麦格理-美股-宏观经济-不可避免的铁律：美国行政部门收支-20180213-8页

Pleaserefertopage6forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.GLOBALUS–SectoralBalances(%ofGDP)4QMASource:CEIC;MacquarieResearch,February2018US–Inthelead-uptoBlackMonday(1987)–collapseofUS$&BondsSource:Bloomberg;MacquarieResearch,February2018MacquarieGlobalThematicsPortfolio–up~400bpsYTDand30%sinceinceptionSource;Bloomberg;MacquarieResearch,February2018Analyst(s)ViktorShvets+85239223883viktor.shvets@macquarie.com13February2018MacquarieCapitalLimitedInescapabilityofironcladlawsUSadministration§oralbalancesSectoralbalances-oneofthefeweconomiccertainties…?Thelogicofironcladlawsisunassailable.Theycannotbebypassedandmustbeobeyed.Apartfrombaseeffect,sectoralbalancesareamongthefewcertaintiesineconomics.Allsectors(private,public&external)mustbalancetozero.Wea