上(shàng )周,國(guó)內(nèi)公(gōng )布3月經(jīng)濟(jì)(jì )及1季度GDP數(shù)據(jù),其中(zhōng )GDP同比增長(zhǎng)5.4%,大超市場(chǎng)預(yù)期,顯示在內(nèi)需(xū )刺(cì )激政策及外需搶出口背(bèi )景下一季度經(jīng)(jīng )濟(jì)大幅(fú )回(huí )暖。分項(xiàng)上(shàng )來(lái)看,3月投(tóu )資、消費(fèi)及生(shēng )產(chǎn)較2月(yuè )均出現(xiàn)不同幅度(dù )的回升,我國(guó)經(jīng)濟(jì)仍(réng )處于筑底(dǐ )回升階(jiē )段(duàn )。往(wǎng )后看,雖然近(jìn )期(qī )中美貿(mào)易摩擦使得市場(chǎng)擔(dān)心(xīn )出口下行(háng )導(dǎo)致經(jīng)濟(jì)壓力過(guò)大,但中長(zhǎng)期維度來(lái)看貨(huò )幣(bì )及財(cái)政政策進(jìn)一步發(fā)力確定性較強(qiáng),并(bìng )有望帶動(dòng)居民信(xìn )心回升及經(jīng)濟(jì)企穩(wěn)。不過(guò)這一(yī )過(guò)程(chéng )需要一定時(shí)間,期間宏觀數(shù)據(jù)(jù )仍會(huì)面(miàn )臨一定波動(dòng)。海外方面,3月零售數(shù)(shù )據(jù)環(huán)比(bǐ )升1.4%,高于市(shì )場(chǎng)預(yù)期的1.3%,顯示美(měi )國(guó)經(jīng)(jīng )濟(jì)仍存在一定的韌性。后續(xù)隨著本輪關(guān)稅大幅上調(diào),物價(jià)可能(néng )會(huì)受(shòu )到進(jìn)一步?jīng)_擊,不過(guò)隨著經(jīng)(jīng )濟(jì)走弱可(kě )能會(huì)呈現(xiàn)一定的先升后降,后續(xù)關(guān)(guān )注美國(guó)經(jīng)濟(jì)能否平穩(wěn)落地。降息(xī )預(yù)(yù )期(qī )方面,上(shàng )周鮑威爾表示關(guān)稅會(huì)(huì )對(duì)美國(guó)(guó )物價(jià)造成較大沖擊(jī ),而特朗普則表示美聯(lián)儲(chǔ)需要盡快降息并以解職鮑威(wēi )爾作為威脅。在此背景(jǐng )下市場(chǎng)降息(xī )預(yù)期有(yǒu )所走(zǒu )弱,5月的降息(xī )預(yù)期由19%降至9%。
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