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距离圣诞还有不到一周的时间，投资者似乎不愿意把股市推得太高。尽管美股三大指数在周二皆创新高，但涨幅并不大。

一些投资行预测，到2020年初将会出现狂热的购买潮。这在华尔街通常被称为“融涨”（melt-up），指的是一种资产突然上涨，因为投资者因担心错过收益而蜂拥入市。

但花旗策略师发出警告称，如果投资者不小心，所有这些热情可能会过头。

该行资产配置主管杰里米黑尔在一份展望2020年的报告中说，全球经济短期内日益稳定的迹象，以及贸易纠纷的积极进展，可能让一些大型基金经理措手不及。

简而言之，那些没有过度投资股市、今年错过了标普500指数逾27%涨幅的投资者，可能会被迫在2020年初迎头赶上，大举投资股市。黑尔说，这将有助于创造一种“融涨动力”。

“未来几个月，我们将继续密切跟踪资金流动和过度繁荣的迹象。”

展望过去，黑尔说，当经济在今年下半年开始失去动力时，正如他们所预期的那样，“波动性将再次上升，风险资产将依赖于从更低的贴现率中进一步获得动力”，即央行的宽松政策。