4月在美国金融市场的波动使全球投资者感到担忧

在加密市场最近发生历史崩溃之后，现在轮到美元了

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，美国金融市场的波动率令人不安，引起了全球投资者的注意。在4月2日唐纳德·特朗普（Donald Trump）宣布新的关税之后，标准普尔500指数下降了5.4％。但是，债券市场和美元的信号确实引起了投资者的恐惧，暗示了更深层次的转移，这是一支来自美国的资产。

Capital Exodus: Dollar and Bonds in Free Fall

资本出埃及记：自由秋季的美元和债券

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.

在加密市场最近发生了历史性的崩溃之后，现在轮到美元了。传统上，根据ICE美元指数，USD在三年内达到了最低水平，达到了99.92。同时，美国10年的国库的收益率飙升至4.5％，表明对国库的需求显着下降。

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的策略师Marco Papic表示：“投资者正在拒绝美国资产。”这一运动始于最近的贸易紧张局势，这是在加速。美国货币正在对日元，瑞士法郎和欧元而失去立场，这表明结构性丧失了信心。

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.

德意志银行的乔治·萨维洛斯（George Saravelos）甚至谈到了“快速脱衣化”，这是对美元作为世界储备货币的质疑。对于由Neel Kashkari代表的明尼阿波利斯美联储来说，在贸易战中，美元下降是不寻常的，这表示投资者偏好的转变。

Chain Economic Consequences

连锁经济后果

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.

除了市场之外，美元的下跌对现实经济有影响。国际风险强大的美国公司将看到其形象受损。 BlackRock首席执行官拉里·芬克（Larry Fink）谈到了对美国主要品牌的“日益歧视”。

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.

债券收益率的增加，再加上美元的下跌，还将增加服务联邦债务的成本，并限制华盛顿的预算操纵室。从地平线上，与关税有关的通货膨胀风险使美联储的任务变得复杂，这使得任何速度都更加困难。

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，债券正在下降，投资者正在重新评估美国的经济状况。最近有关于黄金以3,360美元的历史高峰的报道，资产的出埃及不再是一个假设，而是现实。