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2018年7月20日星期五

中央銀行在使用貿易戰來隱藏其對股票的直接影響

中央銀行在使用貿易戰來隱藏其對股票的直接影響
Central Banks Are Using The Trade War To Hide Their Direct Influence On Stocks
 19 July 2018
There has been a lot of confusion lately in the mainstream economic media as well as in independent media circles as to the behavior of stock markets in the wake of the recently initiated global trade war. In particular, stocks suffered one of the longest runs of negative days in their history in June, only to then spike just after Donald Trump “officially” began trade war tariffs in July. The expectation by many was that the headlines would cause an immediate and continued downturn in equities markets, but this was not the case. Many analysts have been left bewildered.
This is an issue I have touched on multiple times since the beginning of this year, and it is something I predicted long before Trump’s election in 2016. But it is obvious that the schizophrenic nature of stocks needs to be addressed in a very concise, no-holds-barred fashion, because there are still far too many people who are looking at all the wrong causes and correlations.
First, let’s be clear: stock markets are NOT tracking the news headlines. The past month should have proved this if there was any previous doubt.
It is hard for investors and some analysts to grasp this fact, primarily because for at least the past few years it appeared as though stock markets were utterly dictated by headlines out of Bloomberg, Reuters and other mainstream media outlets. Once investors and analysts became used to this narrative it was difficult for them to adapt when the dynamic changed. They are still living in the past based on an assumption that was never quite correct to begin with.
In reality, headlines never actually dictated stock prices; it was always the Federal Reserve among other central banks.
As I and others have noted consistently, stock market valuations for the past several years have tracked almost perfectly with the Fed’s balance sheet. That is to say, every time the Fed purchased more assets and increased the balance sheet, stocks went up.
http://www.alt-market.com/articles/3475-central-banks-are-using-the-trade-war-to-hide-their-direct-influence-on-stocks

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