J.P. Morgan: La contracción de la liquidez es la verdadera amenaza que enfrentan las acciones estadounidenses en el corto plazo

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Golden Finance reports that on June 23rd, Morgan Stanley's Chief Investment Officer and Chief U.S. Equity Strategist Mike Wilson stated that despite the weakening stock market and the flattening yield curve, the FOMC meeting held last week under Fed Chair Waller was a good and necessary first step in rebuilding the Fed's credibility. Wilson said that since Waller's nomination in February, the ratio of the S&P 500 index to gold has risen by nearly 40%, which he sees as a strong vote of confidence from the market in the new chair's ability to restore policy discipline. Morgan Stanley strategists pointed out that liquidity, rather than rate hikes, is the main risk facing the stock market recently. He mentioned that the scale of reserve management plans has decreased by about 75% from its peak, and the scale of Treasury repurchase agreements has also been reduced by 50%. Wilson warned that accelerated loan growth has intensified liquidity tightening because the real economy is absorbing more capital while its balance sheet support diminishes. He expects U.S. stock market volatility in July, with possible pullbacks, and that the next rally driven by profits will be delayed until liquidity resistance is eliminated. Wilson also supported Waller's approach to reduce overly forward guidance, believing that the market should react to newly released data rather than trying to predict Fed statements. (Jin10)
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