【今日短语】
soft landing
noun
a controlled landing of a spacecraft during which no serious damage is incurred.
the slowing down of economic growth at an acceptable degree relative to inflation and unemployment.
----------------------------
原文如下：
The day in the markets
by George Steer, Hudson Lockett
(来自：The Financial Time 金融时报)
What you need to know
• US stocks surge on lower than expected inflation data
• Government bonds also rally as expectations grow of lower Fed rate rise
• Europe’s equities also advance but Asia indices hit by earlier losses
Wall Street stocks shot higher and Treasuries rallied yesterday after October’s closely watched inflation data came in cooler than expected, setting the stage for lower US Federal Reserve rate rises.
The benchmark S&P 500 added 4.1 per cent in early New York trading while the tech-heavy Nasdaq Composite rose 5.7 per cent.
In government bond markets, the yield on the two-year Treasury, which is particularly sensitive to interest rate moves, slipped 30 basis points to 4.32 per cent. The yield on the benchmark 10-year Treasury fell 28bp to 3.86 per cent.
The bounce in markets came after the US consumer price index reading for October came in at 7.7 per cent, marking the smallest 12-month increase since January and a sharp drop in the annual rate of inflation of 8.2 per cent in September. Economists had forecast an 8 per cent rise.
The dollar fell immediately after the CPI report, trading down 1.4 per cent against a basket of six peers.
The lower than expected readings ease pressure on the Fed to maintain its policy of aggressive interest rate rises to combat inflation.
Fed chair Jay Powell signalled earlier this month that the central bank would slow the pace of monetary tightening but arrive at a higher than expected terminal rate.
Former US Treasury secretary Lawrence Summers earlier this week said the terminal rate could hit “6 [per cent] or more”. But markets now expect the Fed’s benchmark interest rate to peak at around 4.8 per cent in May 2023, having previously predicted a peak of just over 5 per cent in June.
“[The CPI numbers] will be a catalyst, I think we’ll have a pretty good market rally to the end of the year,” said Jim Paulsen, chief investment strategist at The Leuthold Group.
“The fact the Fed may slow down from here means what could break out is a conversation not just about recession rather than inflation, but a conversation about maybe avoiding a recession entirely,” Paulsen said. “Maybe we’ll have a soft landing”.
Across the Atlantic, the Stoxx Europe 600 added 2.7 per cent and London’s FTSE gained 1.2 per cent.
In Asia, Tokyo’s Topix shed 0.7 per cent, the Hang Seng index in Hong Kong fell 1.7 per cent and China’s CSI 300 of Shanghai-and Shenzhen-listed stocks lost 0.7 per cent.
