一周前：美国的增长担忧和欧洲的财政举措削弱了美国例外论的牛市。由于美国持续的增长担忧和欧洲的财政/国防举措，上周美元每天都在下跌。亚特兰大联邦储备银行的GDP追踪机构表示，美国经济正以2.4%的年率萎缩，这似乎有些夸张。

Week Ahead: US Growth Worries and Europe's Fiscal Initiative Weaken American Exceptionalism's Bull Case.The combination of continued growth concerns in the US and the fiscal/defense initiatives in Europe saw the dollar fall every day last week. The Atlanta Fed's GDP tracker says the US economy is contracting at an annualized rate of 2.4%, which seems exaggerated.

在纽约，道琼斯指数周五上涨223点，涨幅0.52%。涨幅最大的是IBM（5.34%）、Verizon（4.23%）和麦当劳（3.53%）。跌幅最大的是沃尔玛（-3.09%）、波音（-2.72%）和摩根大通（-1.48%）。

In New York, the Dow Jones Index rose 223 points or 0.52 percent on Friday. Leading the gains are IBM (5.34%), Verizon (4.23%) and McDonalds (3.53%). Top losers were Walmart (-3.09%), Boeing (-2.72%) and JPMorgan (-1.48%).

周五，美国股市经历了动荡的一天，由于特朗普总统的贸易政策带来的持续不确定性，华尔街从早些时候的下跌中恢复过来。标准普尔500指数上涨0.6%，纳斯达克综合指数上涨0.7%，道琼斯指数上涨222点。美联储主席鲍威尔表示，美联储并不急于降息，但整体经济前景仍受到贸易紧张局势和政策不确定性的影响，股市扭转了跌势。尽管如此，经济数据显示喜忧参半，因为低于预期的就业报告显示，2月份非农就业人数增加了15.1万人，而失业率微升至4.1%。尽管特朗普对加拿大和墨西哥的商品暂时免征关税，但围绕特朗普贸易政策的不确定性也加剧了市场的紧张情绪。博通公布乐观业绩后上涨8.4%，而好市多因盈利疲软暴跌7%。市场公布了自9月以来最糟糕的一周，道琼斯指数和标准普尔500指数下跌超过2%，纳斯达克指数下跌3%。

US stocks saw a volatile day on Friday, as Wall Street recovered from earlier losses amid ongoing uncertainty driven by President Trump’s trade policy. The S&P 500 gained 0.6% and the Nasdaq Composite rose 0.7%, while the Dow Jones added 222 points. Stocks reversed losses after Fed Chair Powell said that the central bank is in no rush to cut interest rates, but the overall economic outlook remains clouded by trade tensions and policy uncertainty. Still, economic data showed mixed results as weaker-than-expected jobs report showed nonfarm payrolls rising by 151K in February while the unemployment rate edging up to 4.1%. The uncertainty surrounding Trump's trade policies also added to the market jitters, despite his temporary exemptions on tariffs for goods from Canada and Mexico. Broadcom rose 8.4% after posting upbeat results, while Costco plunged 7% on weak earnings. Market posted its worst week since September, with the Dow and S&P 500 down more than 2%, and the Nasdaq lost 3%.

继2024年12月下调370.5亿美元后，美国消费信贷总额在2025年1月增加了180.8亿美元，超过了市场预期的145亿美元。这导致消费信贷经季节性调整后的年增长率为4.3%。循环信贷经历了8.2%的强劲年增长，而非循环信贷的年增长率更为温和，为3%。数据显示，消费者借贷活动强劲，特别是在循环信贷方面，反映出尽管信贷增长与上月相比有所波动，但对短期支出的信心依然存在。

Total US consumer credit rose by $18.08 billion in January 2025, following a downwardly revised increase of $37.05 billion in December 2024, and exceeding market expectations of $14.5 billion. This resulted in a seasonally adjusted annual growth rate of 4.3 percent for consumer credit. Revolving credit experienced a robust annual increase of 8.2 percent, while nonrevolving credit grew at a more modest annual rate of 3 percent. The data suggests strong consumer borrowing activity, particularly in revolving credit, reflecting continued confidence in short-term spending despite fluctuations in credit growth from the previous month.