According to a report by Deep Tide TechFlow, on May 15, CICC pointed out that the U.S. stocks, bonds, and foreign exchange have reappeared in a 'triple kill', reflecting changes in the inflation environment and the dollar cycle. The safe-haven ability of safe assets in dollar-denominated assets has declined, making it difficult to hedge against losses from risk asset corrections.
In the internal allocation of dollar-denominated assets, the inability to effectively diversify risk necessitates vigilance against the possibility of a repeated and prolonged 'triple kill'. The safe-haven ability of U.S. Treasury dollars has declined, safe assets are scarce, and the value of gold allocation has increased. The outlook for U.S. stocks is becoming more uncertain, the attractiveness of non-U.S. risk assets is rising, and Central European stocks may demonstrate resilience.