招商基金:鮑威爾鷹派表態是當前A股市場的核心擔憂
格隆匯1月27日丨美聯儲1月議息會議的書面文件中給出的加息和縮表相關指引基本符合市場預期。但鮑威爾在發佈會上表態鷹派,超預期的點在於他對年內加息超過四次以及加息幅度持開放態度,導致市場的年內加息預期上升至4~5次,並引發資產價格迅速倒向鷹派。鮑威爾上述表態後資產價格也大幅調整,黃金幾乎抹去近一週以來全部漲幅,美元指數重拾強勢。這對於A股資產的估值端擔憂開啓。但我們認爲,年前先調整反而意味着年後市場的機會所在,A股節前仍將呈現震盪格局。
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