分析师：市场“干火药”充足但入市或需降息触发，标普500与货币市场基金资产同步走高

Odaily Planet Daily News: Eric Balchunas, Senior ETF Analyst at Bloomberg, stated that the S&P 500 Index is currently at an all-time high, while money market fund (MMF) assets are also at record levels. This contrast between "stocks and cash both at highs" is stark, but for bulls, it means there is still ample "dry powder" yet to enter the market. He noted that a significant influx of funds back into stocks may require interest rates to fall below 3%, as investors currently prefer holding stable net asset value MMFs with no drawdown risk over bond ETFs in a 4% yield environment.

Balchunas believes that the significant drawdown in the bond market in 2022 (e.g., AGG fell about 13%) undermined investor confidence in traditional bonds, leading MMFs to partially replace traditional bond allocations. Additionally, macroeconomic uncertainties in the U.S., including factors related to Trump's policies, have intensified the wait-and-see sentiment among investors.