民生证券：美股在跌什么？

美港电讯03-11

【民生证券：美股在跌什么？】金十数据3月11日讯，民生证券研究报告指出，纳指近四周跌13%，跌出了经济衰退的味道。那么美股究竟在跌什么？我们认为核心原因是衰退预期下的流动性紧缩恐慌：一方面，特朗普的“衰退”引导正好碰上了经济数据的走弱；另一方面，流动性担忧背后，既有美联储缩表末期的不适，更有来自中国和欧洲的“分流”，以及日本央行进一步紧缩的“阴影”。美国经济正经历大幅放缓的担忧。关税反复、DOGE...

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