This report applies the sectoral balance, real estate cycle, and fiscal flows framework to assess how fiscal and monetary dynamics are shaping risk asset performance. With inflation cooling, unemployment rising, and the Federal Reserve signaling a shift in policy, theTrading real estate, equity and bond markets using fiscal flow analysis, functional finance, demographics and the real estate cycle.I stand on the shoulders of giants such as the work of Professors Wynne Godley, Micheal Hudson, Steve Keen, and ...

分析框架 - 采用部门余额框架评估财政和货币政策动态如何影响风险资产表现 [1] - 分析基于财政流动分析、功能财政、人口结构和房地产周期 [1] - 核心分析工具为四个占GDP百分比的数据：G（联邦支出）、P（非联邦支出）、X（净出口）、C（信贷） [1] 宏观经济关系 - 国内生产总值GDP由G、P、X构成，即GDP = G + P + X [1] - 总需求由G、P、X、C构成，即总需求 = G + P + X + C 或 总需求 = GDP + 信贷 [1] - 联邦赤字增加意味着私人部门盈余增加，进而推动风险资产市场上涨 [1] 当前市场环境与配置 - 市场环境表现为通胀降温、失业率上升以及美联储发出政策转向信号 [1] - 当前配置策略为卖出房地产，做多黄金、现金及精选人工智能股票 [2]