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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"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":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":25,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","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.laohunote.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>华尔街在通货膨胀情绪音乐中随着真正的收益率起舞：McGeever</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。但在日益根深蒂固的实际收益率低于零的现象的推动下，华尔街继续攀升新高。</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“实际”收益率跌至历史新低与美国主要股指创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>这是华尔街克服了通常可能遇到的几个障碍的少数不变因素之一：历史高位通胀和通胀预期；美联储缩减规模并准备加息；债券市场波动性飙升；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存在的先验正受到质疑，风险再高不过了：美国通胀是30多年来最严重的，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大。</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——贴现率的任何备份都会重新绘制股票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紧缩政策，实际收益率可能会回升，但很少有人认为实际收益率会长期转正。</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 投资策略主管加尔吉·乔杜里 (Gargi Chaudhuri) 表示，我们正处于一个“新环境”，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>“对股票来说更重要的是，如果它们进入限制性区域，实际收益率将成为一个问题，”她表示，并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梅根·斯威伯 (Meghan Swiber) 估计，10 年期实际收益率可能会在 10 年左右保持负值。摩根士丹利分析师今年早些时候发布了类似的预测。</blockquote> FADE AWAY<blockquote>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有所不同。两者之间的差异，即“盈亏平衡”率和备受关注的通胀预期指标，已经急剧扩大。</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>考虑到投资者争相寻求通胀保护，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收益率全年大幅下降。在一季度末显著上涨后，又出现回落，本周创下-1.24%的新低。尽管以历史标准来看仍然很低，但名义 10 年期国债收益率今年已上升 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均表示，对 TIPS ETF 的需求“令人难以置信”，既有投资者希望进行短期通胀对冲，也有投资者将通胀保护纳入长期资产配置策略。</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，增长仍高于趋势，消费者支出保持不变，并且公司能够将更高的成本转嫁给客户，股市可能会继续表现相当不错。</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个历史新高，是有史以来第二高的，距离1995年创下的77个纪录仅12个。</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，其中科技行业的这一比例上升至 93%。估值仍然很高，但似乎还没有达到令人望而却步的程度。</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，如果美联储难以说服投资者甚至自己，它可以等到明年年中左右缩减规模的计划结束后再加息，市场可能正在进入一个关键时期。</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。实际收益率真的会进一步下降吗？也许，如果英国是任何向导的话。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>凯投宏观市场经济学家奥利弗·艾伦认为，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适度的逆风，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>华尔街在通货膨胀情绪音乐中随着真正的收益率起舞：McGeever</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>华尔街在通货膨胀情绪音乐中随着真正的收益率起舞：McGeever</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。但在日益根深蒂固的实际收益率低于零的现象的推动下，华尔街继续攀升新高。</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“实际”收益率跌至历史新低与美国主要股指创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>这是华尔街克服了通常可能遇到的几个障碍的少数不变因素之一：历史高位通胀和通胀预期；美联储缩减规模并准备加息；债券市场波动性飙升；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存在的先验正受到质疑，风险再高不过了：美国通胀是30多年来最严重的，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大。</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——贴现率的任何备份都会重新绘制股票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紧缩政策，实际收益率可能会回升，但很少有人认为实际收益率会长期转正。</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 投资策略主管加尔吉·乔杜里 (Gargi Chaudhuri) 表示，我们正处于一个“新环境”，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>“对股票来说更重要的是，如果它们进入限制性区域，实际收益率将成为一个问题，”她表示，并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梅根·斯威伯 (Meghan Swiber) 估计，10 年期实际收益率可能会在 10 年左右保持负值。摩根士丹利分析师今年早些时候发布了类似的预测。</blockquote> FADE AWAY<blockquote>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有所不同。两者之间的差异，即“盈亏平衡”率和备受关注的通胀预期指标，已经急剧扩大。</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>考虑到投资者争相寻求通胀保护，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收益率全年大幅下降。在一季度末显著上涨后，又出现回落，本周创下-1.24%的新低。尽管以历史标准来看仍然很低，但名义 10 年期国债收益率今年已上升 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均表示，对 TIPS ETF 的需求“令人难以置信”，既有投资者希望进行短期通胀对冲，也有投资者将通胀保护纳入长期资产配置策略。</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，增长仍高于趋势，消费者支出保持不变，并且公司能够将更高的成本转嫁给客户，股市可能会继续表现相当不错。</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个历史新高，是有史以来第二高的，距离1995年创下的77个纪录仅12个。</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，其中科技行业的这一比例上升至 93%。估值仍然很高，但似乎还没有达到令人望而却步的程度。</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，如果美联储难以说服投资者甚至自己，它可以等到明年年中左右缩减规模的计划结束后再加息，市场可能正在进入一个关键时期。</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。实际收益率真的会进一步下降吗？也许，如果英国是任何向导的话。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>凯投宏观市场经济学家奥利弗·艾伦认为，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适度的逆风，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":{"BAC":"美国银行","BX":"黑石"},"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":3364,"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,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/873510497"}