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Cathie Wood Said Powell's 'Sledgehammer' To 'Slay' Inflation Way More Powerful Than Volcker's In 1980s: 'Fed Could Undermine Its Legacy'
Cathie Wood Said Powell's 'Sledgehammer' To 'Slay' Inflation Way More Powerful Than Volcker's In 1980s: 'Fed Could Undermine Its Legacy'
Cathie Wood, the founder of ARK Investment Management, said that the prevailing U.S. monetary policy in September was significantly more restrictive than in the 1980s when, to kill inflation, former Federal Reserve Chair Paul Volcker had pushed the Fed funds rate up two-fold from 10% to 20%.
In comparison, Jerome Powell and his team have increased it 13-fold from 0.25% to 3.25% to "slay the dragon," Wood said.
By the time this Fed tackled the current surge, inflation had been brewing for ~15 months, not 15 years. Now, it is 'keeping at it' with a sledgehammer 13 times more powerful than the one Volcker wielded in the ‘80s, she said.
Yield Surge: Wood also pointed out that under Volcker, Treasury yields rose 1.6 times, from 10% to 16%, while under Powell, it has been a whopping 7.4 times. “Risk aversion is pummelling all assets except cash, but the Fed seems fixated on hiking rates another 100+ basis points to protect its legacy,” she tweeted.
What Wood seemed to underscore was the accentuated tightening in yields which was not in line even with a rising interest rate regime. Bond markets tend to have a bad phase when interest rates are rising, but such a surge in yields is taking a heavy toll on the fixed income industry.
Meanwhile, commodity prices, as measured by Refinitiv’s CRB index, have dropped ~42% since their peak in mid-2008, ~25% since their lower peak in 2011, and ~19% since an even lower peak earlier this year, Wood tweeted.
Her comments come amid a bloodbath in global stock and commodity markets, triggered by the Federal Reserve's aggressive rate hikes and projections.
The $Nasdaq Composite Index (.IXIC.US)$ has lost nearly 25% in the last six months.
Dollar Dilemma: Wood also explained how the dollar’s parabolic move has been devastating to the rest of the world and should come back to bite U.S. competitiveness, jobs, and economic activity, forcing the Fed to pivot.
Last week, Japan sold dollars to protect their currencies against a parabolic dollar that is causing significant harm to the global economy, she tweeted.
Price Action: The $SPDR S&P 500 ETF (SPY.US)$, which tracks the S&P 500 had lost over 23% since the beginning of the year until Sept.26, 2022. The largest ETF, which was founded in 1993 and is set to turn 30 in January 2023, held assets to the tune of over $331 billion. Since its inception, the fund has given an annual return of 9.73% as of the end-August data.
In comparison, Cathie Wood’s $ARK Innovation ETF (ARKK.US)$ had lost over 61% since the beginning of the year until Sept. 26, 2022.
Cathie Wood, the founder of ARK Investment Management, said that the prevailing U.S. monetary policy in September was significantly more restrictive than in the 1980s when, to kill inflation, former Federal Reserve Chair Paul Volcker had pushed the Fed funds rate up two-fold from 10% to 20%.
方舟投资管理公司的创始人凯西·伍德说,美国9月份的主流货币政策比上世纪80年代的货币政策要严格得多,当时为了抑制通胀,前美联储主席保罗·沃尔克将联邦基金利率从10%推高了两倍,至20%。
In comparison, Jerome Powell and his team have increased it 13-fold from 0.25% to 3.25% to "slay the dragon," Wood said.
相比之下,杰罗姆·鲍威尔和他的团队将税率从0.25%提高到3.25%,提高了13倍,伍德说。
By the time this Fed tackled the current surge, inflation had been brewing for ~15 months, not 15 years. Now, it is 'keeping at it' with a sledgehammer 13 times more powerful than the one Volcker wielded in the ‘80s, she said.
到美联储应对当前的飙升时,通胀已经酝酿了大约15个月,而不是15年。她说,现在,沃尔克正在用一把比沃尔克在80年代挥舞的大锤强大13倍的大锤子继续前进。
Yield Surge: Wood also pointed out that under Volcker, Treasury yields rose 1.6 times, from 10% to 16%, while under Powell, it has been a whopping 7.4 times. “Risk aversion is pummelling all assets except cash, but the Fed seems fixated on hiking rates another 100+ basis points to protect its legacy,” she tweeted.
收益率飙升:伍德还指出,在沃尔克的领导下,美国国债收益率上涨了1.6倍,从10%上升到16%,而在鲍威尔的领导下,国债收益率达到了惊人的7.4倍。她在推特上写道:“避险情绪正在重创除现金以外的所有资产,但美联储似乎专注于再加息100+个基点,以保护其遗产。”
What Wood seemed to underscore was the accentuated tightening in yields which was not in line even with a rising interest rate regime. Bond markets tend to have a bad phase when interest rates are rising, but such a surge in yields is taking a heavy toll on the fixed income industry.
伍德似乎强调的是收益率的加剧收紧,这甚至与利率上升的制度不符。当利率上升时,债券市场往往会有一个糟糕的阶段,但这样的收益率飙升正在给固定收益行业带来沉重的损失。
Meanwhile, commodity prices, as measured by Refinitiv’s CRB index, have dropped ~42% since their peak in mid-2008, ~25% since their lower peak in 2011, and ~19% since an even lower peak earlier this year, Wood tweeted.
与此同时,伍德在推特上写道,根据Refinitiv的CRB指数衡量,大宗商品价格较2008年年中的峰值下跌了约42%,较2011年的较低峰值下跌了约25%,较今年早些时候的更低峰值下跌了约19%。
Her comments come amid a bloodbath in global stock and commodity markets, triggered by the Federal Reserve's aggressive rate hikes and projections.
她发表此番言论之际,美联储(Fed)激进的加息和预测引发了全球股市和大宗商品市场的大屠杀。
The $Nasdaq Composite Index (.IXIC.US)$ has lost nearly 25% in the last six months.
这个$纳斯达克综合指数 (.IXIC.US)$在过去的六个月里损失了近25%。
Dollar Dilemma: Wood also explained how the dollar’s parabolic move has been devastating to the rest of the world and should come back to bite U.S. competitiveness, jobs, and economic activity, forcing the Fed to pivot.
美元困境:伍德还解释了美元的抛物线走势如何对世界其他地区造成了毁灭性的影响,应该会对美国的竞争力、就业和经济活动造成负面影响,迫使美联储转向美元。
Last week, Japan sold dollars to protect their currencies against a parabolic dollar that is causing significant harm to the global economy, she tweeted.
她在推特上写道,上周,日本抛售美元以保护本国货币不受抛物线美元的影响,抛物线美元正在对全球经济造成重大损害。
Price Action: The $SPDR S&P 500 ETF (SPY.US)$, which tracks the S&P 500 had lost over 23% since the beginning of the year until Sept.26, 2022. The largest ETF, which was founded in 1993 and is set to turn 30 in January 2023, held assets to the tune of over $331 billion. Since its inception, the fund has given an annual return of 9.73% as of the end-August data.
价格行为:$SPDR 标普500指数ETF (SPY.US)$从年初到2022年9月26日,跟踪标准普尔500指数的公司已经下跌了23%以上。最大的ETF成立于1993年,2023年1月将满30岁,持有超过3310亿美元的资产。自成立以来,截至8月底的数据,该基金的年回报率为9.73%。
In comparison, Cathie Wood’s $ARK Innovation ETF (ARKK.US)$ had lost over 61% since the beginning of the year until Sept. 26, 2022.
相比之下,凯西·伍德的$ARK Innovation ETF (ARKK.US)$从年初到9月1日,跌幅超过了61%。2022年26年。
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Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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