三星-美国-宏观经济-美联储量化紧缩政策：引发投资风格转变-20170913-Samsung Securities-Fed’s quantitative tightening To trigger shift in investment style.pdfVIP

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三星-美国-宏观经济-美联储量化紧缩政策：引发投资风格转变-20170913-Samsung Securities-Fed’s quantitative tightening To trigger shift in investment style.pdf

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Samsung 2017. 9. 13 Strategy Fed’s quantitative tightening Weekly To trigger shift in investment style Story of the week SeungMin You Fed set to begin cutting balance sheet… Many believe the US Fed will begin to cut Chief strategist its balance sheet at the September FOMC meeting (Sep 19-20). Tightening should serve strategist.you@ as a key variable for stock markets, as: 1) it should trigger a rise in market yields— 822 2020 7024 especially in long-term segments; and 2) Fed rate hikes have historically marked longer- Hyein Ok term inflection points. That said, since the central bank remains cautious about hiking A nalyst rates, tightening should not so rapid that it has serious repercussions for the market. hyein.ok@ 822 2020 7795 …triggering shift in investment style: Briefly put, the Fed’s monetary DongYeol Moon normalization is unlikely to derail market uptrends. Still, that long-short spreads will A nalyst probably widen means investment-style preferences are likely to change—and at an dongyeol.moon@ accelerated pace if inflation rises and corporate investments expand. Historically, large 822 2020 7792