本文来自格隆汇专栏:中信证券研究 作者:李翀 崔嵘 贾天楚金融条件指数反映金融市场对经济活动的潜在影响,较松的金融条件指数有利于经济增长,反之则抑制经济增长。我们认为本轮在高利率环境下美国金融条件偏松有以下原因:其一是本轮美股持续上涨,市场风险偏好上行,但波动率不高,美股市场“抱团AI”的风格在较长时间内保持稳定。其二,美国企业保持盈利,信用利差下降,银行信贷条件趋松。其三,“居民净资产增值+实际...
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