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Cato_KT
Cato_KT
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修数据没问题,有问题的是让市场信赖这份数据,但是目前来看市场对于今晚的PCE修正并没有给出太多的满意态度 8月PCE公布2个小时后,美债30年收益率突破新高,这说明什么? 说明市场并没有把这次PCE的下修理解为长期通胀风险解除,并且长债端的问题已经复杂到并不仅仅是通胀问题,期限溢价、财政供给、实际利率和长期政策的不确定性,都是让长债继续被抛售的主要因素 并且,长债收益率的继续抬头,直接对冲掉了修正PCE对风险资产的利好,让风险资产更加承压,所以在PCE数据公布后,我觉得还是要看市场对数据的信赖度再谈后续 当然,对于债市风险方面这里要做一个评论收口,债市目前风险还未完全放大,接下来关注黄金走势,一旦长债端收益率继续上涨伴随着黄金同步上涨,意味着债市本身的信用体系被质疑,这才是债市最大的风险点之一!#10月加息预期回落,今晚PCE成关键
Cato_KT
Cato_KT
Is data adjustment useful? From the short-term market reaction, it is useful, but can it really solve the crisis? We still need to wait and see the market response. After the significant downward revision of the PCE data calibration tonight, the market reacted well. #Bitcoin took the lead, breaking through 85,000 on the 1-hour chart, US stocks rose, and US Treasury yields for 2Y, 10Y, and 30Y all declined simultaneously. In the short term, modifying the data calibration is useful. Although I think it is false, it doesn't matter. A lie told for a lifetime becomes the truth. Since the market now believes it, this proves that the data revision is effective. However, whether the market fully believes it cannot be concluded at this time. The data calibration revision has reduced the probability of a rate hike in October, lowering it to 34.9%, but it has not completely dispelled the expectation of a rate hike in December. Currently, the probability of a December rate hike has increased to 59.4%, which is a success. Secondly, the good performance of US stocks and other risk assets indicates that the data has a short-term effect on boosting the market. The collective decline in bond yields also has an effect. However, it can be seen that the 2Y yield declined more significantly, while the long-term bonds, 10Y and 30Y, fell shortly after the data release but then continued to rise. From the perspective of suppressing long-term bond sell-offs alone, tonight's data revision clearly has limited effect. The long-term bond market still lacks confidence in endogenous inflation and is mixed with key issues such as fiscal supply. If the long-term bond market cannot slow down the sell-off, potential market risks still exist! This is something to be cautious about! #10月加息预期回落,今晚PCE成关键

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