The European Central Bank and Federal Reserve have shifted toward more dovish stances. Scott examines the implications for our bond views.

欧洲央行和美联储已转向更为温和的立场。Scott分析了这对债券的影响。

A clear message from European Central Bank (ECB) President Mario Draghi last week kicked off a dovish shift by major central banks–from patience to inching toward more stimulus. We see the ECB and the Federal Reserve likely to ease soon. Yet while market expectations for ECB easing appear reasonable, expectations for the Fed seem excessive. We believe government bonds still are key stabilizers in strategic portfolios amid rising macro uncertainty, but we are turning cautious on long-term U.S. Treasuries in the short run.

欧洲央行行长德拉吉上周发出了一个明确的信息，他开启了各大中央银行的温和转变——从耐心转向逐步采取更多的刺激措施。我们认为欧洲央行和美联储可能很快放松货币政策。然而，尽管市场对欧洲央行放松政策的预期似乎合理，但对美联储的预期似乎过高。我们认为，在宏观不确定性上升的情况下，政府债券仍是战略投资组合中的关键稳定器，但短期内我们对美国长期国债持谨慎态度。