【桥水观点】美国经济扩张还可以持续多久？

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An Update from Our CIOs: How Durable Is the Economy? 来自我们首席信息官的最新消息：美国经济可以持续多久？ Our CIOs discuss why the expansion is likely to stay durable even as it slows, why a sustained expansion with central bank easing isn’t as good for assets as it might seem, and the opportunities they see. 我们的首席信息官讨论了为何经济扩张即便放缓仍可能保持持久，为何在央行宽松政策的背景下持续扩张对资产而言并不像看上去那么好，以及他们看到的机会。 With growth moderating, how durable is the economy?  When we look at the mechanics of the expansion—examining who is spending money, what is driving their spending, and how the spending is being financed—we see an expansion that is likely to be unusually durable. There isn’t much spending that is vulnerable to rapid reversal (for example, the way rate rises can quickly cut off borrowing), and meaningful spending is driven by longer-term ………………………………