17/9/2026
環球首席經濟師 Alex Grassino

美國聯儲局宣布調高聯邦基金利率25點子,加幅符合市場預期。環球首席經濟師Alex Grassino分享他對加息的最新觀點。
聯邦公開市場委員會(FOMC)的議息決定及會後記者會整體釋出清晰一致的訊息。鑑於聯儲局7月會議曾引發市場對政策方向的不同解讀,我們認為今次會議屬一項正面發展。聯儲局宣布加息25點子,將聯邦基金利率上調到3.75厘至4厘。我們認為有以下幾點值得留意:
美國中期選舉前宜保持觀望?歷史對市場表現與行為的啟示
隨著美國11月中期選舉臨近,媒體報道愈趨熱烈,或令部分投資者傾向暫時觀望。我們認為,回顧歷史有助了解選舉周期前後的市場表現。本文探討過去數十年的選舉周期數據可能帶來的啟示,以及為何保持耐性往往至關重要。
應對長期高息環境:把握實質資產供應有限及需求持續的機會
實質資產讓投資者有機會涉足環球經濟中一些至關重要的領域,涵蓋能源網絡、關鍵基建、通脹掛鈎證券及特定房地產領域。在地緣政治風險高企、供應鏈轉移及通脹憂慮揮之不去的環境下,當傳統市場受壓時,這些資產可為投資組合提供韌性及分散風險的效益。
AI熱潮背後:宏利環球多元資產入息基金如何發掘長線股票投資機遇
人工智能(AI)持續創造潛在投資機遇,但我們認為,並非所有與 AI 相關的企業都能成為長期贏家。有見及此,宏利環球基金 – 環球多元資產入息基金採取更具選擇性及重視估值的投資策略。在本投資通訊中,我們將探討在識別長期贏家時所著重的三大關鍵特質,以及這些投資原則如何體現於本基金的股票配置之中。現時,本基金維持看好通訊服務、康健護理、必需消費品及能源等板塊。目前的配置反映投資團隊由下而上分析的投資理念,精選具備長期基本因素、良好現金流特質及估值吸引力的企業。
Watching on the U.S. mid-terms? What history tells us about market performance and behaviour
As U.S. midterm elections approach in November, louder headlines may tempt some investors to wait on the sidelines. We believe history offers some useful context for understanding market behaviour around election cycles. Here is what decades of election-cycle data may tell us, and why patience has often mattered.
Navigating higher for longer rates: Scarce real assets, enduring demand
Real assets offer exposure to some of the most essential parts of the global economy, from energy networks and critical infrastructure to inflation-linked securities and selected real estate sectors. In a world of elevated geopolitical risks, shifting supply chains and ongoing inflation concerns, these assets can provide both resilience and diversification when traditional markets face pressure.
Fed hikes rates for first time since 2023 as expected
Today’s Federal Open Market Committee (FOMC) decision and press conference went smoothly—a welcome development, in our judgment, after the mixed signals that emerged from the Fed’s July meeting. The rate decision: A 25 basis-point (bps) hike, bringing the federal funds rate from 3.75% to 4.00%.