The writer is group chief investment officer at Schroders
本文作者是施罗德(Schroders)集团首席投资官
In the middle of 2024, my mantra was “don’t overthink it”: positive nominal growth and interest rate cuts were supportive of equity markets, even against the backdrop of stretched valuations in the US.
在2024年中期，我的口头禅是“不要想太多”：正名义增长和降息对股市是有利的，即便是在美国估值过高的背景下。
Moving into 2025, I maintain that stance as I expect corporate earnings to hold up and, for now, inflation is still moving in the right direction. But two risks weigh on my mind.
进入2025年，我仍坚持这一立场，因为我预计企业盈利将保持增长，而且目前通胀仍在朝着正确的方向发展。但我担心两个风险。