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市场动态不必担忧市场的“加息”预期
格隆汇 08-26 16:47

机构:中信证券

不必担忧市场的“加息”预 期

市场情绪羸弱,对于人民银行持续开展 14 天逆回购操作而引发的锁短放长、抬升综合资金成本、变相“加息”的担忧,我们认为大可不必。从当前货币政策的目标来看,降成本、维持资金利率在政策利率中枢运行、支持经济回归潜在增速的的目标预计高于去杠杆、防空转,目前无需担忧货币政策转向。另一方面,央行持续大额流动性投放逐步缓解资金压力,月末资金利率从高点回落后可能再次扭转市场当前对于货币转向的预期和担忧,短期内可以关注超跌反弹的机会,我们维持 10 年国债到期收益率将在 2.8%至3.0%区间震荡的判断。

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