Asset Benchmark Research EFund
Dawn of a New Era - 2020 Global Macro Strategy Outlook
Introduction

In 2019, the US Federal Reserve quickly ended its tightening cycle, cut interest rates three times and reversed its balance-sheet normalization plan. China’s credit crunch also shifted to a modest expansion. The European Central Bank restarted asset purchases and emerging market central banks entered into a rate cut cycle. Driven by abundant liquidity from global policymakers, a stark contrast to the environment in 2018, asset prices rallied across the board with handsome returns from stocks, bonds, commodities, precious metals and real estate in 2019.

旧周期的尾声与新周期的曙光 - 2020全球宏观与资产配置展望
引言

美联储在2019年初迅速转向,停止加息并降息3次,并提前结束缩表。中国的信用收缩亦转向温和扩张,欧洲央行重启资产购买及新兴市场央行纷纷跟随降息。全球流动性显著好转。这与2018年的环境截然相反。因此,资产价格全面回升,从股票、债券、大宗商品以及房地产均在去年录得正收益。