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\u7f8e\u570b Redbook \u6307\u6578\uff08\u6309\u5e74\uff09\u65bc 8 \u6708 14 \u65e5\u653e\u7de9\u81f3 7.6%\uff0c\u4f4e\u65bc\u524d\u503c 8.3%\uff0c\u53cd\u6620 Redbook \u6240\u8861\u91cf\u7684\u96f6\u552e\u92b7\u552e\u6309\u5e74\u589e\u9577\u8f49\u5f31\u3002<\/p>\n

\u662f\u6b21\u8b8a\u52d5\u8f03\u524d\u503c\u6e1b\u901f 0.7 \u500b\u767e\u5206\u9ede\u3002\u6700\u65b0\u6578\u64da\u5ef6\u7e8c\u8fd1\u671f\u6309\u5e74\u7e3d\u9ad4\u589e\u901f\u964d\u6eab\u7684\u8da8\u52e2\uff0c\u8a72\u6307\u6a19\u57fa\u65bc Redbook \u6bcf\u5468\u8ffd\u8e64\u540c\u5e97\u92b7\u552e\uff08same-store sales\uff09\u8d70\u52e2\u800c\u5f97\u3002<\/p>\n

\u5c0d\u901a\u8139\u3001\u806f\u5132\u5c40\u653f\u7b56\u53ca\u5229\u7387\u671f\u8ca8\u7684\u555f\u793a<\/h3>\n

\u7f8e\u570b Redbook \u6307\u6578\u65bc 8 \u6708 14 \u65e5\u7a81\u964d\u81f3 7.6%\uff0c\u986f\u793a\u6d88\u8cbb\u958b\u652f\u7d42\u65bc\u958b\u59cb\u964d\u6eab\u3002\u6211\u5011\u8a8d\u70ba\uff0c\u9019\u4e00\u653e\u7de9\u5c07\u7d13\u7de9\u901a\u8139\u58d3\u529b\uff0c\u4ee4\u806f\u90a6\u5132\u5099\u5c40\u5728\u5373\u5c07\u5230\u4f86\u7684 9 \u6708\u8b70\u606f\u6703\u8b70\u4e0a\u66f4\u6709\u7406\u7531\u8003\u616e\u66ab\u505c\u52a0\u606f\u6216\u8f49\u5411\u6e1b\u606f\u3002\u56e0\u6b64\uff0c\u884d\u751f\u54c1\u4ea4\u6613\u54e1\u61c9\u76e1\u5feb\u8abf\u6574\u5009\u4f4d\uff0c\u4ee5\u53cd\u6620\u5229\u7387\u671f\u8ca8\u66f4\u504f\u300c\u9d3f\u6d3e\u300d\u7684\u5c55\u671b\u3002<\/p>\n

\u80a1\u7968\u53ca\u56fa\u5b9a\u6536\u76ca\u7684\u7b56\u7565\u90e8\u7f72<\/h3>\n

\u5728\u80a1\u7968\u671f\u6b0a\u5e02\u5834\u65b9\u9762\uff0c\u6211\u5011\u9810\u671f\u4ee5\u96f6\u552e\u70ba\u4e3b\u984c\u7684\u4ea4\u6613\u6240\u8cb7\u8ce3\u57fa\u91d1\uff08ETF\uff09\uff0c\u4f8b\u5982 SPDR \u6a19\u666e\u96f6\u552e ETF\uff08XRT\uff09\uff0c\u672a\u4f86\u6578\u5468\u6ce2\u52d5\u6027\u5c07\u4e0a\u5347\u3002\u6b77\u53f2\u4e0a\uff0c\u5982\u6b64\u5e45\u5ea6\u7684\u96f6\u552e\u52d5\u80fd\u6025\u964d\uff0c\u5f80\u5f80\u89f8\u767c\u53ef\u9078\u6d88\u8cbb\uff08consumer discretionary\uff09\u80a1\u4efd\u7684\u96b1\u542b\u6ce2\u5e45\uff08implied volatility\uff09\u77ed\u66ab\u4e0a\u63da\u3002\u6211\u5011\u5efa\u8b70\u63a1\u7528\u504f\u6de1\u671f\u6b0a\u50f9\u5dee\u7b56\u7565\uff08bearish option spreads\uff09\uff0c\u6216\u70ba\u9ad8\u69d3\u687f\u96f6\u552e\u80a1\u8cb7\u5165\u4fdd\u8b77\u6027\u8a8d\u6cbd\u671f\u6b0a\uff08protective puts\uff09\uff0c\u4ee5\u5c0d\u6c96\u6d88\u8cbb\u9700\u6c42\u66f4\u5ee3\u6cdb\u56de\u843d\u7684\u98a8\u96aa\u3002<\/p>\n

\u89c0\u5bdf\u56fa\u5b9a\u6536\u76ca\u884d\u751f\u54c1\uff0c\u6211\u5011\u9810\u8a08\u5e02\u5834\u5c0d\u96f6\u552e\u6d3b\u52d5\u653e\u6162\u4f5c\u51fa\u53cd\u61c9\u5f8c\uff0c\u7f8e\u570b\u570b\u50b5\u5b73\u606f\u7387\u5c07\u56de\u8edf\u3002\u5728\u4ee5\u5f80\u7d93\u6fdf\u968e\u6bb5\uff0c\u7576 Redbook \u589e\u901f\u55ae\u5468\u4e0b\u8dcc\u8d85\u904e\u534a\u500b\u767e\u5206\u9ede\u6642\uff0c\u77ed\u5e74\u671f\u7f8e\u570b\u570b\u50b5\u671f\u8ca8\u7d93\u5e38\u51fa\u73fe\u77ed\u66ab\u53cd\u5f48\u3002\u6211\u5011\u5efa\u8b70\u900f\u904e\u8cb7\u5165 2 \u5e74\u671f\u6216 10 \u5e74\u671f\u7f8e\u570b\u570b\u50b5\u671f\u8ca8\u7684\u8a8d\u8cfc\u671f\u6b0a\uff08call options\uff09\uff0c\u90e8\u7f72\u6f5b\u5728\u7684\u5b73\u606f\u66f2\u7dda\u8b8a\u9661\uff08yield curve steepening\uff09\u3002<\/p>\n

\u5118\u7ba1 7.6% \u7684\u589e\u9577\u4ecd\u986f\u8457\u9ad8\u65bc\u7d04 3% \u7684 10 \u5e74\u6b77\u53f2\u5e73\u5747\u6c34\u5e73\uff0c\u4f46\u5feb\u901f\u4e0b\u79fb\u986f\u793a\u7d2f\u7a4d\u7684\u7d93\u6fdf\u58d3\u529b\u6b63\u9010\u6b65\u8ffd\u4e0a\u6d88\u8cbb\u8005\u3002\u6211\u5011\u5fc5\u9808\u95dc\u6ce8\u672c\u6708\u7a0d\u5f8c\u516c\u5e03\u7684\u5b98\u65b9\u96f6\u552e\u92b7\u552e\u6578\u64da\uff0c\u4ee5\u6838\u5be6\u6b64\u653e\u7de9\u662f\u5426\u5c6c\u9577\u671f\u8da8\u52e2\u3002\u5728\u6b64\u4e4b\u524d\uff0c\u4ee5\u77ed\u671f\u671f\u6b0a\u4fdd\u6301\u7b56\u7565\u9748\u6d3b\uff0c\u5c07\u662f\u6211\u5011\u61c9\u5c0d\u7a81\u767c\u5e02\u5834\u6ce2\u52d5\u7684\u4e3b\u8981\u9632\u7dda\u3002<\/p>\n\n\n\n

\u7acb\u5373\u958b\u59cb\u4ea4\u6613 \u2014 \u9ede\u64ca\u6b64\u8655<\/a>\u958b\u8a2d\u60a8\u7684 VT Markets \u771f\u5be6\u8cec\u6236\u3002<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"

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