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2021-05-24

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Apples-to-Apples, Consumer Price Inflation Is Nearing 1970-Type Numbers<blockquote>总体而言，消费者价格通胀已接近1970年水平</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":133748584,"tweetId":"133748584","gmtCreate":1621814043048,"gmtModify":1634186489014,"author":{"id":3569931251743015,"idStr":"3569931251743015","authorId":3569931251743015,"authorIdStr":"3569931251743015","name":"Taozi","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":9,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Great ariticle, would you like to share it?</body></html>","htmlText":"<html><head></head><body>Great ariticle, would you like to share it?</body></html>","text":"Great ariticle, would you like to share it?","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":9,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/133748584","repostId":1199458970,"repostType":4,"repost":{"id":"1199458970","kind":"news","pubTimestamp":1621812609,"share":"https://www.laohu8.com/m/news/1199458970?lang=zh_CN&edition=full","pubTime":"2021-05-24 07:30","market":"us","language":"en","title":"Apples-to-Apples, Consumer Price Inflation Is Nearing 1970-Type Numbers<blockquote>总体而言，消费者价格通胀已接近1970年水平</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199458970","media":"zerohedge","summary":"Apples-to-apples, consumer price inflation nowadays is running close to the high inflation readings ","content":"Apples-to-apples, consumer price inflation nowadays is running close to the high inflation readings of the late 1970s.That should be a red flag for policymakers as monetary decisions are focused on actual outcomes, not forecasted. But reported inflation statistics do not show the 1970s inflation-style inflation because they no longer include actual house prices.<blockquote>总体而言，如今的消费者价格通胀已接近20世纪70年代末的高通胀读数。这对政策制定者来说应该是一个危险信号，因为货币决策关注的是实际结果，而不是预测结果但报告的通胀统计数据并没有显示出20世纪70年代通胀式的通胀，因为它们不再包括实际房价。</blockquote> The old consumer price index included house prices in measuring the owner's housing cost, whereas the present-day price index base owners' housing cost on an arbitrary, non-market rent measure. The only way to make a price series strictly comparable over time is to use the same measurement process.<blockquote>旧的消费者价格指数在衡量业主的住房成本时包括房价，而当今的价格指数则以任意的、非市场租金衡量标准为基础来衡量业主的住房成本。使价格系列在一段时间内具有严格可比性的唯一方法是使用相同的测量过程。</blockquote> In April, the median price for existing homes increased 20.3% in the past twelve months, a new record and far above the 1970s high-reading of 17.4%. More importantly, the increase in existing house prices is ten times greater than the 2% increase in non-market rents in the consumer price index.<blockquote>4月份，现房价格中位数在过去12个月中上涨了20.3%，创下新纪录，远高于20世纪70年代17.4%的高值。更重要的是，现房价格的涨幅比消费者价格指数中2%的非市场租金涨幅还要大十倍。</blockquote> <img src=\"https://static.tigerbbs.com/c179e15d15443cfe59d8083268bba4e7\" tg-width=\"779\" tg-height=\"475\"><blockquote></blockquote> Owners rent index accounts for nearly one-quarter of the overall consumer price index and a full one-third of the widely followed core index. Inserting actual house prices in place of the non-market rents would add roughly five percentage points to 4.2% headline and 3% core inflation readings.The last time the US consumer price inflation ran that high was during the 1978 to 1982 time frame.<blockquote>业主租金指数占整体消费者价格指数的近四分之一，占广受关注的核心指数的整整三分之一。用实际房价代替非市场租金将使4.2%的总体通胀率和3%的核心通胀率增加约5个百分点。美国消费者价格通胀上一次达到如此高的水平是在1978年至1982年期间。</blockquote> Just because reported inflation statistics no longer include actual house prices does not mean a rise in house price is not a sign of increased inflation and higher inflation expectations.If an increase in house prices is not inflation, then what is it?<blockquote>仅仅因为报告的通胀统计数据不再包括实际房价，并不意味着房价上涨不是通胀加剧和通胀预期上升的迹象。如果房价上涨不是通货膨胀，那是什么？</blockquote> One would think the current generation of policymakers would include house prices in their policy framework since it is an inflation-related outcome directly linked to monetary policy.<blockquote>人们可能会认为，当代政策制定者会将房价纳入他们的政策框架，因为这是与货币政策直接相关的通胀相关结果。</blockquote> Inflation cycles don't end well,and the odds of a bad outcome should be measurably higher when policymakers are unaware that monetary policy is fueling an unsustainable price cycle.<blockquote>通胀周期不会有好结果，当政策制定者没有意识到货币政策正在助长不可持续的价格周期时，出现糟糕结果的几率应该会高得多。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apples-to-Apples, Consumer Price Inflation Is Nearing 1970-Type Numbers<blockquote>总体而言，消费者价格通胀已接近1970年水平</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApples-to-Apples, Consumer Price Inflation Is Nearing 1970-Type Numbers<blockquote>总体而言，消费者价格通胀已接近1970年水平</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-24 07:30\n\n</h4>\n</header>\n<article>\nApples-to-apples, consumer price inflation nowadays is running close to the high inflation readings of the late 1970s.That should be a red flag for policymakers as monetary decisions are focused on actual outcomes, not forecasted. But reported inflation statistics do not show the 1970s inflation-style inflation because they no longer include actual house prices.<blockquote>总体而言，如今的消费者价格通胀已接近20世纪70年代末的高通胀读数。这对政策制定者来说应该是一个危险信号，因为货币决策关注的是实际结果，而不是预测结果但报告的通胀统计数据并没有显示出20世纪70年代通胀式的通胀，因为它们不再包括实际房价。</blockquote> The old consumer price index included house prices in measuring the owner's housing cost, whereas the present-day price index base owners' housing cost on an arbitrary, non-market rent measure. The only way to make a price series strictly comparable over time is to use the same measurement process.<blockquote>旧的消费者价格指数在衡量业主的住房成本时包括房价，而当今的价格指数则以任意的、非市场租金衡量标准为基础来衡量业主的住房成本。使价格系列在一段时间内具有严格可比性的唯一方法是使用相同的测量过程。</blockquote> In April, the median price for existing homes increased 20.3% in the past twelve months, a new record and far above the 1970s high-reading of 17.4%. More importantly, the increase in existing house prices is ten times greater than the 2% increase in non-market rents in the consumer price index.<blockquote>4月份，现房价格中位数在过去12个月中上涨了20.3%，创下新纪录，远高于20世纪70年代17.4%的高值。更重要的是，现房价格的涨幅比消费者价格指数中2%的非市场租金涨幅还要大十倍。</blockquote> <img src=\"https://static.tigerbbs.com/c179e15d15443cfe59d8083268bba4e7\" tg-width=\"779\" tg-height=\"475\"><blockquote></blockquote> Owners rent index accounts for nearly one-quarter of the overall consumer price index and a full one-third of the widely followed core index. Inserting actual house prices in place of the non-market rents would add roughly five percentage points to 4.2% headline and 3% core inflation readings.The last time the US consumer price inflation ran that high was during the 1978 to 1982 time frame.<blockquote>业主租金指数占整体消费者价格指数的近四分之一，占广受关注的核心指数的整整三分之一。用实际房价代替非市场租金将使4.2%的总体通胀率和3%的核心通胀率增加约5个百分点。美国消费者价格通胀上一次达到如此高的水平是在1978年至1982年期间。</blockquote> Just because reported inflation statistics no longer include actual house prices does not mean a rise in house price is not a sign of increased inflation and higher inflation expectations.If an increase in house prices is not inflation, then what is it?<blockquote>仅仅因为报告的通胀统计数据不再包括实际房价，并不意味着房价上涨不是通胀加剧和通胀预期上升的迹象。如果房价上涨不是通货膨胀，那是什么？</blockquote> One would think the current generation of policymakers would include house prices in their policy framework since it is an inflation-related outcome directly linked to monetary policy.<blockquote>人们可能会认为，当代政策制定者会将房价纳入他们的政策框架，因为这是与货币政策直接相关的通胀相关结果。</blockquote> Inflation cycles don't end well,and the odds of a bad outcome should be measurably higher when policymakers are unaware that monetary policy is fueling an unsustainable price cycle.<blockquote>通胀周期不会有好结果，当政策制定者没有意识到货币政策正在助长不可持续的价格周期时，出现糟糕结果的几率应该会高得多。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/economics/apples-apples-consumer-price-inflation-nearing-1970-type-numbers?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/economics/apples-apples-consumer-price-inflation-nearing-1970-type-numbers?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199458970","content_text":"Apples-to-apples, consumer price inflation nowadays is running close to the high inflation readings of the late 1970s.That should be a red flag for policymakers as monetary decisions are focused on actual outcomes, not forecasted. But reported inflation statistics do not show the 1970s inflation-style inflation because they no longer include actual house prices.\nThe old consumer price index included house prices in measuring the owner's housing cost, whereas the present-day price index base owners' housing cost on an arbitrary, non-market rent measure. The only way to make a price series strictly comparable over time is to use the same measurement process.\nIn April, the median price for existing homes increased 20.3% in the past twelve months, a new record and far above the 1970s high-reading of 17.4%. More importantly, the increase in existing house prices is ten times greater than the 2% increase in non-market rents in the consumer price index.\n\nOwners rent index accounts for nearly one-quarter of the overall consumer price index and a full one-third of the widely followed core index. Inserting actual house prices in place of the non-market rents would add roughly five percentage points to 4.2% headline and 3% core inflation readings.The last time the US consumer price inflation ran that high was during the 1978 to 1982 time frame.\nJust because reported inflation statistics no longer include actual house prices does not mean a rise in house price is not a sign of increased inflation and higher inflation expectations.If an increase in house prices is not inflation, then what is it?\nOne would think the current generation of policymakers would include house prices in their policy framework since it is an inflation-related outcome directly linked to monetary policy.\nInflation cycles don't end well,and the odds of a bad outcome should be measurably higher when policymakers are unaware that monetary policy is fueling an unsustainable price cycle.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":415,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":36,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/133748584"}