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cover of episode Trade War Impact on Consumers

Trade War Impact on Consumers

2025/5/28
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Bloomberg Surveillance

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A
Amanda Lynam
J
Jennifer Johnston
J
Jordan Rochester
L
Lisa Mateo
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Amanda Lynam: 我认为市场对双向风险的关注度显著增加。投资者不希望措手不及,因此需要关注潜在的积极因素。在信贷质量方面,我们乐于选择性地降低评级,这是一个长期的投资机会。高收益债券表现优于投资级别债券,因为高收益债券的利差更具吸引力,且受国债收益率抛售的影响较小。BBB级债券的杠杆率与高收益债券高端的杠杆率相同,因此降低信用质量并不会损失太多基本面质量。如果消除了经济衰退的尾部风险,并且通胀高于目标水平,美联储就没有必要先发制人地采取行动。外国投资者持有大量美国公司债券,他们不会轻易放弃,但新增资金可能会更多地配置到本国市场。对于新增资金,公司可能会考虑更多地域多元化。在增长放缓的情况下,商业地产、公司信贷和次级消费者等领域面临压力,需要关注这些分散的市场风险。即使在高收益债券市场,基金流动性在过去几周也出现了不错的反弹,表明市场对风险资产的需求依然存在。

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Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF).Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyMay 28th, 2025Featuring:1) Amanda Lynam, Head of Macro Credit Research at BlackRock, discusses perceived mixed signals related to the financial strength of the U.S. consumer2) Jordan Rochester, Head of FICC Strategy at Mizuho EMEA, details why the Fed will be witnessing higher government spending over the next two years.3) Jennifer Johnston, Director: Muni Bond Research at Franklin Templeton on why the muni market experienced volatility in April in response to uncertainty over tariffs and other Federal policies.4) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ story on the stay-at-home son trend that Jeopardy started. Plus, is $20 an hour a good starting point for companies.

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