Key investment points:
The GDP of the United States in the first quarter of 2022 was - 1.4% on an annualized basis, down sharply from 6.9% in the fourth quarter of last year. However, in terms of structure, private inventories and net exports are the main drag on GDP. Consumption of durable goods and services and enterprise investment still maintain high growth, and the demand of the United States and China is still relatively strong. At present, inflation is still the main contradiction in the United States. It is expected that the Federal Reserve or more Hawks will tighten monetary policy to curb inflation as soon as possible. With the economic recovery and monetary tightening, the US bond interest rate and US dollar index may have further action power.