麦格理-全球-投资策略-我们能否恢复常态？-20180206-4页

Pleaserefertopage2forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.GLOBALUS–NetWorthtoDisposableIncomevs.PersonalSavingRates(%)Source:FederalReserve;MacquarieResearch,February2018VIX–Massivejumpovernight–approachingthehighsoflate’15and’10-11episodes…but…Source:Bloomberg;MacquarieResearch,February2018Global–FX&Bondmarketvolatility-…spikeinotherassetclasseshavenotbeenquiteasextreme,thoughthehighestsincemid’17Source:Bloomberg;Macquarieresearch,February2018Analyst(s)ViktorShvets+85239223883viktor.shvets@macquarie.com6February2018MacquarieCapitalLimitedCBs&asset-basedworldCanwesurviveareturntonormality?Risinginflationaryexpectations&assetequilibrium…?Wefinditamusingwhencommentatorsdiscusshowrisinginflationaryexpectationsshouldfeedintobondmarketsandcostofcapital,withou