4月在美國金融市場的波動使全球投資者感到擔憂

在加密市場最近發生歷史崩潰之後，現在輪到美元了

April saw a troubling increase in volatility in the US financial markets, catching the attention of global investors. Following the surprising announcement of new tariffs by Donald Trump on April 2, the S&P 500 experienced a 5.4% decline. However, the signals from the bond market and the dollar are what truly sparked fear among investors, hinting at a deeper movement—an exodus of assets out of the United States.

4月，美國金融市場的波動率令人不安，引起了全球投資者的注意。在4月2日唐納德·特朗普（Donald Trump）宣布新的關稅之後，標準普爾500指數下降了5.4％。但是，債券市場和美元的信號確實引起了投資者的恐懼，暗示了更深層次的轉移，這是一支來自美國的資產。

Capital Exodus: Dollar and Bonds in Free Fall

資本出埃及記：自由秋季的美元和債券

After the recent historic crash of the crypto market, it’s now the dollar’s turn. Traditionally considered a safe haven, the USD reached its lowest level in three years according to the ICE U.S. Dollar Index, hitting 99.92. At the same time, yields on 10-year US Treasuries surged to 4.5%, indicating a significant drop in demand for Treasuries.

在加密市場最近發生了歷史性的崩潰之後，現在輪到美元了。傳統上，根據ICE美元指數，USD在三年內達到了最低水平，達到了99.92。同時，美國10年的國庫的收益率飆升至4.5％，表明對國庫的需求顯著下降。

According to Marco Papic, strategist at BCA Research, “investors are turning their backs on American assets.” This movement, which began well before the recent trade tensions, is accelerating. The American currency is losing ground against the yen, the Swiss franc, and the euro, suggesting a structural loss of confidence.

BCA Research的策略師Marco Papic表示：“投資者正在拒絕美國資產。”這一運動始於最近的貿易緊張局勢，這是在加速。美國貨幣正在對日元，瑞士法郎和歐元而失去立場，這表明結構性喪失了信心。

George Saravelos of Deutsche Bank went so far as to speak of a “rapid dedollarization,” a questioning of the dollar as the world’s reserve currency. For the Minneapolis Federal Reserve, represented by Neel Kashkari, this decline in the dollar amid a trade war is unusual and signifies a shift in investor preferences.

德意志銀行的喬治·薩維洛斯（George Saravelos）甚至談到了“快速脫衣化”，這是對美元作為世界儲備貨幣的質疑。對於由Neel Kashkari代表的明尼阿波利斯美聯儲來說，在貿易戰中，美元下降是不尋常的，這表示投資者偏好的轉變。

Chain Economic Consequences

連鎖經濟後果

Beyond the markets, the decline of the dollar has implications for the real economy. American companies with strong international exposure will see their image tarnished. Larry Fink, CEO of BlackRock, spoke of a “growing discrimination” against major U.S. brands.

除了市場之外，美元的下跌對現實經濟有影響。國際風險強大的美國公司將看到其形象受損。 BlackRock首席執行官拉里·芬克（Larry Fink）談到了對美國主要品牌的“日益歧視”。

The surge in bond yields, coupled with the drop in the dollar, will also increase the cost of servicing federal debt and limit Washington’s budgetary maneuvering room. On the horizon, the inflationary risk linked to tariffs complicates the Fed’s task, making any rate cut more difficult.

債券收益率的增加，再加上美元的下跌，還將增加服務聯邦債務的成本，並限制華盛頓的預算操縱室。從地平線上，與關稅有關的通貨膨脹風險使美聯儲的任務變得複雜，這使得任何速度都更加困難。

The dollar is falling, bonds are plummeting, and investors are reassessing the economic status of the United States. With recent reports of gold hitting a historic peak at $3,360, the exodus of assets is no longer an hypothesis, but a reality in progress.

美元下跌，債券正在下降，投資者正在重新評估美國的經濟狀況。最近有關於黃金以3,360美元的歷史高峰的報導，資產的出埃及不再是一個假設，而是現實。