上周,國(guó)內(nèi)公布3月經(jīng)濟(jì)及1季(jì )度GDP數(shù)據(jù)(jù ),其(qí )中GDP同比(bǐ )增長(zhǎng)(zhǎng )5.4%,大超市場(chǎng)預(yù)(yù )期,顯示(shì )在內(nèi)需刺激政策及(jí )外(wài )需搶出口背(bèi )景下一季(jì )度經(jīng)濟(jì)大幅回暖。分項(xiàng)(xiàng )上來看,3月投資、消費(fèi)及生產(chǎn)較2月均(jun1 )出現(xiàn)不同幅度(dù )的回升,我國(guó)經(jīng)濟(jì)仍處于筑底回升階段。往后看,雖(suī )然近期中美貿(mào)易摩擦(cā )使得市場(chǎng)擔(dān)心出口下(xià )行導(dǎo)致經(jīng)濟(jì)壓力過大,但中長(zhǎng)期維度來看(kàn )貨(huò )幣(bì )及財(cái)政政策(cè )進(jìn)一步發(fā)力確定性較強(qiáng),并有望帶動(dòng)居民信心(xīn )回升及經(jīng)濟(jì)企穩(wěn)。不過這一過程需要一定時(shí)間,期間宏觀數(shù)據(jù)仍會(huì)面(miàn )臨一定波(bō )動(dòng)。海外(wài )方(fāng )面,3月零售數(shù)(shù )據(jù)環(huán)(huán )比升1.4%,高于市場(chǎng)預(yù)期(qī )的1.3%,顯示美(měi )國(guó)經(jīng)(jīng )濟(jì)仍存在一定的韌(rèn )性。后續(xù)隨著本輪(lún )關(guān)稅大幅上(shàng )調(diào),物價(jià)可能會(huì)受到(dào )進(jìn)一步?jīng)_擊,不(bú )過隨著經(jīng)濟(jì)走(zǒu )弱(ruò )可能會(huì)呈現(xiàn)一定的(de )先升(shēng )后降,后續(xù)關(guān)注美國(guó)經(jīng)濟(jì)能否平(píng )穩(wěn)落(luò )地。降息預(yù)期方面,上周鮑(bào )威爾(ěr )表示關(guān)稅(shuì )會(huì)對(duì)美國(guó)物價(jià)造成較大沖擊,而特朗(lǎng )普(pǔ )則表示美聯(lián)儲(chǔ)(chǔ )需要盡快降息并以解職鮑威爾作(zuò )為威脅。在(zài )此背景(jǐng )下市場(chǎng)降息預(yù)(yù )期有所走弱,5月的降息預(yù)期由19%降(jiàng )至9%。
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