華爾街飆升：標普 500 指數 3 月飆升逾 3%

華爾街 3 月表現強勁，標準普爾 500 指數上漲 3.1%，道瓊指數上漲 2.1%，那斯達克指數上漲 1.8%。儘管通膨擔憂，但聯準會維持利率不變並預計 2024 年三次降息，其鴿派言論推動了市場走強。正面的經濟指標，包括 2023 年第四季 GDP 年化成長率為 3.4%，增強了人們對聯準會早於預期轉向的預期。由於地緣政治風險和黃金的避險吸引力，黃金上漲 8.7%。 3 月表現最好的 ETF 領域包括大麻、白銀和黃金開採、加密股票、銅礦商和石油服務，受益於積極的行業發展和市場樂觀情緒。

Wall Street's Solid Performance in March: S&P 500 Surges Over 3%

華爾街3月表現穩健：標普500指數飆漲逾3%

March proved to be a positive month for the U.S. stock market, with the S&P 500 Index delivering a robust 3.1% gain. This was followed by the Dow Jones Industrial Average, which advanced by 2.1%, and the technology-heavy Nasdaq Composite Index, which rose by 1.8%.

3 月對美國股市來說是一個積極的月份，標準普爾 500 指數強勁上漲 3.1%。其次是道瓊工業指數上漲 2.1%，以及以科技股為主的那斯達克指數上漲 1.8%。

Dovish Fed Comments Bolster Market Sentiment

鴿派聯準會言論提振市場情緒

The Federal Reserve's decision to maintain interest rates unchanged in March played a significant role in keeping the stock market strong. The central bank indicated that it intends to keep rates in the range of 5.25-5.50% for the foreseeable future, assuaging investor concerns about further monetary tightening.

聯準會3月維持利率不變的決定對維持股市強勢起了重要作用。央行表示，打算在可預見的未來將利率維持在5.25-5.50%的區間，緩解投資人對進一步收緊貨幣政策的擔憂。

Fed's Forecasts Suggest Rate Cuts in 2024

聯準會預測 2024 年降息

Despite concerns over persistent inflation, the Fed's latest projections indicate that it still anticipates the need for three rate cuts in 2024. This outlook contrasts with earlier expectations of a more limited number of cuts due to recent hotter-than-expected inflation readings.

儘管對持續通膨的擔憂，美聯儲的最新預測表明，它仍然預計 2024 年需要三次降息。這一前景與之前因近期通膨數據高於預期而降息次數更為有限的預期形成鮮明對比。

Economic Data Encourages Optimism

經濟數據鼓舞樂觀情緒

Data released in March reinforced confidence in the U.S. economy. The Federal Reserve's preferred inflation gauge, the core personal consumption expenditures (PCE) price index, rose by 2.5% over the past 12 months, matching market expectations.

3月公佈的數據增強了人們對美國經濟的信心。聯準會首選的通膨指標－核心個人消費支出(PCE)物價指數在過去12個月上漲了2.5%，符合市場預期。

Additionally, the revised estimate for fourth quarter gross domestic product (GDP) growth in 2023 was revised upwards to 3.4%, indicating a robust economic expansion. These data points contributed to bets for a sooner-than-expected shift towards easing monetary policy.

此外，2023年第四季國內生產毛額(GDP)成長的修正預測上調至3.4%，顯示經濟強勁擴張。這些數據點促使人們押注貨幣政策將早於預期轉向寬鬆貨幣政策。

Gold Price Climbs Amidst Geopolitical Risks

金價在地緣政治風險中攀升

Gold emerged as a winner in March, with the price of gold bullion rising by 8.7%. This surge was partly attributed to escalating geopolitical tensions, particularly in the Middle East and the ongoing war in Ukraine. Central banks' consistent purchases of gold also supported its value.

3月黃金成為贏家，金條價格上漲8.7%。這一激增的部分原因是地緣政治緊張局勢不斷升級，特別是中東地區和烏克蘭持續的戰爭。各國央行持續購買黃金也支撐了其價值。

Winning ETF Sectors in March

3月份獲勝的ETF板塊

Several sectors stood out within the exchange-traded fund (ETF) market in March:

3 月份交易所交易基金 (ETF) 市場中有幾個板塊表現突出：

• Marijuana: The Amplify Alternative Harvest ETF (MJ) surged by 24.6%, fueled by growing expectations of a rescheduling of marijuana's legal status.
• Silver and Gold Mining: ETFs such as the iShares MSCI Global Silver and Metals Miners ETF (SLVP) and the U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU) benefited from the rise in precious metal prices.
• Crypto Stocks: The First Trust SkyBridge Crypto Industry and Digital Economy ETF (CRPT) gained 22.9%, reflecting optimism in the cryptocurrency market.
• Copper Miners: The Global X Copper Miners ETF (COPX) jumped by 17.9% due to supply cuts by Chinese smelters, leading to a tighter copper market.
• Oil Services: The Range Global Offshore Oil Services Index ETF (OFOS) climbed by 17.0% as oil prices rallied on strong demand forecasts and geopolitical factors.

大麻：由於人們對大麻合法地位重新安排的預期不斷增強，Amplify Alternative Harvest ETF (MJ) 飆升 24.6%。白銀和黃金礦業：iShares MSCI 全球白銀和金屬礦業 ETF (SLVP) 和美國 ETF 等 ETF全球GO GOLD和貴金屬礦業ETF（GOAU）受益於貴金屬價格上漲。加密股票：第一信託SkyBridge加密產業和數位經濟ETF（CRPT）上漲22.9％，反映了加密貨幣市場的樂觀情緒。銅礦工：由於中國冶煉廠供應減少，導致銅市場趨緊，Global X 銅礦ETF (COPX) 上漲17.9%。石油服務：隨著油價上漲，The Range 全球海上石油服務指數ETF (OFOS) 上漲 17.0%強勁的需求預測和地緣政治因素。