{"id":45819,"date":"2026-04-24T01:25:54","date_gmt":"2026-04-24T01:25:54","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/45819\/"},"modified":"2026-04-24T01:25:54","modified_gmt":"2026-04-24T01:25:54","slug":"%e8%8d%b7%e8%98%ad%e5%90%88%e4%bd%9c%e9%8a%80%e8%a1%8c%e7%ad%96%e7%95%a5%e5%b8%abmichael-every%e8%ad%a6%e5%91%8a%ef%bc%9a%e7%be%8e%e5%8a%a0%e8%b2%bf%e6%98%93%e6%91%a9%e6%93%a6%e6%96%99%e6%96%bcusmca","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh-ca\/live-updates\/45819\/","title":{"rendered":"\u8377\u862d\u5408\u4f5c\u9280\u884c\u7b56\u7565\u5e2bMichael Every\u8b66\u544a\uff1a\u7f8e\u52a0\u8cbf\u6613\u6469\u64e6\u6599\u65bcUSMCA\u8ac7\u5224\u524d\u5347\u6eab\uff0c\u52a0\u62ff\u5927\u8cbf\u6613\u98a8\u96aa\u4e0a\u5347"},"content":{"rendered":"

\u7f8e\u570b\u8207\u52a0\u62ff\u5927\u5728\u300a\u7f8e\u58a8\u52a0\u5354\u5b9a\u300b\uff08USMCA\uff09\u8ac7\u5224\u524d\u7684\u8cbf\u6613\u6469\u64e6\u6b63\u5728\u5347\u6eab\u3002\u83ef\u76db\u9813\u64da\u5831\u8981\u6c42\u52a0\u62ff\u5927\u5728\u8ac7\u5224\u958b\u59cb\u524d\u5148\u4f5c\u51fa\u8b93\u6b65\u3002<\/p>\n

\u64da\u5831\u8981\u6c42\u5305\u62ec\uff1a\u628a\u52a0\u62ff\u5927\u4e73\u88fd\u54c1\u5e02\u5834\u9032\u4e00\u6b65\u958b\u653e\uff0c\u8d85\u51fa\u73fe\u6709USMCA\u627f\u8afe\uff1b\u53d6\u6d88\u52a0\u62ff\u5927\u7684\u6578\u78bc\u670d\u52d9\u7a05\uff08Digital Services Tax\uff0c\u5373\u5411\u79d1\u6280\u516c\u53f8\u5728\u52a0\u62ff\u5927\u53d6\u5f97\u7684\u6536\u5165\u5fb5\u7a05\uff09\uff1b\u4ee5\u53ca\u5bb9\u8a31\u7f8e\u570b\u5728\u52a0\u62ff\u5927\u5883\u5167\u64f4\u5927\u908a\u5883\u57f7\u6cd5\u7ba1\u8f44\u6b0a\uff08\u5373\u7f8e\u65b9\u57f7\u6cd5\u4eba\u54e1\uff0f\u6a5f\u69cb\u7684\u6b0a\u529b\u5ef6\u4f38\u81f3\u52a0\u62ff\u5927\u5883\u5167\uff09\u3002<\/p>\n

\u8ac7\u5224\u7c4c\u78bc\u8207\u4e3b\u6b0a<\/h3>\n

\u9019\u4e9b\u8981\u6c42\u4ee4\u8ac7\u5224\u66f4\u4e0d\u5c0d\u7b49\uff0c\u4ea6\u89f8\u53ca\u52a0\u62ff\u5927\u4e3b\u6b0a\uff08\u5373\u4e00\u570b\u5728\u672c\u570b\u9818\u571f\u5167\u81ea\u884c\u5236\u5b9a\u8207\u57f7\u884c\u6cd5\u5f8b\u7684\u6b0a\u529b\uff09\u554f\u984c\u3002\u52a0\u62ff\u5927\u53ef\u9078\u64c7\u62d2\u7d55\uff0c\u751a\u81f3\u8003\u616e\u9000\u51faUSMCA\u3002<\/p>\n

\u7f8e\u570b\u5c0d\u6c7d\u8eca\u52a0\u5fb5\u95dc\u7a05\uff08Tariffs\uff0c\u5373\u5411\u9032\u53e3\u8ca8\u54c1\u5fb5\u6536\u7684\u7a05\u9805\uff09\u5df2\u5a01\u8105\u52a0\u62ff\u5927\u6c7d\u8eca\u696d\u8f49\u5f31\uff0c\u60c5\u6cc1\u6216\u6703\u63a5\u8fd1\u5168\u7403\u91d1\u878d\u5371\u6a5f\uff08GFC\uff0c\u53732008\u5e74\u524d\u5f8c\u7684\u91d1\u878d\u5371\u6a5f\uff09\u5f8c\u7684\u4f4e\u8ff7\u671f\u3002\u52a0\u62ff\u5927\u5de5\u696d\u51fa\u53e3\u53ca\u6c7d\u8eca\u4ea6\u9762\u5c0d\u4e0b\u884c\u98a8\u96aa\u3002<\/p>\n

\u6587\u7ae0\u7a31\u5167\u5bb9\u7531\u4eba\u5de5\u667a\u80fd\u5de5\u5177\u751f\u6210\uff0c\u4e26\u7531\u7de8\u8f2f\u5be9\u95b1\u3002<\/p>\n

\u9451\u65bcUSMCA\u6aa2\u8a0e\u524d\u8cbf\u6613\u7dca\u5f35\u5347\u6eab\uff0c\u7f8e\u5143\u514c\u52a0\u5143\uff08USD\/CAD\uff09\u6ce2\u5e45\u4e0a\u5347\u7684\u6a5f\u6703\u589e\u52a0\u3002\u52a0\u5143\u4e00\u76f4\u5c0d\u76f8\u95dc\u8ac7\u5224\u6d88\u606f\u654f\u611f\uff0c\u800c\u7f8e\u65b9\u8981\u6c42\u300c\u5165\u5834\u8cbb\u300d\u5f0f\u7684\u5148\u884c\u8b93\u6b65\uff0c\u6295\u8cc7\u8005\u53ef\u8003\u616e\u8cb7\u5165\u8a72\u8ca8\u5e63\u5c0d\u7684\u8de8\u5f0f\u671f\u6b0a\uff08Options Straddle\uff0c\u5373\u540c\u6642\u8cb7\u5165\u76f8\u540c\u5230\u671f\u65e5\u53ca\u884c\u4f7f\u50f9\u7684\u8a8d\u8cfc\u671f\u6b0a\u8207\u8a8d\u6cbd\u671f\u6b0a\uff0c\u4ee5\u62bc\u6ce8\u532f\u50f9\u5927\u5e45\u6ce2\u52d5\u3001\u4e0d\u62bc\u65b9\u5411\uff09\u3002\u96b1\u542b\u6ce2\u5e45\uff08Implied Volatility\uff0c\u5373\u671f\u6b0a\u50f9\u683c\u53cd\u6620\u5e02\u5834\u5c0d\u672a\u4f86\u6ce2\u52d5\u7684\u9810\u671f\uff09\u8fd1\u671f\u504f\u4f4e\uff0c\u8a72\u8ca8\u5e63\u5c0d\u57282026\u5e74\u521d\u5927\u90e8\u5206\u6642\u9593\u65bc1.38\u9644\u8fd1\u7a84\u5e45\u4e0a\u843d\uff0c\u4ee4\u671f\u6b0a\u6210\u672c\u76f8\u5c0d\u4fbf\u5b9c\uff0c\u53ef\u7528\u4f5c\u90e8\u7f72\u532f\u50f9\u5411\u4e0a\u6216\u5411\u4e0b\u6025\u5347\u6025\u8dcc\u7684\u60c5\u666f\u3002<\/p>\n

\u52a0\u62ff\u5927\u80a1\u5e02\u9632\u5b88\u90e8\u7f72<\/h3>\n

\u7f8e\u65b9\u76f8\u95dc\u8981\u6c42\u589e\u52a0\u52a0\u62ff\u5927\u6574\u9ad4\u7d93\u6fdf\u7684\u4e0d\u78ba\u5b9a\u6027\uff0c\u5e02\u5834\u5c0dS&P\/TSX 60\u6307\u6578\uff08\u52a0\u62ff\u5927\u5927\u578b\u85cd\u7c4c\u80a1\u6307\u6578\uff09\u6216\u504f\u5411\u9632\u5b88\u30022017\u81f32018\u5e74\u539f\u5148\u8ac7\u5224\u671f\u9593\u5e02\u5834\u66fe\u51fa\u73fe\u660e\u986f\u6ce2\u52d5\u3002\u7531\u65bc\u53bb\u5e74\u52a0\u62ff\u5927\u51fa\u53e3\u4ecd\u6709\u903e70%\u6d41\u5411\u7f8e\u570b\uff0c\u4efb\u4f55\u5c0dUSMCA\u6846\u67b6\u7684\u5a01\u8105\uff0c\u90fd\u503c\u5f97\u8003\u616e\u5728\u52a0\u62ff\u5927\u5927\u578b\u5e02\u5834ETF\uff08\u4ea4\u6613\u6240\u8cb7\u8ce3\u57fa\u91d1\uff09\u4e0a\u8cb7\u5165\u4fdd\u8b77\u6027\u8a8d\u6cbd\u671f\u6b0a\uff08Protective Put\uff0c\u5373\u8cb7\u5165\u770b\u8dcc\u671f\u6b0a\u70ba\u6301\u5009\u300c\u8cb7\u4fdd\u96aa\u300d\uff0c\u5728\u4e0b\u8dcc\u6642\u5c0d\u6c96\u640d\u5931\uff09\u3002<\/p>\n

\u6c7d\u8eca\u677f\u584a\u5c24\u5176\u8106\u5f31\uff0c\u95dc\u7a05\u5a01\u8105\u5e36\u4f86\u81ea2008\u5e74\u5f8c\u5c11\u898b\u7684\u4e0b\u884c\u98a8\u96aa\u3002\u52a0\u62ff\u5927\u6c7d\u8eca\u96f6\u4ef6\u5546\u5982Magna\u9996\u7576\u5176\u885d\uff0c\u56e0\u6c7d\u8eca\u7522\u696d\u4f54\u52a0\u62ff\u5927\u5c0d\u7f8e\u88fd\u9020\u696d\u51fa\u53e3\u7684\u91cd\u8981\u90e8\u5206\u3002\u4ea4\u6613\u8005\u53ef\u8003\u616e\u5728\u76f8\u95dc\u5de5\u696d\u9f8d\u982d\u8cb7\u5165\u8f03\u9577\u5e74\u671f\u7684\u8a8d\u6cbd\u671f\u6b0a\uff08Long-dated Puts\uff0c\u5373\u5230\u671f\u8f03\u9060\u7684\u770b\u8dcc\u671f\u6b0a\uff09\uff0c\u4ee5\u5c0d\u6c96\u8ac7\u5224\u60e1\u5316\u5f15\u767c\u7684\u884c\u696d\u4e0b\u884c\u98a8\u96aa\u3002<\/p>\n

\u5728\u7f8e\u570b\u65b9\u9762\uff0c\u52a0\u62ff\u5927\u6578\u78bc\u670d\u52d9\u7a05\u7684\u722d\u8b70\uff0c\u53ef\u80fd\u70ba\u500b\u5225\u7f8e\u570b\u79d1\u7db2\u5de8\u982d\u5e36\u4f86\u77ed\u671f\u58d3\u529b\u3002\u96d6\u7136\u672a\u5fc5\u69cb\u6210\u7cfb\u7d71\u6027\u98a8\u96aa\uff08Systemic Risk\uff0c\u5373\u8db3\u4ee5\u5f71\u97ff\u6574\u9ad4\u5e02\u5834\u6216\u91d1\u878d\u9ad4\u7cfb\u7684\u98a8\u96aa\uff09\uff0c\u4f46\u64ec\u8b70\u5c0d\u52a0\u62ff\u5927\u6536\u5165\u5fb5\u65363%\u7a05\u9805\uff0c\u6216\u6703\u6210\u70ba\u696d\u7e3e\u96fb\u8a71\u6703\u8b70\u7684\u8a0e\u8ad6\u7126\u9ede\u3002\u6295\u8cc7\u8005\u53ef\u7559\u610f\u5728\u8cbf\u6613\u5b98\u54e1\u9810\u5b9a\u6703\u9762\u65e5\u671f\u524d\u5f8c\uff0c\u5229\u7528\u5c11\u6578\u91cd\u9ede\u79d1\u6280\u80a1\u7684\u671f\u6b0a\u6355\u6349\u77ed\u7dda\u6ce2\u52d5\u4ea4\u6613\u6a5f\u6703\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u8377\u862d\u5408\u4f5c\u9280\u884cEvery\u8b66\u544a\uff1a\u7f8e\u52a0\u8cbf\u6613\u6469\u64e6\u6216\u5728USMCA\u8ac7\u5224\u524d\u6025\u901f\u5347\u6eab\uff0c\u52a0\u62ff\u5927\u51fa\u53e3\u8207\u6295\u8cc7\u98a8\u96aa\u4e0a\u63da\uff0c\u5e02\u5834\u6216\u9700\u91cd\u4f30\u52a0\u5143\u8207\u52a0\u80a1\u4f30\u503c\u3002<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-45819","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts\/45819","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/comments?post=45819"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts\/45819\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/media?parent=45819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/categories?post=45819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/tags?post=45819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}