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CPI数据比一些人预期的要热一些，市场最初的无动于衷，随后出现了一些波动，这很有趣。对我来说，这巩固了美联储“更高更久”的立场，这自然会以不同的视角看待那些对增长敏感的股票。我还没准备好抛售所有科技股，但那里的快钱感觉暂时结束了。相反，我正在更密切地关注国防承包商和基础设施板块——它们对利率的敏感度较低，鉴于全球事件和国内支出法案，可能会看到一些持续的顺风。这是一种轮换，而不是撤退，但肯定会改变我寻找良好风险回报的方向。我仍在关注未来几天债券市场如何消化这一消息，因为这将真正影响股市方面。
I agree the 'higher for longer' narrative seems cemented, which does put a damper on the valuation multiples tech often enjoys. It's not necessarily a dump-and-run situation, but a re-evaluation of which tech sectors or even specific companies have robust enough fundamentals to weather a higher discount rate is definitely in order. Are you leaning more towards established tech with strong cash flows, or does the AI narrative still hold enough weight for you to selectively pick growth?
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