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2021-09-16
A relief to know, but still remain cautious.
Will high inflation kill the bull market in stocks? History says probably not<blockquote>高通胀会扼杀股市牛市吗？历史说可能不会</blockquote>
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History says probably not<blockquote>高通胀会扼杀股市牛市吗？历史说可能不会</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2167596281","media":"MarketWatch","summary":"Bulls should take comfort in falling Treasury yields after CPI reading: RenMac's deGraaf\nRest easy, ","content":"<p>Bulls should take comfort in falling Treasury yields after CPI reading: RenMac's deGraaf</p><p><blockquote>RenMac 的 deGraaf：CPI 读数后，多头应该对国债收益率下降感到安慰</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f32023f48de3e957dc2eeafa5c0826df\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Rest easy, big fella. Jeff J Mitchell/Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>放心吧，大家伙。杰夫·J·米切尔/盖蒂图片社</span></p></blockquote></p><p> U.S. inflation didn't run as hot as expected in August, but remains elevated and a source of worry for investors and policy makers. But by itself, a jump in inflation is hardly ever enough to derail a bull market in stocks, according to a top Wall Street technician.</p><p><blockquote>美国8月份通胀没有预期的那么强劲，但仍然很高，是投资者和政策制定者的担忧来源。但华尔街一位顶级技术人员表示，通胀飙升本身不足以破坏股市牛市。</blockquote></p><p> \"We can't find much evidence that spiking inflation figures are bearish for equities,\" said Jeff deGraaf, founder of Renaissance Macro Research, in a Wednesday note.</p><p><blockquote>Renaissance Macro Research 创始人杰夫·德格拉夫 (Jeff deGraaf) 在周三的一份报告中表示：“我们找不到太多证据表明通胀数据飙升不利于股市。”</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e2f0e509e61bdec3d6cb64f05375e301\" tg-width=\"700\" tg-height=\"559\" width=\"100%\" height=\"auto\"><span>Renaissance Macro Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>文艺复兴宏观研究</span></p></blockquote></p><p> In the note, which featured the chart above, deGraaf observed that inflation jumps \"do tend to push against returns when they force the Fed's hand to kill the growth cycle, but we know that's not happening here yet.\"</p><p><blockquote>在以上图为特色的说明中，德格拉夫观察到，通胀飙升“当它们迫使美联储扼杀增长周期时，确实往往会推高回报，但我们知道这种情况还没有发生。”</blockquote></p><p> The August consumer price index rose a less-than-expected 0.3% in August and that saw the year-over-year rate fall to a still-elevated 5.3% from 5.4%, the first such decline since October. The core rate, which excludes volatile food and energy costs, saw a 4% year-over-year rise versus 4.3% in July.</p><p><blockquote>8月份消费者价格指数上涨0.3%，低于预期，同比从5.4%降至5.3%，这是自10月份以来的首次下降。不包括波动较大的食品和能源成本的核心利率同比上涨 4%，而 7 月份为 4.3%。</blockquote></p><p> The drop was seen reinforcing the message from Federal Reserve Chairman Jerome Powell and other policy makers that rising inflation pressures were likely to prove \"transitory,\" though economists said signs of underlying inflation pressures still raised alarms.</p><p><blockquote>这一下降被视为强化了美联储主席杰罗姆·鲍威尔和其他政策制定者的信息，即通胀压力上升可能被证明是“暂时的”，尽管经济学家表示，潜在通胀压力的迹象仍然令人担忧。</blockquote></p><p> Meanwhile, long-dated Treasury yields declined following the CPI reading. While the data wasn't expected to alter the Fed's desire to begin scaling back its monthly bond purchases before year-end, analysts said the decline in yields reflected fading worries among bond investors that the Federal Reserve might be forced to raise interest rates by more than expected.</p><p><blockquote>与此同时，消费者物价指数（CPI）数据公布后，长期国债收益率下降。尽管预计这些数据不会改变美联储在年底前开始缩减每月债券购买规模的愿望，但分析师表示，收益率下降反映出债券投资者对美联储可能被迫加息的担忧正在减弱。超出预期。</blockquote></p><p> The yield on the 10-year Treasury note fell 4.7 basis points to 1.276% on Tuesday, its biggest <a href=\"https://laohu8.com/S/AONE.U\">one</a>-day decline since Aug. 13. The yield continued to edge lower Wednesday, trading at 1.275%.</p><p><blockquote>10年期国债收益率周二下跌4.7个基点至1.276%，创历史新高<a href=\"https://laohu8.com/S/AONE.U\">一</a>-自 8 月 13 日以来每天下降。周三收益率继续小幅走低，报1.275%。</blockquote></p><p> \"The response from 10-year yields should provide some real--time comfort to those concerned that inflation measures are about to go off the rails,\" deGraaf wrote. \"The fact remains that inflation expectations are a far better sentiment guide than they are a predictor of realized inflation.\"</p><p><blockquote>德格拉夫写道：“10年期国债收益率的反应应该会给那些担心通胀措施即将脱轨的人带来一些实时安慰。”“事实仍然是，通胀预期比实际通胀的预测指标更能作为情绪指引。”</blockquote></p><p> Stocks have stumbled in September, with the S&P 500 retreating 1.8% in the month to date and taking it 2.1% below its record finish earlier in the month. The Dow Jones Industrial Average is off 2.6% so far in September.</p><p><blockquote>9 月份股市下跌，标普500本月迄今下跌 1.8%，较本月初创纪录的收盘价下跌 2.1%。9 月份迄今为止，道琼斯工业平均指数下跌了 2.6%。</blockquote></p><p></p>","source":"lsy1603348471595","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>Will high inflation kill the bull market in stocks? History says probably not<blockquote>高通胀会扼杀股市牛市吗？历史说可能不会</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\">\nWill high inflation kill the bull market in stocks? History says probably not<blockquote>高通胀会扼杀股市牛市吗？历史说可能不会</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-15 22:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Bulls should take comfort in falling Treasury yields after CPI reading: RenMac's deGraaf</p><p><blockquote>RenMac 的 deGraaf：CPI 读数后，多头应该对国债收益率下降感到安慰</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f32023f48de3e957dc2eeafa5c0826df\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Rest easy, big fella. Jeff J Mitchell/Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>放心吧，大家伙。杰夫·J·米切尔/盖蒂图片社</span></p></blockquote></p><p> U.S. inflation didn't run as hot as expected in August, but remains elevated and a source of worry for investors and policy makers. But by itself, a jump in inflation is hardly ever enough to derail a bull market in stocks, according to a top Wall Street technician.</p><p><blockquote>美国8月份通胀没有预期的那么强劲，但仍然很高，是投资者和政策制定者的担忧来源。但华尔街一位顶级技术人员表示，通胀飙升本身不足以破坏股市牛市。</blockquote></p><p> \"We can't find much evidence that spiking inflation figures are bearish for equities,\" said Jeff deGraaf, founder of Renaissance Macro Research, in a Wednesday note.</p><p><blockquote>Renaissance Macro Research 创始人杰夫·德格拉夫 (Jeff deGraaf) 在周三的一份报告中表示：“我们找不到太多证据表明通胀数据飙升不利于股市。”</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e2f0e509e61bdec3d6cb64f05375e301\" tg-width=\"700\" tg-height=\"559\" width=\"100%\" height=\"auto\"><span>Renaissance Macro Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>文艺复兴宏观研究</span></p></blockquote></p><p> In the note, which featured the chart above, deGraaf observed that inflation jumps \"do tend to push against returns when they force the Fed's hand to kill the growth cycle, but we know that's not happening here yet.\"</p><p><blockquote>在以上图为特色的说明中，德格拉夫观察到，通胀飙升“当它们迫使美联储扼杀增长周期时，确实往往会推高回报，但我们知道这种情况还没有发生。”</blockquote></p><p> The August consumer price index rose a less-than-expected 0.3% in August and that saw the year-over-year rate fall to a still-elevated 5.3% from 5.4%, the first such decline since October. The core rate, which excludes volatile food and energy costs, saw a 4% year-over-year rise versus 4.3% in July.</p><p><blockquote>8月份消费者价格指数上涨0.3%，低于预期，同比从5.4%降至5.3%，这是自10月份以来的首次下降。不包括波动较大的食品和能源成本的核心利率同比上涨 4%，而 7 月份为 4.3%。</blockquote></p><p> The drop was seen reinforcing the message from Federal Reserve Chairman Jerome Powell and other policy makers that rising inflation pressures were likely to prove \"transitory,\" though economists said signs of underlying inflation pressures still raised alarms.</p><p><blockquote>这一下降被视为强化了美联储主席杰罗姆·鲍威尔和其他政策制定者的信息，即通胀压力上升可能被证明是“暂时的”，尽管经济学家表示，潜在通胀压力的迹象仍然令人担忧。</blockquote></p><p> Meanwhile, long-dated Treasury yields declined following the CPI reading. While the data wasn't expected to alter the Fed's desire to begin scaling back its monthly bond purchases before year-end, analysts said the decline in yields reflected fading worries among bond investors that the Federal Reserve might be forced to raise interest rates by more than expected.</p><p><blockquote>与此同时，消费者物价指数（CPI）数据公布后，长期国债收益率下降。尽管预计这些数据不会改变美联储在年底前开始缩减每月债券购买规模的愿望，但分析师表示，收益率下降反映出债券投资者对美联储可能被迫加息的担忧正在减弱。超出预期。</blockquote></p><p> The yield on the 10-year Treasury note fell 4.7 basis points to 1.276% on Tuesday, its biggest <a href=\"https://laohu8.com/S/AONE.U\">one</a>-day decline since Aug. 13. The yield continued to edge lower Wednesday, trading at 1.275%.</p><p><blockquote>10年期国债收益率周二下跌4.7个基点至1.276%，创历史新高<a href=\"https://laohu8.com/S/AONE.U\">一</a>-自 8 月 13 日以来每天下降。周三收益率继续小幅走低，报1.275%。</blockquote></p><p> \"The response from 10-year yields should provide some real--time comfort to those concerned that inflation measures are about to go off the rails,\" deGraaf wrote. \"The fact remains that inflation expectations are a far better sentiment guide than they are a predictor of realized inflation.\"</p><p><blockquote>德格拉夫写道：“10年期国债收益率的反应应该会给那些担心通胀措施即将脱轨的人带来一些实时安慰。”“事实仍然是，通胀预期比实际通胀的预测指标更能作为情绪指引。”</blockquote></p><p> Stocks have stumbled in September, with the S&P 500 retreating 1.8% in the month to date and taking it 2.1% below its record finish earlier in the month. The Dow Jones Industrial Average is off 2.6% so far in September.</p><p><blockquote>9 月份股市下跌，标普500本月迄今下跌 1.8%，较本月初创纪录的收盘价下跌 2.1%。9 月份迄今为止，道琼斯工业平均指数下跌了 2.6%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/will-high-inflation-kill-the-bull-market-in-stocks-history-says-probably-not-11631711547?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/will-high-inflation-kill-the-bull-market-in-stocks-history-says-probably-not-11631711547?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2167596281","content_text":"Bulls should take comfort in falling Treasury yields after CPI reading: RenMac's deGraaf\nRest easy, big fella. Jeff J Mitchell/Getty Images\nU.S. inflation didn't run as hot as expected in August, but remains elevated and a source of worry for investors and policy makers. But by itself, a jump in inflation is hardly ever enough to derail a bull market in stocks, according to a top Wall Street technician.\n\"We can't find much evidence that spiking inflation figures are bearish for equities,\" said Jeff deGraaf, founder of Renaissance Macro Research, in a Wednesday note.\nRenaissance Macro Research\nIn the note, which featured the chart above, deGraaf observed that inflation jumps \"do tend to push against returns when they force the Fed's hand to kill the growth cycle, but we know that's not happening here yet.\"\nThe August consumer price index rose a less-than-expected 0.3% in August and that saw the year-over-year rate fall to a still-elevated 5.3% from 5.4%, the first such decline since October. The core rate, which excludes volatile food and energy costs, saw a 4% year-over-year rise versus 4.3% in July.\nThe drop was seen reinforcing the message from Federal Reserve Chairman Jerome Powell and other policy makers that rising inflation pressures were likely to prove \"transitory,\" though economists said signs of underlying inflation pressures still raised alarms.\nMeanwhile, long-dated Treasury yields declined following the CPI reading. While the data wasn't expected to alter the Fed's desire to begin scaling back its monthly bond purchases before year-end, analysts said the decline in yields reflected fading worries among bond investors that the Federal Reserve might be forced to raise interest rates by more than expected.\nThe yield on the 10-year Treasury note fell 4.7 basis points to 1.276% on Tuesday, its biggest one-day decline since Aug. 13. The yield continued to edge lower Wednesday, trading at 1.275%.\n\"The response from 10-year yields should provide some real--time comfort to those concerned that inflation measures are about to go off the rails,\" deGraaf wrote. \"The fact remains that inflation expectations are a far better sentiment guide than they are a predictor of realized inflation.\"\nStocks have stumbled in September, with the S&P 500 retreating 1.8% in the month to date and taking it 2.1% below its record finish earlier in the month. The Dow Jones Industrial Average is off 2.6% so far in September.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":982,"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":37,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/882763167"}
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