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2021-11-15

Wall Street dancing to real yield tune amid inflation mood music: McGeever<blockquote>麦吉弗：华尔街在通胀情绪音乐中与实际收益率共舞</blockquote>

The specter of higher inflation, interest rates and bond yields usually spells trouble for stocks. B

Wall Street dancing to real yield tune amid inflation mood music: McGeever<blockquote>麦吉弗：华尔街在通胀情绪音乐中与实际收益率共舞</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":873510497,"tweetId":"873510497","gmtCreate":1636959313816,"gmtModify":1636959313942,"author":{"id":3579998898288031,"idStr":"3579998898288031","authorId":3579998898288031,"authorIdStr":"3579998898288031","name":"MamaLee","avatar":"https://static.tigerbbs.com/3b65143242ad70cd231ddce7436fdb25","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":25,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Ok</body></html>","htmlText":"<html><head></head><body>Ok</body></html>","text":"Ok","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/873510497","repostId":1193066092,"repostType":4,"repost":{"id":"1193066092","kind":"news","pubTimestamp":1636958608,"share":"https://www.laohu8.com/m/news/1193066092?lang=zh_CN&edition=full","pubTime":"2021-11-15 14:43","market":"us","language":"en","title":"Wall Street dancing to real yield tune amid inflation mood music: McGeever<blockquote>麦吉弗：华尔街在通胀情绪音乐中与实际收益率共舞</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193066092","media":"Reuters","summary":"The specter of higher inflation, interest rates and bond yields usually spells trouble for stocks. B","content":"The specter of higher inflation, interest rates and bond yields usually spells trouble for stocks. But Wall Street continues to scale new peaks, driven by the increasingly entrenched phenomenon of sub-zero real yields.<blockquote>通胀、利率和债券收益率上升的幽灵通常会给股市带来麻烦。但在实际收益率低于零的现象日益根深蒂固的推动下，华尔街继续创下新高。</blockquote> The inverse relationship between the fall in U.S. Treasury Inflation-Protected Securities' 'real' yields to record lows and major U.S. equity indexes grinding to new highs has strengthened substantially in the last six months.<blockquote>过去六个月，美国国债通胀保值证券的“实际”收益率跌至历史低点与美国主要股指创下新高之间的反比关系大幅加强。</blockquote> It has been one of the few constants as Wall Street has hurdled several obstacles it might normally stumble on: historically high inflation and inflation expectations; the Fed tapering and preparing to raise rates; spiking bond market volatility; flattening and even inverted yield curves.<blockquote>这是为数不多的常数之一，因为华尔街已经克服了通常可能会遇到的几个障碍：历史高位的通胀和通胀预期；美联储缩减规模并准备加息；债券市场波动加剧；收益率曲线变平甚至倒挂。</blockquote> Long-held priors about these relationships are being questioned, and the stakes could not be higher: U.S. inflation is the hottest in over 30 years, the Fed still thinks it is \"transitory\", but pressure on policymakers is intensifying.<blockquote>关于这些关系的长期先例正在受到质疑，风险再高不过了：美国通胀是30多年来最热的，美联储仍然认为这是“暂时的”，但政策制定者面临的压力正在加剧。</blockquote> There are bumps in the road, but equity markets march on. Low long-term bond yields lower the discount rate that's used to value companies' future cash flows in today's stock price - any backup in the discount rate redraws the map for equity along with the damage from related tightening of credit.<blockquote>道路上有坎坷，但股市仍在继续前进。较低的长期债券收益率降低了当今股价中用于评估公司未来现金流的贴现率——贴现率的任何支持都会重新绘制股权地图以及相关信贷紧缩造成的损害。</blockquote> While real yields may push back higher as central banks prepare to tighten, few see them turning positive for a long time.<blockquote>尽管随着各国央行准备收紧政策，实际收益率可能会推高，但很少有人认为它们会在很长一段时间内转为正值。</blockquote> Gargi Chaudhuri, head of iShares investment strategy at Blackrock, says we are in a \"new environment\" in which the old assumptions that rising interest rates and nominal bond yields are bad for equities has to be challenged.<blockquote>贝莱德iShares投资策略主管Gargi Chaudhuri表示，我们正处于一个“新环境”，在这个环境中，利率和名义债券收益率上升对股市不利的旧假设必须受到挑战。</blockquote> \"More importantly for equities, real yields will become a problem if they enter restrictive territory,\" she says, adding that this is unlikely to happen for two to three years.<blockquote>她表示：“对股市来说更重要的是，如果股市进入限制性区域，实际收益率将成为一个问题。”她补充说，这种情况在两到三年内不太可能发生。</blockquote> Meghan Swiber, rates strategist at Bank of America, reckons 10-year real yields could remain negative for around 10 years. Analysts at Morgan Stanley published a similar forecast earlier this year.<blockquote>美国银行利率策略师Meghan Swiber认为，10年期实际收益率可能会在10年内保持负值。摩根士丹利的分析师今年早些时候也发表了类似的预测。</blockquote> FADE AWAY<blockquote>逐渐消失</blockquote> Inflation-adjusted yields on TIPS have diverged from yields on conventional Treasury bonds in recent months. The difference between the two, the 'breakeven' rate and a closely-watched measure of inflation expectations, has risen sharply.<blockquote>近几个月来，经通胀调整的TIPS收益率与传统国债收益率出现分化。“盈亏平衡”率和备受关注的通胀预期指标两者之间的差异大幅上升。</blockquote> The fall in real yields is in some ways unsurprising, given the scramble from investors for inflation protection. In fixed income, TIPS and related investment vehicles such as TIPS exchange-traded funds, are in huge demand.<blockquote>考虑到投资者对通胀保护的争夺，实际收益率的下降在某些方面并不令人意外。在固定收益领域，TIPS和相关投资工具（例如TIPS交易所交易基金）的需求巨大。</blockquote> The 10-year U.S. TIPS yield has been deeply negative all year. After a notable rise at the end of the first quarter, it has slumped back, hitting a new low of -1.24% this week. Although still low by historical standards, the nominal 10-year yield has risen 65 basis points this year.<blockquote>美国10年期TIPS收益率全年均为负值。在一季度末明显上涨后，有所回落，本周创下-1.24%的新低。尽管以历史标准衡量仍处于低位，但10年期名义收益率今年已上涨65个基点。</blockquote> Strategists at Blackrock and Bank of America both say demand for TIPS ETFs has been \"incredible\", from investors wanting a short-term inflation hedge and others adding inflation protection into their longer-term asset allocation strategy.<blockquote>贝莱德和美国银行的策略师都表示，对TIPS ETF的需求“令人难以置信”，投资者希望进行短期通胀对冲，而其他人则将通胀保护纳入其长期资产配置策略。</blockquote> To the extent that real rates stay negative, growth remains above trend, consumer spending holds up and companies are able to pass on higher costs to their customers, equities could continue to perform reasonably well.<blockquote>如果实际利率保持为负、经济增长仍高于趋势水平、消费者支出保持稳定以及企业能够将更高的成本转嫁给客户，股市可能会继续表现相当好。</blockquote> The S&amp;P 500 has made 65 new all-time highs in calendar year 2021, the second most ever and only 12 away from the record of 77 set in 1995.<blockquote>标普500在2021日历年创下了65项历史新高，是有史以来第二多的，距离1995年创下的77项纪录仅差12项。</blockquote> Third quarter earnings were solid: 80% of S&amp;P 500 companies beat forecasts, with that rising to 93% for the tech sector. Valuations are still high, but don't appear to be prohibitively so just yet.<blockquote>第三季度盈利稳健：80%的标普500公司超出预期，其中科技行业这一比例上升至93%。估值仍然很高，但似乎还没有高得令人望而却步。</blockquote> Markets may be entering a critical period though if the Fed struggles to convince investors - and even itself - that it can wait until its taper schedule is over around the middle of next year before raising rates.<blockquote>不过，如果美联储努力让投资者——甚至是自己——相信可以等到明年年中左右缩减计划结束后再加息，市场可能会进入一个关键时期。</blockquote> And TIPS are expensive. Can real yields really go any more negative? Maybe, if Britain is any guide. The 10-year inflation-linked gilt yield is below -3.0% and has been sub-zero for a decade.<blockquote>而且小费很贵。实际收益率真的会变得更负吗？也许吧，如果英国是一个向导的话。与通胀挂钩的10年期英国国债收益率低于-3.0%，十年来一直低于零。</blockquote> Oliver Allen, markets economist at Capital Economics, believes real yields' sway over Wall Street will gradually fade as elevated inflation forces the Fed to tighten policy in real terms.<blockquote>凯投宏观(Capital Economics)市场经济学家奥利弗·艾伦(Oliver Allen)认为，随着通胀上升迫使美联储收紧实际政策，实际收益率对华尔街的影响力将逐渐减弱。</blockquote> \"The tailwind of falling real yields turning into a modest headwind is one reason why we think U.S. equities will struggle to make gains over the next couple of years,\" Allen says.<blockquote>艾伦表示：“实际收益率下降的顺风变成了温和的阻力，这是我们认为美国股市在未来几年将难以上涨的原因之一。”</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>Wall Street dancing to real yield tune amid inflation mood music: McGeever<blockquote>麦吉弗：华尔街在通胀情绪音乐中与实际收益率共舞</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\">\nWall Street dancing to real yield tune amid inflation mood music: McGeever<blockquote>麦吉弗：华尔街在通胀情绪音乐中与实际收益率共舞</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nReuters2021-11-15 14:43\n\n</h4>\n</header>\n<article>\nThe specter of higher inflation, interest rates and bond yields usually spells trouble for stocks. But Wall Street continues to scale new peaks, driven by the increasingly entrenched phenomenon of sub-zero real yields.<blockquote>通胀、利率和债券收益率上升的幽灵通常会给股市带来麻烦。但在实际收益率低于零的现象日益根深蒂固的推动下，华尔街继续创下新高。</blockquote> The inverse relationship between the fall in U.S. Treasury Inflation-Protected Securities' 'real' yields to record lows and major U.S. equity indexes grinding to new highs has strengthened substantially in the last six months.<blockquote>过去六个月，美国国债通胀保值证券的“实际”收益率跌至历史低点与美国主要股指创下新高之间的反比关系大幅加强。</blockquote> It has been one of the few constants as Wall Street has hurdled several obstacles it might normally stumble on: historically high inflation and inflation expectations; the Fed tapering and preparing to raise rates; spiking bond market volatility; flattening and even inverted yield curves.<blockquote>这是为数不多的常数之一，因为华尔街已经克服了通常可能会遇到的几个障碍：历史高位的通胀和通胀预期；美联储缩减规模并准备加息；债券市场波动加剧；收益率曲线变平甚至倒挂。</blockquote> Long-held priors about these relationships are being questioned, and the stakes could not be higher: U.S. inflation is the hottest in over 30 years, the Fed still thinks it is \"transitory\", but pressure on policymakers is intensifying.<blockquote>关于这些关系的长期先例正在受到质疑，风险再高不过了：美国通胀是30多年来最热的，美联储仍然认为这是“暂时的”，但政策制定者面临的压力正在加剧。</blockquote> There are bumps in the road, but equity markets march on. Low long-term bond yields lower the discount rate that's used to value companies' future cash flows in today's stock price - any backup in the discount rate redraws the map for equity along with the damage from related tightening of credit.<blockquote>道路上有坎坷，但股市仍在继续前进。较低的长期债券收益率降低了当今股价中用于评估公司未来现金流的贴现率——贴现率的任何支持都会重新绘制股权地图以及相关信贷紧缩造成的损害。</blockquote> While real yields may push back higher as central banks prepare to tighten, few see them turning positive for a long time.<blockquote>尽管随着各国央行准备收紧政策，实际收益率可能会推高，但很少有人认为它们会在很长一段时间内转为正值。</blockquote> Gargi Chaudhuri, head of iShares investment strategy at Blackrock, says we are in a \"new environment\" in which the old assumptions that rising interest rates and nominal bond yields are bad for equities has to be challenged.<blockquote>贝莱德iShares投资策略主管Gargi Chaudhuri表示，我们正处于一个“新环境”，在这个环境中，利率和名义债券收益率上升对股市不利的旧假设必须受到挑战。</blockquote> \"More importantly for equities, real yields will become a problem if they enter restrictive territory,\" she says, adding that this is unlikely to happen for two to three years.<blockquote>她表示：“对股市来说更重要的是，如果股市进入限制性区域，实际收益率将成为一个问题。”她补充说，这种情况在两到三年内不太可能发生。</blockquote> Meghan Swiber, rates strategist at Bank of America, reckons 10-year real yields could remain negative for around 10 years. Analysts at Morgan Stanley published a similar forecast earlier this year.<blockquote>美国银行利率策略师Meghan Swiber认为，10年期实际收益率可能会在10年内保持负值。摩根士丹利的分析师今年早些时候也发表了类似的预测。</blockquote> FADE AWAY<blockquote>逐渐消失</blockquote> Inflation-adjusted yields on TIPS have diverged from yields on conventional Treasury bonds in recent months. The difference between the two, the 'breakeven' rate and a closely-watched measure of inflation expectations, has risen sharply.<blockquote>近几个月来，经通胀调整的TIPS收益率与传统国债收益率出现分化。“盈亏平衡”率和备受关注的通胀预期指标两者之间的差异大幅上升。</blockquote> The fall in real yields is in some ways unsurprising, given the scramble from investors for inflation protection. In fixed income, TIPS and related investment vehicles such as TIPS exchange-traded funds, are in huge demand.<blockquote>考虑到投资者对通胀保护的争夺，实际收益率的下降在某些方面并不令人意外。在固定收益领域，TIPS和相关投资工具（例如TIPS交易所交易基金）的需求巨大。</blockquote> The 10-year U.S. TIPS yield has been deeply negative all year. After a notable rise at the end of the first quarter, it has slumped back, hitting a new low of -1.24% this week. Although still low by historical standards, the nominal 10-year yield has risen 65 basis points this year.<blockquote>美国10年期TIPS收益率全年均为负值。在一季度末明显上涨后，有所回落，本周创下-1.24%的新低。尽管以历史标准衡量仍处于低位，但10年期名义收益率今年已上涨65个基点。</blockquote> Strategists at Blackrock and Bank of America both say demand for TIPS ETFs has been \"incredible\", from investors wanting a short-term inflation hedge and others adding inflation protection into their longer-term asset allocation strategy.<blockquote>贝莱德和美国银行的策略师都表示，对TIPS ETF的需求“令人难以置信”，投资者希望进行短期通胀对冲，而其他人则将通胀保护纳入其长期资产配置策略。</blockquote> To the extent that real rates stay negative, growth remains above trend, consumer spending holds up and companies are able to pass on higher costs to their customers, equities could continue to perform reasonably well.<blockquote>如果实际利率保持为负、经济增长仍高于趋势水平、消费者支出保持稳定以及企业能够将更高的成本转嫁给客户，股市可能会继续表现相当好。</blockquote> The S&amp;P 500 has made 65 new all-time highs in calendar year 2021, the second most ever and only 12 away from the record of 77 set in 1995.<blockquote>标普500在2021日历年创下了65项历史新高，是有史以来第二多的，距离1995年创下的77项纪录仅差12项。</blockquote> Third quarter earnings were solid: 80% of S&amp;P 500 companies beat forecasts, with that rising to 93% for the tech sector. Valuations are still high, but don't appear to be prohibitively so just yet.<blockquote>第三季度盈利稳健：80%的标普500公司超出预期，其中科技行业这一比例上升至93%。估值仍然很高，但似乎还没有高得令人望而却步。</blockquote> Markets may be entering a critical period though if the Fed struggles to convince investors - and even itself - that it can wait until its taper schedule is over around the middle of next year before raising rates.<blockquote>不过，如果美联储努力让投资者——甚至是自己——相信可以等到明年年中左右缩减计划结束后再加息，市场可能会进入一个关键时期。</blockquote> And TIPS are expensive. Can real yields really go any more negative? Maybe, if Britain is any guide. The 10-year inflation-linked gilt yield is below -3.0% and has been sub-zero for a decade.<blockquote>而且小费很贵。实际收益率真的会变得更负吗？也许吧，如果英国是一个向导的话。与通胀挂钩的10年期英国国债收益率低于-3.0%，十年来一直低于零。</blockquote> Oliver Allen, markets economist at Capital Economics, believes real yields' sway over Wall Street will gradually fade as elevated inflation forces the Fed to tighten policy in real terms.<blockquote>凯投宏观(Capital Economics)市场经济学家奥利弗·艾伦(Oliver Allen)认为，随着通胀上升迫使美联储收紧实际政策，实际收益率对华尔街的影响力将逐渐减弱。</blockquote> \"The tailwind of falling real yields turning into a modest headwind is one reason why we think U.S. equities will struggle to make gains over the next couple of years,\" Allen says.<blockquote>艾伦表示：“实际收益率下降的顺风变成了温和的阻力，这是我们认为美国股市在未来几年将难以上涨的原因之一。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://finance.yahoo.com/news/rpt-column-wall-street-dancing-060000548.html\">Reuters</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":{"BX":"黑石","BAC":"美国银行"},"source_url":"https://finance.yahoo.com/news/rpt-column-wall-street-dancing-060000548.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193066092","content_text":"The specter of higher inflation, interest rates and bond yields usually spells trouble for stocks. But Wall Street continues to scale new peaks, driven by the increasingly entrenched phenomenon of sub-zero real yields.\nThe inverse relationship between the fall in U.S. Treasury Inflation-Protected Securities' 'real' yields to record lows and major U.S. equity indexes grinding to new highs has strengthened substantially in the last six months.\nIt has been one of the few constants as Wall Street has hurdled several obstacles it might normally stumble on: historically high inflation and inflation expectations; the Fed tapering and preparing to raise rates; spiking bond market volatility; flattening and even inverted yield curves.\nLong-held priors about these relationships are being questioned, and the stakes could not be higher: U.S. inflation is the hottest in over 30 years, the Fed still thinks it is \"transitory\", but pressure on policymakers is intensifying.\nThere are bumps in the road, but equity markets march on. Low long-term bond yields lower the discount rate that's used to value companies' future cash flows in today's stock price - any backup in the discount rate redraws the map for equity along with the damage from related tightening of credit.\nWhile real yields may push back higher as central banks prepare to tighten, few see them turning positive for a long time.\nGargi Chaudhuri, head of iShares investment strategy at Blackrock, says we are in a \"new environment\" in which the old assumptions that rising interest rates and nominal bond yields are bad for equities has to be challenged.\n\"More importantly for equities, real yields will become a problem if they enter restrictive territory,\" she says, adding that this is unlikely to happen for two to three years.\nMeghan Swiber, rates strategist at Bank of America, reckons 10-year real yields could remain negative for around 10 years. Analysts at Morgan Stanley published a similar forecast earlier this year.\nFADE AWAY\nInflation-adjusted yields on TIPS have diverged from yields on conventional Treasury bonds in recent months. The difference between the two, the 'breakeven' rate and a closely-watched measure of inflation expectations, has risen sharply.\nThe fall in real yields is in some ways unsurprising, given the scramble from investors for inflation protection. In fixed income, TIPS and related investment vehicles such as TIPS exchange-traded funds, are in huge demand.\nThe 10-year U.S. TIPS yield has been deeply negative all year. After a notable rise at the end of the first quarter, it has slumped back, hitting a new low of -1.24% this week. Although still low by historical standards, the nominal 10-year yield has risen 65 basis points this year.\nStrategists at Blackrock and Bank of America both say demand for TIPS ETFs has been \"incredible\", from investors wanting a short-term inflation hedge and others adding inflation protection into their longer-term asset allocation strategy.\nTo the extent that real rates stay negative, growth remains above trend, consumer spending holds up and companies are able to pass on higher costs to their customers, equities could continue to perform reasonably well.\nThe S&P 500 has made 65 new all-time highs in calendar year 2021, the second most ever and only 12 away from the record of 77 set in 1995.\nThird quarter earnings were solid: 80% of S&P 500 companies beat forecasts, with that rising to 93% for the tech sector. Valuations are still high, but don't appear to be prohibitively so just yet.\nMarkets may be entering a critical period though if the Fed struggles to convince investors - and even itself - that it can wait until its taper schedule is over around the middle of next year before raising rates.\nAnd TIPS are expensive. Can real yields really go any more negative? Maybe, if Britain is any guide. The 10-year inflation-linked gilt yield is below -3.0% and has been sub-zero for a decade.\nOliver Allen, markets economist at Capital Economics, believes real yields' sway over Wall Street will gradually fade as elevated inflation forces the Fed to tighten policy in real terms.\n\"The tailwind of falling real yields turning into a modest headwind is one reason why we think U.S. equities will struggle to make gains over the next couple of years,\" Allen says.","news_type":1,"symbols_score_info":{"BX":0.9,"BAC":0.9}},"isVote":1,"tweetType":1,"viewCount":2335,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}

Wall Street dancing to real yield tune amid inflation mood music: McGeever<blockquote>麦吉弗：华尔街在通胀情绪音乐中与实际收益率共舞</blockquote>

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