Will high inflation kill the bull market in stocks? History says probably not

MarketWatch2021-09-15

Bulls should take comfort in falling Treasury yields after CPI reading: RenMac's deGraaf Rest easy, big fella. Jeff J Mitchell/Getty Images U.S. inflation didn't run as hot as expected in August, but ...

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_Shins
2021-09-16
_Shins
Like
Nevstar
2021-09-16
Nevstar
Like pls[财迷]
andrew123
2021-09-16
andrew123
Like n comment
Fayna
2021-09-16
Fayna
A relief to know, but still remain cautious.
- 79e89ab4:
  Hi

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Jeff J Mitchell/Getty Images\nU.S. inflation didn't run as hot as expected in August, but ...\n\n<a href=\"https://www.marketwatch.com/story/will-high-inflation-kill-the-bull-market-in-stocks-history-says-probably-not-11631711547?mod=home-page\">网页链接</a>\n\n</div>\n","source":"lsy1603348471595","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</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-15 22:51 GMT+8&nbsp;&nbsp;&nbsp;<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>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nBulls 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 ...\n\n<a href=\"https://www.marketwatch.com/story/will-high-inflation-kill-the-bull-market-in-stocks-history-says-probably-not-11631711547?mod=home-page\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":".SPX","symbol_name":"S&P 500 Index","start_time":0,"source_url":"https://www.marketwatch.com/story/will-high-inflation-kill-the-bull-market-in-stocks-history-says-probably-not-11631711547?mod=home-page","article_id":"2167596281","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2167596281","pubTimestamp":1631717501,"columns":[],"sourceInfo":{"source_id":"lsy1603348471595","name":"MarketWatch"},"weMediaInfo":null,"summary":"Bulls should take comfort in falling Treasury yields after CPI reading: RenMac's deGraaf\nRest easy, ","collect":0,"end_time":0,"defaultTopTitle":"marketwatch.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"translate_title":"高通胀会扼杀股票牛市吗？历史上说可能不是","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9},"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.","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":885988570,"gmtCreate":1631751305290,"gmtModify":1631890893676,"author":{"id":"4093867056999920","authorId":"4093867056999920","name":"_Shins","avatar":"https://static.tigerbbs.com/406fc97ed0d96fb058e5fe21cbcfd212","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"4093867056999920","idStr":"4093867056999920"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/885988570","repostId":2167596281,"repostType":4,"repost":{"id":"2167596281","kind":"highlight","pubTimestamp":1631717501,"share":"https://www.laohu8.com/m/news/2167596281?lang=zh_CN&edition=full","pubTime":"2021-09-15 22:51","market":"us","language":"en","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？历史表明可能不会</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":"Bulls should take comfort in falling Treasury yields after CPI reading: RenMac's deGraaf<blockquote>RenMac的deGraaf：CPI数据公布后，多头应该对国债收益率下降感到欣慰</blockquote> <img src=\"https://static.tigerbbs.com/f32023f48de3e957dc2eeafa5c0826df\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\">Rest easy, big fella. Jeff J Mitchell/Getty Images<blockquote>放心吧，大家伙。杰夫·J·米切尔/盖蒂图片社</blockquote> 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.<blockquote>美国8月份通胀没有预期那么高，但仍然很高，令投资者和政策制定者担忧。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> \"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.<blockquote>文艺复兴宏观研究公司创始人杰夫·德格拉夫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对股市不利。”</blockquote> <img src=\"https://static.tigerbbs.com/e2f0e509e61bdec3d6cb64f05375e301\" tg-width=\"700\" tg-height=\"559\" width=\"100%\" height=\"auto\">Renaissance Macro Research<blockquote>文艺复兴宏观研究</blockquote> 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.\"<blockquote>在以上图为特色的报告中，德格拉夫观察到，通胀跃升“当迫使美联储出手扼杀增长周期时，确实会抑制回报，但我们知道这种情况还没有发生。”</blockquote> 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.<blockquote>8月份消费者价格指数上涨0.3%，低于预期，同比涨幅从5.4%降至5.3%，这是自10月份以来首次出现此类下降。核心利率（不包括波动较大的食品和能源成本）同比上涨4%，而7月份为4.3%。</blockquote> 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.<blockquote>这一下降被认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会被证明是“暂时的”，尽管经济学家表示，潜在通胀压力的迹象仍然敲响了警钟。</blockquote> 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.<blockquote>与此同时，长期国债收益率在CPI数据公布后下降。虽然预计该数据不会改变美联储在年底前开始缩减月度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幅度超过预期的担忧正在消退。</blockquote> 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%.<blockquote>10年期美国国债收益率周二下跌4.7个基点至1.276%，创下最大<a href=\"https://laohu8.com/S/AONE.U\">一</a>-自8月13日以来的单日下跌。周三收益率继续小幅走低，报1.275%。</blockquote> \"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.\"<blockquote>deGraaf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，通胀预期是一种比实际通胀预测更好的情绪指引。”</blockquote> Stocks have stumbled in September, with the S&amp;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.<blockquote>9月份股市暴跌，标普500本月迄今下跌1.8%，比本月早些时候的创纪录收盘价低2.1%。9月份迄今为止，道琼斯工业平均指数已下跌2.6%。</blockquote>","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？历史表明可能不会</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？历史表明可能不会</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-09-15 22:51\n\n</h4>\n</header>\n<article>\nBulls should take comfort in falling Treasury yields after CPI reading: RenMac's deGraaf<blockquote>RenMac的deGraaf：CPI数据公布后，多头应该对国债收益率下降感到欣慰</blockquote> <img src=\"https://static.tigerbbs.com/f32023f48de3e957dc2eeafa5c0826df\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\">Rest easy, big fella. Jeff J Mitchell/Getty Images<blockquote>放心吧，大家伙。杰夫·J·米切尔/盖蒂图片社</blockquote> 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.<blockquote>美国8月份通胀没有预期那么高，但仍然很高，令投资者和政策制定者担忧。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> \"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.<blockquote>文艺复兴宏观研究公司创始人杰夫·德格拉夫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对股市不利。”</blockquote> <img src=\"https://static.tigerbbs.com/e2f0e509e61bdec3d6cb64f05375e301\" tg-width=\"700\" tg-height=\"559\" width=\"100%\" height=\"auto\">Renaissance Macro Research<blockquote>文艺复兴宏观研究</blockquote> 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.\"<blockquote>在以上图为特色的报告中，德格拉夫观察到，通胀跃升“当迫使美联储出手扼杀增长周期时，确实会抑制回报，但我们知道这种情况还没有发生。”</blockquote> 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.<blockquote>8月份消费者价格指数上涨0.3%，低于预期，同比涨幅从5.4%降至5.3%，这是自10月份以来首次出现此类下降。核心利率（不包括波动较大的食品和能源成本）同比上涨4%，而7月份为4.3%。</blockquote> 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.<blockquote>这一下降被认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会被证明是“暂时的”，尽管经济学家表示，潜在通胀压力的迹象仍然敲响了警钟。</blockquote> 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.<blockquote>与此同时，长期国债收益率在CPI数据公布后下降。虽然预计该数据不会改变美联储在年底前开始缩减月度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幅度超过预期的担忧正在消退。</blockquote> 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%.<blockquote>10年期美国国债收益率周二下跌4.7个基点至1.276%，创下最大<a href=\"https://laohu8.com/S/AONE.U\">一</a>-自8月13日以来的单日下跌。周三收益率继续小幅走低，报1.275%。</blockquote> \"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.\"<blockquote>deGraaf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，通胀预期是一种比实际通胀预测更好的情绪指引。”</blockquote> Stocks have stumbled in September, with the S&amp;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.<blockquote>9月份股市暴跌，标普500本月迄今下跌1.8%，比本月早些时候的创纪录收盘价低2.1%。9月份迄今为止，道琼斯工业平均指数已下跌2.6%。</blockquote>\n<div class=\"bt-text\">\n\n\n 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>\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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"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":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":885022976,"gmtCreate":1631747343795,"gmtModify":1631883717333,"author":{"id":"3582459988054864","authorId":"3582459988054864","name":"Nevstar","avatar":"https://static.tigerbbs.com/c898e737b1498464bc1186d62dba484b","vip":1,"crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3582459988054864","idStr":"3582459988054864"},"htmlText":"Like pls[财迷]&nbsp;","listText":"Like pls[财迷]&nbsp;","text":"Like pls[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/885022976","repostId":2167596281,"repostType":4,"repost":{"id":"2167596281","kind":"highlight","pubTimestamp":1631717501,"share":"https://www.laohu8.com/m/news/2167596281?lang=zh_CN&edition=full","pubTime":"2021-09-15 22:51","market":"us","language":"en","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？历史表明可能不会</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":"Bulls should take comfort in falling Treasury yields after CPI reading: RenMac's deGraaf<blockquote>RenMac的deGraaf：CPI数据公布后，多头应该对国债收益率下降感到欣慰</blockquote> <img src=\"https://static.tigerbbs.com/f32023f48de3e957dc2eeafa5c0826df\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\">Rest easy, big fella. Jeff J Mitchell/Getty Images<blockquote>放心吧，大家伙。杰夫·J·米切尔/盖蒂图片社</blockquote> 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.<blockquote>美国8月份通胀没有预期那么高，但仍然很高，令投资者和政策制定者担忧。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> \"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.<blockquote>文艺复兴宏观研究公司创始人杰夫·德格拉夫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对股市不利。”</blockquote> <img src=\"https://static.tigerbbs.com/e2f0e509e61bdec3d6cb64f05375e301\" tg-width=\"700\" tg-height=\"559\" width=\"100%\" height=\"auto\">Renaissance Macro Research<blockquote>文艺复兴宏观研究</blockquote> 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.\"<blockquote>在以上图为特色的报告中，德格拉夫观察到，通胀跃升“当迫使美联储出手扼杀增长周期时，确实会抑制回报，但我们知道这种情况还没有发生。”</blockquote> 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.<blockquote>8月份消费者价格指数上涨0.3%，低于预期，同比涨幅从5.4%降至5.3%，这是自10月份以来首次出现此类下降。核心利率（不包括波动较大的食品和能源成本）同比上涨4%，而7月份为4.3%。</blockquote> 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.<blockquote>这一下降被认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会被证明是“暂时的”，尽管经济学家表示，潜在通胀压力的迹象仍然敲响了警钟。</blockquote> 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.<blockquote>与此同时，长期国债收益率在CPI数据公布后下降。虽然预计该数据不会改变美联储在年底前开始缩减月度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幅度超过预期的担忧正在消退。</blockquote> 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%.<blockquote>10年期美国国债收益率周二下跌4.7个基点至1.276%，创下最大<a href=\"https://laohu8.com/S/AONE.U\">一</a>-自8月13日以来的单日下跌。周三收益率继续小幅走低，报1.275%。</blockquote> \"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.\"<blockquote>deGraaf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，通胀预期是一种比实际通胀预测更好的情绪指引。”</blockquote> Stocks have stumbled in September, with the S&amp;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.<blockquote>9月份股市暴跌，标普500本月迄今下跌1.8%，比本月早些时候的创纪录收盘价低2.1%。9月份迄今为止，道琼斯工业平均指数已下跌2.6%。</blockquote>","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？历史表明可能不会</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？历史表明可能不会</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-09-15 22:51\n\n</h4>\n</header>\n<article>\nBulls should take comfort in falling Treasury yields after CPI reading: RenMac's deGraaf<blockquote>RenMac的deGraaf：CPI数据公布后，多头应该对国债收益率下降感到欣慰</blockquote> <img src=\"https://static.tigerbbs.com/f32023f48de3e957dc2eeafa5c0826df\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\">Rest easy, big fella. Jeff J Mitchell/Getty Images<blockquote>放心吧，大家伙。杰夫·J·米切尔/盖蒂图片社</blockquote> 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.<blockquote>美国8月份通胀没有预期那么高，但仍然很高，令投资者和政策制定者担忧。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> \"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.<blockquote>文艺复兴宏观研究公司创始人杰夫·德格拉夫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对股市不利。”</blockquote> <img src=\"https://static.tigerbbs.com/e2f0e509e61bdec3d6cb64f05375e301\" tg-width=\"700\" tg-height=\"559\" width=\"100%\" height=\"auto\">Renaissance Macro Research<blockquote>文艺复兴宏观研究</blockquote> 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.\"<blockquote>在以上图为特色的报告中，德格拉夫观察到，通胀跃升“当迫使美联储出手扼杀增长周期时，确实会抑制回报，但我们知道这种情况还没有发生。”</blockquote> 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.<blockquote>8月份消费者价格指数上涨0.3%，低于预期，同比涨幅从5.4%降至5.3%，这是自10月份以来首次出现此类下降。核心利率（不包括波动较大的食品和能源成本）同比上涨4%，而7月份为4.3%。</blockquote> 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.<blockquote>这一下降被认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会被证明是“暂时的”，尽管经济学家表示，潜在通胀压力的迹象仍然敲响了警钟。</blockquote> 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.<blockquote>与此同时，长期国债收益率在CPI数据公布后下降。虽然预计该数据不会改变美联储在年底前开始缩减月度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幅度超过预期的担忧正在消退。</blockquote> 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%.<blockquote>10年期美国国债收益率周二下跌4.7个基点至1.276%，创下最大<a href=\"https://laohu8.com/S/AONE.U\">一</a>-自8月13日以来的单日下跌。周三收益率继续小幅走低，报1.275%。</blockquote> \"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.\"<blockquote>deGraaf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，通胀预期是一种比实际通胀预测更好的情绪指引。”</blockquote> Stocks have stumbled in September, with the S&amp;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.<blockquote>9月份股市暴跌，标普500本月迄今下跌1.8%，比本月早些时候的创纪录收盘价低2.1%。9月份迄今为止，道琼斯工业平均指数已下跌2.6%。</blockquote>\n<div class=\"bt-text\">\n\n\n 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>\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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"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":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":885037833,"gmtCreate":1631743863422,"gmtModify":1631889334217,"author":{"id":"3576260758860416","authorId":"3576260758860416","name":"andrew123","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3576260758860416","idStr":"3576260758860416"},"htmlText":"Like n comment","listText":"Like n comment","text":"Like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/885037833","repostId":2167596281,"repostType":4,"repost":{"id":"2167596281","kind":"highlight","pubTimestamp":1631717501,"share":"https://www.laohu8.com/m/news/2167596281?lang=zh_CN&edition=full","pubTime":"2021-09-15 22:51","market":"us","language":"en","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？历史表明可能不会</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":"Bulls should take comfort in falling Treasury yields after CPI reading: RenMac's deGraaf<blockquote>RenMac的deGraaf：CPI数据公布后，多头应该对国债收益率下降感到欣慰</blockquote> <img src=\"https://static.tigerbbs.com/f32023f48de3e957dc2eeafa5c0826df\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\">Rest easy, big fella. Jeff J Mitchell/Getty Images<blockquote>放心吧，大家伙。杰夫·J·米切尔/盖蒂图片社</blockquote> 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.<blockquote>美国8月份通胀没有预期那么高，但仍然很高，令投资者和政策制定者担忧。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> \"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.<blockquote>文艺复兴宏观研究公司创始人杰夫·德格拉夫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对股市不利。”</blockquote> <img src=\"https://static.tigerbbs.com/e2f0e509e61bdec3d6cb64f05375e301\" tg-width=\"700\" tg-height=\"559\" width=\"100%\" height=\"auto\">Renaissance Macro Research<blockquote>文艺复兴宏观研究</blockquote> 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.\"<blockquote>在以上图为特色的报告中，德格拉夫观察到，通胀跃升“当迫使美联储出手扼杀增长周期时，确实会抑制回报，但我们知道这种情况还没有发生。”</blockquote> 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.<blockquote>8月份消费者价格指数上涨0.3%，低于预期，同比涨幅从5.4%降至5.3%，这是自10月份以来首次出现此类下降。核心利率（不包括波动较大的食品和能源成本）同比上涨4%，而7月份为4.3%。</blockquote> 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.<blockquote>这一下降被认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会被证明是“暂时的”，尽管经济学家表示，潜在通胀压力的迹象仍然敲响了警钟。</blockquote> 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.<blockquote>与此同时，长期国债收益率在CPI数据公布后下降。虽然预计该数据不会改变美联储在年底前开始缩减月度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幅度超过预期的担忧正在消退。</blockquote> 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%.<blockquote>10年期美国国债收益率周二下跌4.7个基点至1.276%，创下最大<a href=\"https://laohu8.com/S/AONE.U\">一</a>-自8月13日以来的单日下跌。周三收益率继续小幅走低，报1.275%。</blockquote> \"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.\"<blockquote>deGraaf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，通胀预期是一种比实际通胀预测更好的情绪指引。”</blockquote> Stocks have stumbled in September, with the S&amp;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.<blockquote>9月份股市暴跌，标普500本月迄今下跌1.8%，比本月早些时候的创纪录收盘价低2.1%。9月份迄今为止，道琼斯工业平均指数已下跌2.6%。</blockquote>","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？历史表明可能不会</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？历史表明可能不会</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-09-15 22:51\n\n</h4>\n</header>\n<article>\nBulls should take comfort in falling Treasury yields after CPI reading: RenMac's deGraaf<blockquote>RenMac的deGraaf：CPI数据公布后，多头应该对国债收益率下降感到欣慰</blockquote> <img src=\"https://static.tigerbbs.com/f32023f48de3e957dc2eeafa5c0826df\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\">Rest easy, big fella. Jeff J Mitchell/Getty Images<blockquote>放心吧，大家伙。杰夫·J·米切尔/盖蒂图片社</blockquote> 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.<blockquote>美国8月份通胀没有预期那么高，但仍然很高，令投资者和政策制定者担忧。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> \"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.<blockquote>文艺复兴宏观研究公司创始人杰夫·德格拉夫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对股市不利。”</blockquote> <img src=\"https://static.tigerbbs.com/e2f0e509e61bdec3d6cb64f05375e301\" tg-width=\"700\" tg-height=\"559\" width=\"100%\" height=\"auto\">Renaissance Macro Research<blockquote>文艺复兴宏观研究</blockquote> 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.\"<blockquote>在以上图为特色的报告中，德格拉夫观察到，通胀跃升“当迫使美联储出手扼杀增长周期时，确实会抑制回报，但我们知道这种情况还没有发生。”</blockquote> 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.<blockquote>8月份消费者价格指数上涨0.3%，低于预期，同比涨幅从5.4%降至5.3%，这是自10月份以来首次出现此类下降。核心利率（不包括波动较大的食品和能源成本）同比上涨4%，而7月份为4.3%。</blockquote> 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.<blockquote>这一下降被认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会被证明是“暂时的”，尽管经济学家表示，潜在通胀压力的迹象仍然敲响了警钟。</blockquote> 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.<blockquote>与此同时，长期国债收益率在CPI数据公布后下降。虽然预计该数据不会改变美联储在年底前开始缩减月度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幅度超过预期的担忧正在消退。</blockquote> 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%.<blockquote>10年期美国国债收益率周二下跌4.7个基点至1.276%，创下最大<a href=\"https://laohu8.com/S/AONE.U\">一</a>-自8月13日以来的单日下跌。周三收益率继续小幅走低，报1.275%。</blockquote> \"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.\"<blockquote>deGraaf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，通胀预期是一种比实际通胀预测更好的情绪指引。”</blockquote> Stocks have stumbled in September, with the S&amp;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.<blockquote>9月份股市暴跌，标普500本月迄今下跌1.8%，比本月早些时候的创纪录收盘价低2.1%。9月份迄今为止，道琼斯工业平均指数已下跌2.6%。</blockquote>\n<div class=\"bt-text\">\n\n\n 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>\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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"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":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":882763167,"gmtCreate":1631721726059,"gmtModify":1632806585686,"author":{"id":"3576151042223854","authorId":"3576151042223854","name":"Fayna","avatar":"https://static.tigerbbs.com/d82d63e2a39fe69931574815c44edce8","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3576151042223854","idStr":"3576151042223854"},"htmlText":"A relief to know, but still remain cautious.","listText":"A relief to know, but still remain cautious.","text":"A relief to know, but still remain cautious.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/882763167","repostId":2167596281,"repostType":4,"repost":{"id":"2167596281","kind":"highlight","pubTimestamp":1631717501,"share":"https://www.laohu8.com/m/news/2167596281?lang=zh_CN&edition=full","pubTime":"2021-09-15 22:51","market":"us","language":"en","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？历史表明可能不会</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":"Bulls should take comfort in falling Treasury yields after CPI reading: RenMac's deGraaf<blockquote>RenMac的deGraaf：CPI数据公布后，多头应该对国债收益率下降感到欣慰</blockquote> <img src=\"https://static.tigerbbs.com/f32023f48de3e957dc2eeafa5c0826df\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\">Rest easy, big fella. Jeff J Mitchell/Getty Images<blockquote>放心吧，大家伙。杰夫·J·米切尔/盖蒂图片社</blockquote> 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.<blockquote>美国8月份通胀没有预期那么高，但仍然很高，令投资者和政策制定者担忧。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> \"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.<blockquote>文艺复兴宏观研究公司创始人杰夫·德格拉夫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对股市不利。”</blockquote> <img src=\"https://static.tigerbbs.com/e2f0e509e61bdec3d6cb64f05375e301\" tg-width=\"700\" tg-height=\"559\" width=\"100%\" height=\"auto\">Renaissance Macro Research<blockquote>文艺复兴宏观研究</blockquote> 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.\"<blockquote>在以上图为特色的报告中，德格拉夫观察到，通胀跃升“当迫使美联储出手扼杀增长周期时，确实会抑制回报，但我们知道这种情况还没有发生。”</blockquote> 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.<blockquote>8月份消费者价格指数上涨0.3%，低于预期，同比涨幅从5.4%降至5.3%，这是自10月份以来首次出现此类下降。核心利率（不包括波动较大的食品和能源成本）同比上涨4%，而7月份为4.3%。</blockquote> 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.<blockquote>这一下降被认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会被证明是“暂时的”，尽管经济学家表示，潜在通胀压力的迹象仍然敲响了警钟。</blockquote> 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.<blockquote>与此同时，长期国债收益率在CPI数据公布后下降。虽然预计该数据不会改变美联储在年底前开始缩减月度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幅度超过预期的担忧正在消退。</blockquote> 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%.<blockquote>10年期美国国债收益率周二下跌4.7个基点至1.276%，创下最大<a href=\"https://laohu8.com/S/AONE.U\">一</a>-自8月13日以来的单日下跌。周三收益率继续小幅走低，报1.275%。</blockquote> \"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.\"<blockquote>deGraaf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，通胀预期是一种比实际通胀预测更好的情绪指引。”</blockquote> Stocks have stumbled in September, with the S&amp;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.<blockquote>9月份股市暴跌，标普500本月迄今下跌1.8%，比本月早些时候的创纪录收盘价低2.1%。9月份迄今为止，道琼斯工业平均指数已下跌2.6%。</blockquote>","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？历史表明可能不会</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？历史表明可能不会</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-09-15 22:51\n\n</h4>\n</header>\n<article>\nBulls should take comfort in falling Treasury yields after CPI reading: RenMac's deGraaf<blockquote>RenMac的deGraaf：CPI数据公布后，多头应该对国债收益率下降感到欣慰</blockquote> <img src=\"https://static.tigerbbs.com/f32023f48de3e957dc2eeafa5c0826df\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\">Rest easy, big fella. Jeff J Mitchell/Getty Images<blockquote>放心吧，大家伙。杰夫·J·米切尔/盖蒂图片社</blockquote> 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.<blockquote>美国8月份通胀没有预期那么高，但仍然很高，令投资者和政策制定者担忧。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> \"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.<blockquote>文艺复兴宏观研究公司创始人杰夫·德格拉夫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对股市不利。”</blockquote> <img src=\"https://static.tigerbbs.com/e2f0e509e61bdec3d6cb64f05375e301\" tg-width=\"700\" tg-height=\"559\" width=\"100%\" height=\"auto\">Renaissance Macro Research<blockquote>文艺复兴宏观研究</blockquote> 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.\"<blockquote>在以上图为特色的报告中，德格拉夫观察到，通胀跃升“当迫使美联储出手扼杀增长周期时，确实会抑制回报，但我们知道这种情况还没有发生。”</blockquote> 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.<blockquote>8月份消费者价格指数上涨0.3%，低于预期，同比涨幅从5.4%降至5.3%，这是自10月份以来首次出现此类下降。核心利率（不包括波动较大的食品和能源成本）同比上涨4%，而7月份为4.3%。</blockquote> 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.<blockquote>这一下降被认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会被证明是“暂时的”，尽管经济学家表示，潜在通胀压力的迹象仍然敲响了警钟。</blockquote> 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.<blockquote>与此同时，长期国债收益率在CPI数据公布后下降。虽然预计该数据不会改变美联储在年底前开始缩减月度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幅度超过预期的担忧正在消退。</blockquote> 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%.<blockquote>10年期美国国债收益率周二下跌4.7个基点至1.276%，创下最大<a href=\"https://laohu8.com/S/AONE.U\">一</a>-自8月13日以来的单日下跌。周三收益率继续小幅走低，报1.275%。</blockquote> \"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.\"<blockquote>deGraaf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，通胀预期是一种比实际通胀预测更好的情绪指引。”</blockquote> Stocks have stumbled in September, with the S&amp;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.<blockquote>9月份股市暴跌，标普500本月迄今下跌1.8%，比本月早些时候的创纪录收盘价低2.1%。9月份迄今为止，道琼斯工业平均指数已下跌2.6%。</blockquote>\n<div class=\"bt-text\">\n\n\n 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>\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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"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":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5883574,"gmtCreate":1631751315864,"gmtModify":1634798111573,"authorId":3582186770863797,"author":{"id":3582186770863797,"idStr":"3582186770863797","authorId":3582186770863797,"name":"79e89ab4","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":882763167,"type":1,"supId":0,"prevId":0,"content":"Hi","text":"Hi","html":"Hi"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":34,"commentSize":4,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2167596281","isCrawlerRequest":true}