花旗:市场对美国通胀过于自满,押注通胀回升正具吸引力

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Odaily星球日报讯 花旗资深利率策略师本杰明·威尔特希尔表示,投资者可能低估了美国消费者的韧性,市场通胀预期仍有小幅上修空间。“市场似乎坚信通胀将持续回落,但我们仍处于结构性高通胀环境。”他建议买入 5y5y 远期通胀合约,称当前约 2.5%的定价水平过低——美联储青睐的核心通胀指标仍顽固持稳于略低于 3%的水平。威尔特希尔指出,鉴于去年美国关税政策传导之迟滞曾令市场普遍失望,当前交易员对通胀风险定价颇为犹疑。“为通胀溢价定价的劲头已不复存在,从结构上看,通胀显然被低估了。”(金十)

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