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2022-07-14
市场是把双刃剑,想割别人自己也被割,加息不是唯一出路!
停止贸易战,停止迫害世界!是美帝国主义最后的出路!
中金:通胀破9!美联储或迎“沃尔克时刻”
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停止贸易战,停止迫害世界!是美帝国主义最后的出路!","highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":5,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/688525837","repostId":2251198502,"repostType":4,"repost":{"id":"2251198502","kind":"news","pubTimestamp":1657756474,"share":"https://www.laohu8.com/m/news/2251198502?lang=&edition=full","pubTime":"2022-07-14 07:54","market":"us","language":"zh","title":"中金:通胀破9!美联储或迎“沃尔克时刻”","url":"https://stock-news.laohu8.com/highlight/detail?id=2251198502","media":"市场资讯","summary":"我们认为美联储迎来“沃尔克时刻”的概率已越来越高,以经济衰退为代价换取物价稳定或是必要的选择。通胀破9或促使美联储强硬加息,7月加息幅度最少75个基点。进一步看,美联储迎来“沃尔克时刻”的概率越来越高。但在加息态度上,当前的美联储应该向沃尔克学习,对通胀展现出更坚定的“零容忍”态度。","content":"<html><head></head><body><blockquote>中金公司研报指出美联储迎来“沃尔克时刻”的概率已越来越高,以经济衰退为代价换取物价稳定或是必要的选择。通胀破9或促使美联储强硬加息,7月加息幅度最少75个基点。进一步看,美联储迎来“沃尔克时刻”的概率越来越高。但在加息态度上,当前的美联储应该向沃尔克学习,对通胀展现出更坚定的“零容忍”态度。</blockquote><p>美国6月CPI同比增长9.1%,超市场预期;核心CPI同比增长5.9%,亦高于预期。从分项看,几乎所有重要项目价格都在继续上涨,显示通胀内生动能仍然较强。我们认为,通胀破9将给美联储带来巨大压力,在两周后的7月议息会议上,加息幅度至少75个基点,如果本周五公布的通胀预期数据再次走高,甚至不排除加息100个基点的可能。激进加息将加大经济下行压力,增加衰退风险,衰退时间也可能提前。我们认为美联储迎来“沃尔克时刻”的概率已越来越高,以经济衰退为代价换取物价稳定或是必要的选择。</p><p><b>首先,6月CPI通胀继续呈现“普涨”态势,食品、能源、核心商品、核心服务四大分项全面上涨。食品方面,</b>食品总价格指数于6月环比上涨1.0%,增幅连续第6个月达到1%或以上。环比增速最高的食品分项包括面粉(5.3%)、麦片与烘焙制品(2.1%)、糖类及代糖(2.1%)、奶制品(1.7%)等。</p><p><b>能源方面,能源总价格指数贡献了CPI同比增速中的3个百分点,对CPI环比增速的贡献率也达到50%。</b>受油价上涨影响,6月以来汽油零售价格继续大幅跃升,CPI中的汽油价格环比增长11.2%。能源服务价格也明显上升,电价环比上涨1.7%,天然气价格环比增长8.2%,增幅达到2005年10月以来最高水平。进入7月以来,汽油零售价格有所回落,最新数据显示,7月第二周的汽油价格回落至4.75元/加仑,但仍处于高位。</p><p><b>核心商品方面,</b>出行类商品与部分居家类商品价格仍有韧性。前期对通胀贡献大的新车(0.7%)与二手车(1.6%)价格依旧坚挺,服装衣着(0.8%)价格继续上涨,家具和床具(1.1%)在上月环比微降后再次回升。钟表灯具(0.5%)、非电器厨具(1.2%)环比增速也都比较高,显示部分居家类商品需求仍有韧性。但洗衣机(-0.9%)、电视(-2.3%)、智能手机(-0.5%)等价格继续回落,说明消费者对这些商品的需求已有所降温。</p><p><b>核心服务方面,</b>房租总指数环比增速保持在0.6%,其中,业主等价租金(0.7%)和主要居所租金(0.8%)环比涨幅较上月0.6%的水平进一步提高,酒店宾馆(-3.3%)价格在前期大涨后有所回落。我们此前一直提示,房租在美国CPI篮子中权重占比高达32%,且具有较强粘性,房租上涨将对CPI通胀形成强有力支撑。另一方面,劳动密集型服务业价格“水涨船高”,交通服务(2.1%)、医疗服务(0.7%)、娱乐服务(0.3%)价格均表现坚挺。其中,牙医服务(1.9%)价格涨幅创1995年来最高,机动车修理服务(2.1%)价格涨幅创1974年以来最高。</p><p><b>工资—通胀螺旋继续上升。</b>上周美国公布的非农数据好于预期,不仅新增就业人数达到37.2万,小时工资增速也保持在5.1%的高水平。随着本周公布的CPI数据高于预期,工资-通胀螺旋也在继续攀升。我们编制的工资-通胀螺旋指数于6月上升至15.5%,比5月的15%更高,这一水平也继续向上世纪70年代的高峰靠拢。</p><p><b>通胀破9或促使美联储强硬加息,7月加息幅度最少75个基点。</b>上周公布的6月非农数据已经为美联储加息扫平了障碍,本周公布的CPI数据更是“火上浇油”,让美联储没有了退路。两周后美联储将迎来7月FOMC议息会议,我们预计美联储将至少加息75个基点,如果本周五公布的密歇根大学通胀预期再超预期,不排除联储加息100个基点的可能性。CPI数据公布后,<a href=\"https://laohu8.com/S/CME\">芝加哥商品交易所</a>(CME)利率期货显示的7月加息75个基点的概率为56%,加息100个基点的概率上升至44%。</p><p><b>进一步看,美联储迎来“沃尔克时刻”的概率越来越高。</b>沃尔克时刻是指美联储为抑制高通胀而坚决采取货币紧缩,且不惜以经济衰退为代价。1980-81年,前任美联储主席沃尔克就曾用这种方式控制通胀,代价是美国经济在两年内两次陷入衰退。我们认为当前已经满足了“沃尔克时刻”的条件,即美国通胀已经高企,美联储已别无选择,可能需要一场经济衰退来换取物价稳定。当然,鲍威尔不可能像沃尔克那样允许联邦基金利率上升至20%,因为当前美国政府债务率远高于1980年,政府偿债压力不允许美联储那样做(请参考报告《美国偿债压力或超预期》)。但在加息态度上,当前的美联储应该向沃尔克学习,对通胀展现出更坚定的“零容忍”态度。</p><p><b>最后,我们重申在报告《加息启示录:1980的沃尔克时刻》中总结的几点启示:</b>1)通胀的本质是货币财政过度扩张,绝非仅仅因为供给收缩。2)美联储在高通胀面前切不可采取“渐近主义”的货币政策。3)以经济衰退换取物价稳定可能是必要的选择。4)通胀预期能为货币政策提供“名义锚”,管理通胀预期至关重要。4)经济衰退并不可怕,可怕的是美联储为避免衰退过早向通胀妥协,在货币紧缩上打“退堂鼓”。5)历史表明“长痛不如短痛”,越早控制通胀,对资产价格反弹或越有利。</p><p><b>图表1:美国CPI通胀及其分项走势</b></p><p><img src=\"https://static.tigerbbs.com/426e1c225e5ba4dfac6280a34820d23b\" tg-width=\"720\" tg-height=\"364\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:Haver Analytics,<a href=\"https://laohu8.com/S/601995\">中金公司</a>研究部</p><p><b>图表2:美国CPI通胀分项</b></p><p><img src=\"https://static.tigerbbs.com/0e7a9987cf4904db440c276c5a8da319\" tg-width=\"720\" tg-height=\"454\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:Haver Analytics,<a href=\"https://laohu8.com/S/03908\">中金公司</a>研究部</p><p><b>图表3:食品价格持续上涨</b></p><p><img src=\"https://static.tigerbbs.com/60878d808014739fc6da0f5af568aa96\" tg-width=\"720\" tg-height=\"483\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:Wind,中金公司研究部</p><p><b>图表4:汽油价格在7月小幅回落,但仍处于高位</b></p><p><img src=\"https://static.tigerbbs.com/07b89dd08ccf8d917536bc1e3bb3a538\" tg-width=\"720\" tg-height=\"507\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:Wind,中金公司研究部</p><p><b>图表5:新车与二手车价格保持韧性</b></p><p><img src=\"https://static.tigerbbs.com/34854e529ac4865fee9ed89c9c95dd44\" tg-width=\"720\" tg-height=\"504\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:Wind,中金公司研究部</p><p><b>图表6:房租环比增速保持在0.6%的高位</b></p><p><img src=\"https://static.tigerbbs.com/caec340ce1df0c2e8fe62987c5b8a367\" tg-width=\"720\" tg-height=\"473\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:Wind,中金公司研究部</p><p><b>图表7:工资—通胀螺旋指数继续攀升</b></p><p><img src=\"https://static.tigerbbs.com/ead94ac2ad29bf497218e4f135e3ae31\" tg-width=\"720\" tg-height=\"352\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:Wind,中金公司研究部;注:工资-通胀螺旋指数为美国CPI同比增速+美国私人非农企业生产和非管理人员平均时薪同比增速编制</p><p><b>图表8:美国联邦基金期货市场隐含加息情况</b></p><p><img src=\"https://static.tigerbbs.com/ae3e4268b92f3159587b86ea409eeff5\" tg-width=\"720\" tg-height=\"286\" referrerpolicy=\"no-referrer\"/></p><p>资料来源:CME Group,中金公司研究部;注:数据截至2022年7月13日23:16</p><p><b>文章来源</b></p><p>本文摘自:2022年7月14日已经发布的《通胀破9,美联储或迎沃尔克时刻》</p><p>刘政宁 SAC 执证编号:S0080520080007 SFC CE Ref:BRF443</p><p>张文朗 SAC 执证编号:S0080520080009 SFC CE Ref:BFE988</p><p>肖捷文 SAC 执证编号:S0080121070451</p><p>彭文生 SAC 执证编号:S0080520060001 SFC CE Ref:ARI892</p></body></html>","source":"sina_symbol","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\" 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n中金:通胀破9!美联储或迎“沃尔克时刻”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-14 07:54 北京时间 <a href=https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2022-07-14/doc-imizmscv1450571.shtml><strong>市场资讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>中金公司研报指出美联储迎来“沃尔克时刻”的概率已越来越高,以经济衰退为代价换取物价稳定或是必要的选择。通胀破9或促使美联储强硬加息,7月加息幅度最少75个基点。进一步看,美联储迎来“沃尔克时刻”的概率越来越高。但在加息态度上,当前的美联储应该向沃尔克学习,对通胀展现出更坚定的“零容忍”态度。美国6月CPI同比增长9.1%,超市场预期;核心CPI同比增长5.9%,亦高于预期。从分项看,几乎所有重要...</p>\n\n<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2022-07-14/doc-imizmscv1450571.shtml\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0dd1549a90968778a7afdc56cd660b1b","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF","SQQQ":"纳指三倍做空ETF","SDOW":"道指三倍做空ETF-ProShares","DJX":"1/100道琼斯","SPY":"标普500ETF","OEF":"标普100指数ETF-iShares","QQQ":"纳指100ETF","SDS":"两倍做空标普500ETF","BK4534":"瑞士信贷持仓","QID":"纳指两倍做空ETF","DXD":"道指两倍做空ETF","DOG":"道指反向ETF","TQQQ":"纳指三倍做多ETF","BK4559":"巴菲特持仓","BK4550":"红杉资本持仓","SH":"标普500反向ETF",".DJI":"道琼斯","DDM":"道指两倍做多ETF","QLD":"纳指两倍做多ETF","PSQ":"纳指反向ETF",".IXIC":"NASDAQ Composite","IVV":"标普500指数ETF","OEX":"标普100",".SPX":"S&P 500 Index","UPRO":"三倍做多标普500ETF","UDOW":"道指三倍做多ETF-ProShares","BK4581":"高盛持仓","BK4504":"桥水持仓"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2022-07-14/doc-imizmscv1450571.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2251198502","content_text":"中金公司研报指出美联储迎来“沃尔克时刻”的概率已越来越高,以经济衰退为代价换取物价稳定或是必要的选择。通胀破9或促使美联储强硬加息,7月加息幅度最少75个基点。进一步看,美联储迎来“沃尔克时刻”的概率越来越高。但在加息态度上,当前的美联储应该向沃尔克学习,对通胀展现出更坚定的“零容忍”态度。美国6月CPI同比增长9.1%,超市场预期;核心CPI同比增长5.9%,亦高于预期。从分项看,几乎所有重要项目价格都在继续上涨,显示通胀内生动能仍然较强。我们认为,通胀破9将给美联储带来巨大压力,在两周后的7月议息会议上,加息幅度至少75个基点,如果本周五公布的通胀预期数据再次走高,甚至不排除加息100个基点的可能。激进加息将加大经济下行压力,增加衰退风险,衰退时间也可能提前。我们认为美联储迎来“沃尔克时刻”的概率已越来越高,以经济衰退为代价换取物价稳定或是必要的选择。首先,6月CPI通胀继续呈现“普涨”态势,食品、能源、核心商品、核心服务四大分项全面上涨。食品方面,食品总价格指数于6月环比上涨1.0%,增幅连续第6个月达到1%或以上。环比增速最高的食品分项包括面粉(5.3%)、麦片与烘焙制品(2.1%)、糖类及代糖(2.1%)、奶制品(1.7%)等。能源方面,能源总价格指数贡献了CPI同比增速中的3个百分点,对CPI环比增速的贡献率也达到50%。受油价上涨影响,6月以来汽油零售价格继续大幅跃升,CPI中的汽油价格环比增长11.2%。能源服务价格也明显上升,电价环比上涨1.7%,天然气价格环比增长8.2%,增幅达到2005年10月以来最高水平。进入7月以来,汽油零售价格有所回落,最新数据显示,7月第二周的汽油价格回落至4.75元/加仑,但仍处于高位。核心商品方面,出行类商品与部分居家类商品价格仍有韧性。前期对通胀贡献大的新车(0.7%)与二手车(1.6%)价格依旧坚挺,服装衣着(0.8%)价格继续上涨,家具和床具(1.1%)在上月环比微降后再次回升。钟表灯具(0.5%)、非电器厨具(1.2%)环比增速也都比较高,显示部分居家类商品需求仍有韧性。但洗衣机(-0.9%)、电视(-2.3%)、智能手机(-0.5%)等价格继续回落,说明消费者对这些商品的需求已有所降温。核心服务方面,房租总指数环比增速保持在0.6%,其中,业主等价租金(0.7%)和主要居所租金(0.8%)环比涨幅较上月0.6%的水平进一步提高,酒店宾馆(-3.3%)价格在前期大涨后有所回落。我们此前一直提示,房租在美国CPI篮子中权重占比高达32%,且具有较强粘性,房租上涨将对CPI通胀形成强有力支撑。另一方面,劳动密集型服务业价格“水涨船高”,交通服务(2.1%)、医疗服务(0.7%)、娱乐服务(0.3%)价格均表现坚挺。其中,牙医服务(1.9%)价格涨幅创1995年来最高,机动车修理服务(2.1%)价格涨幅创1974年以来最高。工资—通胀螺旋继续上升。上周美国公布的非农数据好于预期,不仅新增就业人数达到37.2万,小时工资增速也保持在5.1%的高水平。随着本周公布的CPI数据高于预期,工资-通胀螺旋也在继续攀升。我们编制的工资-通胀螺旋指数于6月上升至15.5%,比5月的15%更高,这一水平也继续向上世纪70年代的高峰靠拢。通胀破9或促使美联储强硬加息,7月加息幅度最少75个基点。上周公布的6月非农数据已经为美联储加息扫平了障碍,本周公布的CPI数据更是“火上浇油”,让美联储没有了退路。两周后美联储将迎来7月FOMC议息会议,我们预计美联储将至少加息75个基点,如果本周五公布的密歇根大学通胀预期再超预期,不排除联储加息100个基点的可能性。CPI数据公布后,芝加哥商品交易所(CME)利率期货显示的7月加息75个基点的概率为56%,加息100个基点的概率上升至44%。进一步看,美联储迎来“沃尔克时刻”的概率越来越高。沃尔克时刻是指美联储为抑制高通胀而坚决采取货币紧缩,且不惜以经济衰退为代价。1980-81年,前任美联储主席沃尔克就曾用这种方式控制通胀,代价是美国经济在两年内两次陷入衰退。我们认为当前已经满足了“沃尔克时刻”的条件,即美国通胀已经高企,美联储已别无选择,可能需要一场经济衰退来换取物价稳定。当然,鲍威尔不可能像沃尔克那样允许联邦基金利率上升至20%,因为当前美国政府债务率远高于1980年,政府偿债压力不允许美联储那样做(请参考报告《美国偿债压力或超预期》)。但在加息态度上,当前的美联储应该向沃尔克学习,对通胀展现出更坚定的“零容忍”态度。最后,我们重申在报告《加息启示录:1980的沃尔克时刻》中总结的几点启示:1)通胀的本质是货币财政过度扩张,绝非仅仅因为供给收缩。2)美联储在高通胀面前切不可采取“渐近主义”的货币政策。3)以经济衰退换取物价稳定可能是必要的选择。4)通胀预期能为货币政策提供“名义锚”,管理通胀预期至关重要。4)经济衰退并不可怕,可怕的是美联储为避免衰退过早向通胀妥协,在货币紧缩上打“退堂鼓”。5)历史表明“长痛不如短痛”,越早控制通胀,对资产价格反弹或越有利。图表1:美国CPI通胀及其分项走势资料来源:Haver Analytics,中金公司研究部图表2:美国CPI通胀分项资料来源:Haver Analytics,中金公司研究部图表3:食品价格持续上涨资料来源:Wind,中金公司研究部图表4:汽油价格在7月小幅回落,但仍处于高位资料来源:Wind,中金公司研究部图表5:新车与二手车价格保持韧性资料来源:Wind,中金公司研究部图表6:房租环比增速保持在0.6%的高位资料来源:Wind,中金公司研究部图表7:工资—通胀螺旋指数继续攀升资料来源:Wind,中金公司研究部;注:工资-通胀螺旋指数为美国CPI同比增速+美国私人非农企业生产和非管理人员平均时薪同比增速编制图表8:美国联邦基金期货市场隐含加息情况资料来源:CME Group,中金公司研究部;注:数据截至2022年7月13日23:16文章来源本文摘自:2022年7月14日已经发布的《通胀破9,美联储或迎沃尔克时刻》刘政宁 SAC 执证编号:S0080520080007 SFC CE Ref:BRF443张文朗 SAC 执证编号:S0080520080009 SFC CE Ref:BFE988肖捷文 SAC 执证编号:S0080121070451彭文生 SAC 执证编号:S0080520060001 SFC CE 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