人遭受苦难的时候，应该削减什么。拜登政府现在警告说，最大的风险不是大规模的刺激计划，而是规模太小，因此无法有意义地刺激经济增长。</blockquote></p><p>To position for the stock market to surge higher, Quigg advised clients to consider selling one of the&nbsp;SPDR S&amp;P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls&nbsp;with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.</p><p><blockquote>为了让股市飙升，Quigg建议客户考虑出售SPDR标普500 ETF（股票代码：SPDR标普500指数ETF）5月353美元的看跌期权之一，并购买5月15日450美元的看涨期权期权。当ETF价格为392.39美元时，杠杆风险逆转策略——即卖出一份看跌期权并买入更多执行价格更高但到期日相同的评级——可以免费完成。换句话说，卖出看跌期权收到的钱足以买入15个看涨的评级。</blockquote></p><p>The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.</p><p><blockquote>该交易表明，该ETF（最近交易价格约为387美元）将在5月21日5月期权到期时达到450美元。看涨期权售价460美元，价值10美元。</blockquote></p><p>Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.</p><p><blockquote>比方说，如果ETF下跌，因为当前的担忧将市场推至353美元的执行价格以下，投资者将有义务以较低的价格买入，或者回补或调整看跌期权。</blockquote></p><p>Quigg’s trade idea has a lot to admire.</p><p><blockquote>奎格的交易理念有很多值得钦佩的地方。</blockquote></p><p>For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.</p><p><blockquote>其一，上周晚些时候推荐该交易时成本为零。是的，自2月18日的报告发布以来，价格已经发生了变化，但投资者可以重新调整执行价格以创建类似的定价。市场会发生变化，这就是为什么列出了这么多不同的执行价格。</blockquote></p><p>Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&amp;P 500 stocks at lower prices isn’t terrible, either.</p><p><blockquote>此外，如果摩根大通对经济复苏的基本观点被证明是正确的，那么拥有一批不需要花费任何成本的上行评级可能会非常有利可图。如果市场屈服于当前价格疲软的担忧，以较低的价格持有标普500股票也并不可怕。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129467108","content_text":"Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.TheS&P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”As President Joe Biden’s administration champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move that is fanning inflation fearsand worries about stock slumps.Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.To position for the stock market to surge higher, Quigg advised clients to consider selling one of the SPDR S&P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.Quigg’s trade idea has a lot to admire.For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&P 500 stocks at lower prices isn’t terrible, either.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":877939049,"gmtCreate":1637855604802,"gmtModify":1637855604880,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/877939049","repostId":"2186916023","repostType":4,"isVote":1,"tweetType":1,"viewCount":2510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":122774498,"gmtCreate":1624635104714,"gmtModify":1631893401298,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"Inflate!","listText":"Inflate!","text":"Inflate!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122774498","repostId":"1134836867","repostType":2,"repost":{"id":"1134836867","kind":"news","pubTimestamp":1624634837,"share":"https://www.laohu8.com/m/news/1134836867?lang=zh_CN&edition=full","pubTime":"2021-06-25 23:27","market":"us","language":"en","title":"Kyle Bass Slams Fed, Sees Inflation Everywhere He Looks<blockquote>凯尔·巴斯猛烈抨击美联储，随处可见通胀</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1134836867","media":"zerohedge","summary":"With US stocks back at all-time highs as the market seemingly shrugged off the FOMC's reaction to th","content":"<p>With US stocks back at all-time highs as the market seemingly shrugged off the FOMC's reaction to the latest inflation numbers,Hayman Capital's Kyle Bass returned to CNBCfor an interview with the \"Closing Bell\" crew on Thursday, where he offered a dramatically different vision of the present economic scenario vis-a-vis inflation.</p><p><blockquote>随着市场似乎对FOMC对最新通胀数据的反应不屑一顾，美国股市重回历史高位，海曼资本(Hayman Capital)的凯尔·巴斯(Kyle Bass)周四回到CNBC接受“收盘钟声”工作人员的采访，他在采访中提出了截然不同的观点当前经济形势与通货膨胀的关系。</blockquote></p><p> Inan interview where heexpounded upon his claim that the US is already grappling with real inflation rates above 10%, the billionaire investor proclaimed that \"in every single aspect of life, I see inflation.\"</p><p><blockquote>在接受采访时，这位亿万富翁投资者阐述了他关于美国已经在努力应对超过10%的实际通胀率的说法，他宣称“在生活的各个方面，我都看到了通货膨胀。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d1d2089581ea201564daaba8b5aac961\" tg-width=\"521\" tg-height=\"310\"></p><p><blockquote></blockquote></p><p> Why? Because during the past year and a half, the Fed has introduced more broad money into the American economy in the shortest time than we have seen at any point in American history.</p><p><blockquote>为什么？因为在过去一年半的时间里，美联储在最短的时间内向美国经济引入了比美国历史上任何时候都多的广义货币。</blockquote></p><p>   \"I think look we're going to see a short-term turn-down in inflation because the initial inflationary burst was enormous...this transitory comment may play out to be true for a short period of time but I hink Sarah when you look at the the money supply the broad money in the US system from 1980 to 2010 it it vacillated between 50% and 60% of GDP and post the global financial crisis it moved up from roughly 60% to 68% 69% of GDP now that we're approaching 90 so in the one year period one and a half year period since COVID started we have introduced 34% more broad money in our system in the shortest time period in the history United States so we're going to see prices stay high and move higher over time if the fed continues to expand its balance sheet,\" Bass said.  Even as the financial press prattles on about the significance of the Fed finally starting to consider tapering its asset purchases, Bass believes that the central bank won't be able to shrink its balance sheet so easily.</p><p><blockquote>“我认为我们将看到通胀短期下降，因为最初的通胀爆发是巨大的。..这种短暂的评论可能在短时间内是正确的，但我认为莎拉，当你看看1980年至2010年美国体系中的货币供应量时，它在GDP的50%至60%之间波动，在全球金融危机后，它占GDP的比例从大约60%上升到68%69%，现在我们已经接近90%，所以在新冠疫情爆发以来的一年半时间里，我们在美国历史上最短的时间内，我们在美国历史上最短的时间内引入了34%的广义货币，所以如果美联储继续扩大资产负债表，我们将看到价格保持高位，并随着时间的推移而走高。尽管金融媒体喋喋不休地谈论美联储最终开始考虑缩减资产购买规模的重要性，巴斯认为央行不会那么容易缩减资产负债表。</blockquote></p><p>   \"We're going to see prices stay high and move higher over time if the Fed continues to expand its balance sheet which I think it will,\" Bass said.  So, what can investors do to fight this \"inflation monster\", as Bass colorfully described it. Well, he suggested they focus on hard assets like commodities and real estate,which BlackRock is already buying up in droves.</p><p><blockquote>巴斯表示：“如果美联储继续扩大资产负债表，我们将看到价格保持高位，并随着时间的推移走高，我认为会这样做。”那么，投资者可以做些什么来对抗这个巴斯生动描述的“通胀怪物”呢？嗯，他建议他们关注大宗商品和房地产等硬资产，贝莱德已经在大量购买这些资产。</blockquote></p><p> Equities should \"do fine\", Bass said, citing data purporting to show that equity prices keep up with between 95% and 88% of inflation over the long term (though that certainly doesn't seem to fit the last decade).</p><p><blockquote>巴斯表示，股市应该“表现良好”，他引用的数据似乎表明，从长远来看，股价能够跟上95%至88%的通胀率（尽管这似乎肯定不符合过去十年的情况）。</blockquote></p><p> As for his assessment of inflation and its dramatic difference with the Fed's view, Bass quipped: \"Your bank account is the final determinant whether there is inflation or not,\" he concluded, highlighting the higher prices consumers have seen for things like food and cars.\"</p><p><blockquote>至于他对通胀的评估及其与美联储观点的巨大差异，巴斯打趣道：“你的银行账户是是否存在通胀的最终决定因素，”他总结道，并强调了消费者看到的食品和汽车等商品的价格上涨。”</blockquote></p><p>   \"If you're in the market place you want to own commodities if you’re in the real world you want to own productive real estate you even want to buy rural land in front of major demographic moves in the US...I’d rather own hard assets than equities today because I think we’re only seeing just the beginning of population moves in the US.\" </p><p><blockquote>“如果你在市场上，你想拥有大宗商品，如果你在现实世界中，你想拥有生产性房地产，你甚至想在美国人口发生重大变化之前购买农村土地……我宁愿今天拥有硬资产而不是股票，因为我认为我们只看到美国人口流动的开始。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Kyle Bass Slams Fed, Sees Inflation Everywhere He Looks<blockquote>凯尔·巴斯猛烈抨击美联储，随处可见通胀</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nKyle Bass Slams Fed, Sees Inflation Everywhere He Looks<blockquote>凯尔·巴斯猛烈抨击美联储，随处可见通胀</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-25 23:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>With US stocks back at all-time highs as the market seemingly shrugged off the FOMC's reaction to the latest inflation numbers,Hayman Capital's Kyle Bass returned to CNBCfor an interview with the \"Closing Bell\" crew on Thursday, where he offered a dramatically different vision of the present economic scenario vis-a-vis inflation.</p><p><blockquote>随着市场似乎对FOMC对最新通胀数据的反应不屑一顾，美国股市重回历史高位，海曼资本(Hayman Capital)的凯尔·巴斯(Kyle Bass)周四回到CNBC接受“收盘钟声”工作人员的采访，他在采访中提出了截然不同的观点当前经济形势与通货膨胀的关系。</blockquote></p><p> Inan interview where heexpounded upon his claim that the US is already grappling with real inflation rates above 10%, the billionaire investor proclaimed that \"in every single aspect of life, I see inflation.\"</p><p><blockquote>在接受采访时，这位亿万富翁投资者阐述了他关于美国已经在努力应对超过10%的实际通胀率的说法，他宣称“在生活的各个方面，我都看到了通货膨胀。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d1d2089581ea201564daaba8b5aac961\" tg-width=\"521\" tg-height=\"310\"></p><p><blockquote></blockquote></p><p> Why? Because during the past year and a half, the Fed has introduced more broad money into the American economy in the shortest time than we have seen at any point in American history.</p><p><blockquote>为什么？因为在过去一年半的时间里，美联储在最短的时间内向美国经济引入了比美国历史上任何时候都多的广义货币。</blockquote></p><p>   \"I think look we're going to see a short-term turn-down in inflation because the initial inflationary burst was enormous...this transitory comment may play out to be true for a short period of time but I hink Sarah when you look at the the money supply the broad money in the US system from 1980 to 2010 it it vacillated between 50% and 60% of GDP and post the global financial crisis it moved up from roughly 60% to 68% 69% of GDP now that we're approaching 90 so in the one year period one and a half year period since COVID started we have introduced 34% more broad money in our system in the shortest time period in the history United States so we're going to see prices stay high and move higher over time if the fed continues to expand its balance sheet,\" Bass said.  Even as the financial press prattles on about the significance of the Fed finally starting to consider tapering its asset purchases, Bass believes that the central bank won't be able to shrink its balance sheet so easily.</p><p><blockquote>“我认为我们将看到通胀短期下降，因为最初的通胀爆发是巨大的。..这种短暂的评论可能在短时间内是正确的，但我认为莎拉，当你看看1980年至2010年美国体系中的货币供应量时，它在GDP的50%至60%之间波动，在全球金融危机后，它占GDP的比例从大约60%上升到68%69%，现在我们已经接近90%，所以在新冠疫情爆发以来的一年半时间里，我们在美国历史上最短的时间内，我们在美国历史上最短的时间内引入了34%的广义货币，所以如果美联储继续扩大资产负债表，我们将看到价格保持高位，并随着时间的推移而走高。尽管金融媒体喋喋不休地谈论美联储最终开始考虑缩减资产购买规模的重要性，巴斯认为央行不会那么容易缩减资产负债表。</blockquote></p><p>   \"We're going to see prices stay high and move higher over time if the Fed continues to expand its balance sheet which I think it will,\" Bass said.  So, what can investors do to fight this \"inflation monster\", as Bass colorfully described it. Well, he suggested they focus on hard assets like commodities and real estate,which BlackRock is already buying up in droves.</p><p><blockquote>巴斯表示：“如果美联储继续扩大资产负债表，我们将看到价格保持高位，并随着时间的推移走高，我认为会这样做。”那么，投资者可以做些什么来对抗这个巴斯生动描述的“通胀怪物”呢？嗯，他建议他们关注大宗商品和房地产等硬资产，贝莱德已经在大量购买这些资产。</blockquote></p><p> Equities should \"do fine\", Bass said, citing data purporting to show that equity prices keep up with between 95% and 88% of inflation over the long term (though that certainly doesn't seem to fit the last decade).</p><p><blockquote>巴斯表示，股市应该“表现良好”，他引用的数据似乎表明，从长远来看，股价能够跟上95%至88%的通胀率（尽管这似乎肯定不符合过去十年的情况）。</blockquote></p><p> As for his assessment of inflation and its dramatic difference with the Fed's view, Bass quipped: \"Your bank account is the final determinant whether there is inflation or not,\" he concluded, highlighting the higher prices consumers have seen for things like food and cars.\"</p><p><blockquote>至于他对通胀的评估及其与美联储观点的巨大差异，巴斯打趣道：“你的银行账户是是否存在通胀的最终决定因素，”他总结道，并强调了消费者看到的食品和汽车等商品的价格上涨。”</blockquote></p><p>   \"If you're in the market place you want to own commodities if you’re in the real world you want to own productive real estate you even want to buy rural land in front of major demographic moves in the US...I’d rather own hard assets than equities today because I think we’re only seeing just the beginning of population moves in the US.\" </p><p><blockquote>“如果你在市场上，你想拥有大宗商品，如果你在现实世界中，你想拥有生产性房地产，你甚至想在美国人口发生重大变化之前购买农村土地……我宁愿今天拥有硬资产而不是股票，因为我认为我们只看到美国人口流动的开始。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/kyle-bass-warns-every-aspect-my-life-i-see-inflation?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/kyle-bass-warns-every-aspect-my-life-i-see-inflation?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134836867","content_text":"With US stocks back at all-time highs as the market seemingly shrugged off the FOMC's reaction to the latest inflation numbers,Hayman Capital's Kyle Bass returned to CNBCfor an interview with the \"Closing Bell\" crew on Thursday, where he offered a dramatically different vision of the present economic scenario vis-a-vis inflation.\nInan interview where heexpounded upon his claim that the US is already grappling with real inflation rates above 10%, the billionaire investor proclaimed that \"in every single aspect of life, I see inflation.\"\n\nWhy? Because during the past year and a half, the Fed has introduced more broad money into the American economy in the shortest time than we have seen at any point in American history.\n\n \"I think look we're going to see a short-term turn-down in inflation because the initial inflationary burst was enormous...this transitory comment may play out to be true for a short period of time but I hink Sarah when you look at the the money supply the broad money in the US system from 1980 to 2010 it it vacillated between 50% and 60% of GDP and post the global financial crisis it moved up from roughly 60% to 68% 69% of GDP now that we're approaching 90 so in the one year period one and a half year period since COVID started we have introduced 34% more broad money in our system in the shortest time period in the history United States so we're going to see prices stay high and move higher over time if the fed continues to expand its balance sheet,\" Bass said.\n\nEven as the financial press prattles on about the significance of the Fed finally starting to consider tapering its asset purchases, Bass believes that the central bank won't be able to shrink its balance sheet so easily.\n\n \"We're going to see prices stay high and move higher over time if the Fed continues to expand its balance sheet which I think it will,\" Bass said.\n\nSo, what can investors do to fight this \"inflation monster\", as Bass colorfully described it. Well, he suggested they focus on hard assets like commodities and real estate,which BlackRock is already buying up in droves.\nEquities should \"do fine\", Bass said, citing data purporting to show that equity prices keep up with between 95% and 88% of inflation over the long term (though that certainly doesn't seem to fit the last decade).\nAs for his assessment of inflation and its dramatic difference with the Fed's view, Bass quipped: \"Your bank account is the final determinant whether there is inflation or not,\" he concluded, highlighting the higher prices consumers have seen for things like food and cars.\"\n\n \"If you're in the market place you want to own commodities if you’re in the real world you want to own productive real estate you even want to buy rural land in front of major demographic moves in the US...I’d rather own hard assets than equities today because I think we’re only seeing just the beginning of population moves in the US.\"","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":717,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129560449,"gmtCreate":1624377841581,"gmtModify":1631889534805,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WWR\">$Westwater Resources Inc(WWR)$</a> GO GO GO","listText":"<a href=\"https://laohu8.com/S/WWR\">$Westwater Resources Inc(WWR)$</a> GO GO GO","text":"$Westwater Resources Inc(WWR)$ GO GO GO","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/129560449","isVote":1,"tweetType":1,"viewCount":779,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350830813,"gmtCreate":1616173227032,"gmtModify":1634526855182,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350830813","repostId":"1199154789","repostType":4,"repost":{"id":"1199154789","kind":"news","pubTimestamp":1616164372,"share":"https://www.laohu8.com/m/news/1199154789?lang=zh_CN&edition=full","pubTime":"2021-03-19 22:32","market":"us","language":"en","title":"Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199154789","media":"zerohedge","summary":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio  exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on ","content":"<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-19 22:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199154789","content_text":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –suggests that the Fed is “foaming the runway” for the end of SLR exemption.\"Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...Bond yields spiked...... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")....... slumped.In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).So what happens next?Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market:The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:3. Relief ends March 31, banks fully raise capital Impact on BanksRatesFront-End Rates 4. Relief ends March 31, banks raise capital & de-lever Impact on BanksRatesFront-End RatesGoing back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,and these flows will swell further money funds’ inflows coming from TGA drawdowns.\"More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.* *  *Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" asthe SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing.“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":302,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325895032,"gmtCreate":1615884089426,"gmtModify":1703494422475,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"EV is the future!","listText":"EV is the future!","text":"EV is the future!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/325895032","repostId":"1103941729","repostType":4,"isVote":1,"tweetType":1,"viewCount":583,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":847313834,"gmtCreate":1636488935430,"gmtModify":1636488935660,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PATH\">$UiPath(PATH)$</a>wwoop","listText":"<a href=\"https://laohu8.com/S/PATH\">$UiPath(PATH)$</a>wwoop","text":"$UiPath(PATH)$wwoop","images":[{"img":"https://static.tigerbbs.com/a838f80f39e6ee58800dda48540dcd6e","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/847313834","isVote":1,"tweetType":1,"viewCount":979,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":855754607,"gmtCreate":1635405760942,"gmtModify":1635405761054,"author":{"id":"3571782327892977","authorId":"3571782327892977","name":"VincentYeo","avatar":"https://static.tigerbbs.com/304c3897d2ddafdd707517fbd4c7a86d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571782327892977","idStr":"3571782327892977"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>????!?","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>????!?","text":"$Tiger Brokers(TIGR)$????!?","images":[{"img":"https://static.tigerbbs.com/f90c91d7186632f4983b25603dfe4443","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/855754607","isVote":1,"tweetType":1,"viewCount":808,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0}],"lives":[]}