Ignore the immediate market reaction to the first ever downgrade of US credit – there is bound to be a knee-jerk response. Investors should remember the underlying US fiscal situation is in no worse shape now than it was last Friday just before Standard & Poor’s announced its AA+ rating. The action is merely a trailing indicator of a situation of which investors in the world’s most analysed economy are already well aware. Indeed, since S&P put the US on downgrade alert in April – something that would have triggered a sell-off for any other country – investors in US treasuries have barely batted an eyelid. Yields on 10-year government debt have actually fallen about one-quarter.
不妨忽视市场对于美国主权信用评级首次遭下调的即刻反应——条件反射似的反应肯定会有的。投资者应当记住，美国现在的基本财政状况并不比上周五标准普尔(Standard & Poor's)宣布AA+评级之前更糟糕。标普此举只是一个滞后指标，所反映的情况早已为这个manbetx app苹果 受到最透彻分析的manbetx20客户端下载 体的投资者所熟知。事实上，自标普在今年4月把美国信用评级前景从稳定下调至负面以来——换做其它任何国家，此举都必然会引发一场抛售——，美国国债的投资者几乎连眼皮都没眨一下。10年期美国国债的收益率居然还下降了大约四分之一。