Markets are banking on the ‘Bliss trade’ - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
金融市场

Markets are banking on the ‘Bliss trade’

A belief in resilience underwritten by big lasting state support is keeping stocks high
00:00

{"text":[[{"start":5,"text":"The writer is a professor of economics at Harvard University and was first deputy managing director and chief economist of the IMF"}],[{"start":12.75,"text":"The disconnect between the historic disruption to energy supplies — with the Strait of Hormuz closed and Brent crude hovering around $100 a barrel — and the S&P 500 reaching new records is stark. AI optimism and strong earnings are clearly providing a strong tailwind. Even so, risk is mostly being disregarded as the Wall Street fear gauge, the Vix, has barely increased relative to its historical average. "}],[{"start":37.75,"text":"Many attribute this to the belief that “Trump always chickens out”, the so-called Taco trade that rules out worst-case scenarios. But stock market highs could also reflect what I call the Bliss trade: a belief in resilience underwritten by “big lasting state support”. Such a belief is consistent with government actions over the past several years, actions that have driven public debt levels ever higher and expanded central bank balance sheets. Global public debt is now projected to reach 100 per cent of GDP by 2029. "}],[{"start":68.6,"text":"During the pandemic, the balance sheets of households and firms were not just rescued but boosted by very large government support that averaged 25 per cent of GDP for advanced economies, including assistance in the form of equity injections, loans and government guarantees to companies. This boost has buoyed consumer and business finances for several years."}],[{"start":90.35,"text":"When Russia’s invasion of Ukraine set off an energy crisis, governments in Europe spent 2.5 per cent of GDP in energy support in the form of broad-based price-suppressing measures when it would have required only 0.9 per cent of GDP to fully compensate the bottom 40 per cent of households for the entire rise in energy costs. Germany, Italy and Spain have all reactivated price-distorting taxes and subsidies to insulate people from the current energy price surge. "}],[{"start":120.35,"text":"There are plenty of good reasons for the state to provide support in a crisis. However, the past several years of government support have gone against sound fiscal advice by being large and lasting instead of targeted and temporary. "}],[{"start":135.2,"text":"The Bliss trade is reflected in the divergence between the prices of stocks and government bonds. While equity markets have held up surprisingly well, government bonds have suffered even as long-run inflation expectations have stayed mostly anchored. Since the start of the Iran conflict, long-term government bond yields have risen across major economies including the US, Europe and Japan. "}],[{"start":158.14999999999998,"text":"This divergence has become a pattern over the past several years. Term premia on 10-year US treasury yields are now close to 100 basis points higher than they were before the pandemic, driving up the interest rate bill. "}],[{"start":172.14999999999998,"text":"The urge to rush to the rescue, regardless of merit, was recently evident in President Donald Trump’s attempts to bail out the US budget carrier Spirit Airlines as he mused “I’d love to be able to save an airline”. While the bailout ultimately did not go through, it does not take much imagination to predict that in a real crisis, government support in the US would be excessive. "}],[{"start":195.45,"text":"Moreover, while Taco is idiosyncratic and dependent on the psychology of the US president, Bliss is structural. Research shows that political parties of all stripes, from socialists to conservatives, all now favour higher government spending, and fiscal restraint has few champions. In the US, both Democrats and Republicans are responsible for the large increase in debt. We should therefore expect little political pushback against fiscal splurges if a crisis were to unfold. The IMF predicts that in a severe scenario, the Iran conflict could cause global growth to fall to 2 per cent (instead of the reference forecast of 3.1 per cent) and global debt could rise past 120 per cent of GDP. "}],[{"start":238.85,"text":"The Bliss trade is fragile, however. Markets, increasingly driven by retail investors, may be pricing in state insurance that governments can no longer afford to provide. As compared to before the pandemic, the scope to deliver on fiscal largesse is limited. "}],[{"start":255.65,"text":"Even in advanced economies, the sensitivity of borrowing costs to debt issuance has increased, which then spills over into emerging and developing economy borrowing costs. Even as bond prices have declined, markets may be too sanguine about the consequences of rising debt on fiscal health."}],[{"start":274.05,"text":"Policymakers would do well to use this period in which stock markets seem disconnected from heightened risk to craft a new playbook for crisis support that is both fiscally sustainable and supportive of long-term growth. The experiences of the pandemic and Ukraine war provide a valuable lesson in what that should look like: support targeted to the vulnerable; bailouts only to companies that are liquidity constrained but otherwise viable — and whose failure poses systemic risks; and co-ordinated fiscal and monetary policy so they do not work at cross-purposes. "}],[{"start":307.15000000000003,"text":"If a new course is not charted, governments constrained by fiscal space may rely on heterodox measures, including broad-based price controls, financial repression, nationalisations, and pressure on central banks to absorb fiscal risk. None of this would be good for the economy with synchronised sell-offs across stocks and bonds as markets realise that the backstop they were counting on is no longer there. "}],[{"start":338.25,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1778639779_8645.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

乌克兰军火商加码卫星布局,以减少对美依赖

在开发无人机和导弹之后,Fire Point正进军太空领域,尽管公司仍因涉嫌腐败接受调查。

囤积行为加剧伊朗战争引发的经济损害

随着霍尔木兹海峡的对峙进入第三个月,全球各国政府都在艰难应对同一个难题:如何防止囤积者加剧从汽油到注射器等各类产品的短缺。

FT社评:伊朗战争让各国央行进退两难

如果各国央行过早通过加息来遏制通胀压力,可能令本已受创的经济雪上加霜;如但果按兵不动、观望冲突的进展,又可能贻误时机。

反弹的通胀与不耐烦的特朗普:凯文•沃什面临双重压力

美国参议院本周有望批准这位56岁的金融家接替杰伊•鲍威尔出任美联储主席。

伊朗战争推高燃气价格,印度工人纷纷逃离城市生活

伊朗战争推高了烹饪燃料价格,迫使印度许多务工人员返乡回村。

能源、军火与粮食:特朗普对伊战争日益沉重的代价

这场冲突正波及整个美国经济,造成了数千亿美元的产出损失。
设置字号×
最小
较小
默认
较大
最大
分享×