Joseph Wang - Markets Weekly July 19, 2025
发布时间:2025-07-19 14:41:53
原节目
好的,以下是对“市场周报”视频文字稿的总结,长度约为500-600字:
本周的“市场周报”重点关注美国经济的健康状况、联邦公开市场委员会(FOMC)内部关于降息的潜在分歧,以及总统对美联储主席杰罗姆·鲍威尔日益增长的压力。
主持人首先承认,尽管正值财报季的开始,并涉及对美联储的讨论,但本周的股市相对平静。他强调了三个需要讨论的关键领域:基于银行财报的美国经济健康状况评估、FOMC内部关于7月降息决定的潜在分歧,以及总统对杰罗姆·鲍威尔日益增加的压力。
第一个话题深入探讨了通过银行财报来评估美国经济。主持人认为,由于银行拥有关于交易、贷款违约和消费者行为的广泛数据,因此能够提供对经济的宝贵洞察。他回顾了摩根大通、美国银行、富国银行和美国运通等主要银行的财报。所有这些银行都对美国消费者持积极展望,表明交易量健康,贷款质量稳定或改善,信用卡拖欠率没有显著恶化。具体而言,摩根大通和美国银行表示消费者似乎健康,消费者支出保持在一致水平,并有小幅增长。富国银行报告称贷款质量良好且有所改善。美国运通的数据显示,其信用卡业务的拖欠率处于范围内。主持人指出,消费者支出数据也支持了这一观点,月环比意外增长0.6%。虽然他提醒说,这种增长是名义上的,可能受到关税的影响,但总体情况表明美国经济强劲。考虑到这一点以及股市创历史新高,主持人提出了美联储为何会考虑降息的问题。
第二个关键话题围绕着FOMC内部关于7月降息的潜在分歧。主持人指出,理事沃勒和理事鲍曼似乎赞成降息25个基点,而委员会的其他成员可能没有那么倾向于此。他强调,沃勒理事尽管是由特朗普任命的,但他是基于对经济的评估,为降息提出了有原则的论点。沃勒的论点基于三个主要支柱。首先,他认为美国经济正在走弱,预计今年上半年和下半年的GDP增速约为1%,低于其潜在水平。他引用了美联储的褐皮书,该书表明经济增长正在放缓或减弱。他还认为,如果将包括负增长月份在内的多个月的数据进行平均,消费者支出数据并没有看起来那么强劲。第二个支柱基于失业率和劳动力市场。尽管就业报告显示出积极的增长,但大部分增长来自公共部门的就业。此外,新毕业生的失业率一直在上升。最后,之前的就业增长经常被向下修正。最后,关于通货膨胀,沃勒认为任何关税都是一次性事件,因此美联储应该忽略它。在与许多企业的讨论中,他认为只有三分之一的关税转嫁给了消费者。考虑到PCE并剔除任何关税,我们会达到2%。关于货币政策的立场,鉴于劳动力市场疲软、经济增长放缓且通胀基本上达到目标,美联储应该更接近中性立场。
最后,主持人讨论了总统对杰罗姆·鲍威尔日益增加的压力,一些报道表明特朗普正在考虑解雇鲍威尔。市场对此反应强烈,出现资本避险,导致美元和股市抛售,而债券飙升。总统的盟友,包括白宫主管沃恩和联邦住房金融局局长波蒂,似乎正在建立针对鲍威尔的案例,理由是管理不善以及在美联储大楼翻新上过度支出。波蒂拥有住房背景以及利率对房地产市场的影响,似乎特别关注当前货币政策的限制性以及房价和开工率的下降。虽然尚不清楚总统是否会采取如此极端的行动,但主持人认为这将是一个对市场不利的事件。总统在如何推动鲍威尔主席因翻新和支出问题上已经准备好了B计划。主持人推测,如果鲍威尔被撤职,很可能发生在总统确定潜在继任者之后,以便为市场提供清晰度和稳定性。副主席杰斐逊可能会晋升为主席,发言人认为总统提名他选择的人选将是稳定市场的一个好选择。
Okay, here's a summarization of the "Market's Weekly" video transcript, aiming for a length of 500-600 words:
This week's "Market's Weekly" focuses on the health of the U.S. economy, potential discord within the Federal Reserve (FOMC) regarding interest rate cuts, and the growing pressure on Federal Reserve Chair Jerome Powell from the President.
The host begins by acknowledging a relatively quiet week in equity markets, despite it being the start of earnings season and featuring discussion about the Federal Reserve. He highlights three key areas for discussion: the health of the U.S. economy based on bank earnings reports, a potential division within the FOMC regarding July rate cut decisions, and the President's increasing pressure on Jerome Powell.
The first topic delves into the assessment of the U.S. economy through the lens of bank earnings reports. The host argues that banks provide valuable insights into the economy due to their extensive data on transactions, loan defaults, and consumer behavior. He reviews earnings reports from major banks like JP Morgan, Bank of America, Wells Fargo, and American Express. All of these banks presented a positive outlook on the U.S. consumer, indicating healthy transaction volumes, stable or improving loan quality, and no significant deterioration in credit card delinquencies. Specifically, JP Morgan and Bank of America indicated that the consumer seemed healthy and consumer spending was staying at a consistent level with modest growth. Wells Fargo reported that loan quality was fine and improving. American Express data revealed that delinquencies in their card business were range-bound. The host notes that consumer spending data also supported this view, with a surprising 0.6% month-over-month increase. While cautioning that this increase is in nominal terms, potentially inflated by tariffs, the overall picture suggests a robust U.S. economy. Considering this along with all-time highs in the stock market, the speaker brings up why the Fed would consider cutting rates.
The second key topic centers on a potential rift within the FOMC regarding a July interest rate cut. The host points out that Governor Waller and Governor Bowman seem to favor a rate cut of 25 basis points, while the rest of the committee may not be as inclined. He emphasizes that Governor Waller, despite being a Trump appointee, is making a principled argument for a cut, based on his assessment of the economy. Waller's argument rests on three main pillars. First, he believes the U.S. economy is weakening, with GDP growth estimated at around 1% for both the first and second halves of the year, below its potential. He cites the Fed's Beige Book, which suggests moderating or weakening growth. He also suggests that consumer spending data is not as strong as it appears when averaging multiple months, including the negative ones. The second pillar is based on unemployment rates and the labor market. Although the job report showed positive growth, much of the growth was public sector jobs. Furthermore, the unemployment rate for new graduates has been increasing. And finally, previous job growth has often been revised lower. Finally, regarding inflation, Waller believes that any tariffs are a one time occurrence and as such the Fed should look through it. In discussions with many businesses, he believes that only a third of tariffs are passed on to consumers. Considering PCE and stripping out any tariffs would put us at 2%. And regarding the stance of monetary policy, the Fed should be much closer to the neutral stance given the weak labor market, slowing growth, and inflation basically at target.
Finally, the host discusses the increasing pressure from the President on Jerome Powell, with some reports suggesting that Trump was considering firing Powell. The market strongly reacted negatively to this, with a flight to capital that caused the dollar and equity sell offs, while bonds spiked. The President's allies, including White House director Vaughn and FHFA director Poulty, appear to be building a case against Powell, citing mismanagement and excessive spending on the Fed building's renovation. Poulty, with his background in housing and the impact of interest rates on the real estate market, seems particularly focused on the restrictive nature of current monetary policy and the declines in housing prices and starts. While it's unclear if the President will take such a drastic step, the host believes it would be a market-negative event. The President has a prepared Plan B on how to move Chair Power on the basis of renovation and spending. The host speculated that if Powell were to be removed, it would likely happen after the President has identified a potential successor, to provide market clarity and stability. Vice Chair Jefferson would likely move to chairmanship and the speaker believes that having the President name his choice would be a good option to stabilize the market.