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2021-08-18

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Inflation Is Higher in the U.S. Than Elsewhere, but Don’t Panic<blockquote>美国的通货膨胀率高于其他地方，但不要惊慌</blockquote>

While prices in the eurozone appear to be rising more slowly, the difference isn’t best explained by

Inflation Is Higher in the U.S. Than Elsewhere, but Don’t Panic<blockquote>美国的通货膨胀率高于其他地方，但不要惊慌</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":831804496,"tweetId":"831804496","gmtCreate":1629298088615,"gmtModify":1633685867860,"author":{"id":4087482257900820,"idStr":"4087482257900820","authorId":4087482257900820,"authorIdStr":"4087482257900820","name":"宙斯的爱子","avatar":"https://static.tigerbbs.com/fc0e6d83a9159fc929382e8ece1c04c9","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":3,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Hmm</body></html>","htmlText":"<html><head></head><body>Hmm</body></html>","text":"Hmm","highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/831804496","repostId":1181537707,"repostType":4,"repost":{"id":"1181537707","kind":"news","pubTimestamp":1629297265,"share":"https://www.laohu8.com/m/news/1181537707?lang=zh_CN&edition=full","pubTime":"2021-08-18 22:34","market":"us","language":"en","title":"Inflation Is Higher in the U.S. Than Elsewhere, but Don’t Panic<blockquote>美国的通货膨胀率高于其他地方，但不要惊慌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1181537707","media":"The Wall Street Journal","summary":"While prices in the eurozone appear to be rising more slowly, the difference isn’t best explained by","content":" While prices in the eurozone appear to be rising more slowly, the difference isn’t best explained by any inflationary economic policies in Washington. <img src=\"https://static.tigerbbs.com/ca674d5c6ff01a5f89997288be6364b8\" tg-width=\"871\" tg-height=\"517\" width=\"100%\" height=\"auto\">America likes being exceptional, but too much exceptionalism when it comes to inflation is starting to cause concern. A closer look at the data suggests that investors can keep calm.<blockquote>尽管欧元区的物价上涨速度似乎较慢，但华盛顿的任何通胀经济政策都无法最好地解释这种差异。美国喜欢例外，但在通胀问题上过多的例外主义开始引起担忧。仔细观察数据表明，投资者可以保持冷静。</blockquote> On Wednesday, official figures confirmed that the harmonized consumer-price index in the eurozone rose 2.2% in July from a year earlier. This marked an acceleration relative to June, when inflation was 1.9%. But stripping out energy, food, alcohol and tobacco prices to see what is dubbed “core” inflation, the index only rose 0.7%, down from 0.9% the previous month.<blockquote>周三，官方数据证实，欧元区7月份统一消费者价格指数同比上涨2.2%。这标志着相对于6月份1.9%的通胀率有所加速。但剔除能源、食品、酒精和烟草价格以了解所谓的“核心”通胀，该指数仅上涨0.7%，低于上个月的0.9%。</blockquote> What is surprising isn’t inflation being too strong in the eurozone, but rather it being too weakrelative to the U.S., where CPI growth reached 5.4% in July, with core inflation at 4.3%.<blockquote>令人惊讶的不是欧元区的通胀太强，而是相对于美国来说太弱，美国7月份CPI增长率达到5.4%，核心通胀率为4.3%。</blockquote> Officials argue that today’s inflation is only temporarily higher as global prices rebound from the troughs of the pandemic and companies work through supply bottlenecks. Yet, if it is so much higher in the U.S., doesn’t this mean that excessive fiscal and monetary policy are driving the economy—since transfers to households have been less generous in Europe—and could trigger a dangerous delayed reaction by the Federal Reserve? Some prominent economists think so.<blockquote>官员们认为，随着全球价格从疫情的低谷反弹以及企业克服供应瓶颈，今天的通胀只是暂时走高。然而，如果美国的利率如此之高，这难道不意味着过度的财政和货币政策正在推动经济发展——因为欧洲对家庭的转移支付不那么慷慨——并可能引发美联储危险的延迟反应吗？一些著名的经济学家是这样认为的。</blockquote> <img src=\"https://static.tigerbbs.com/d76c2a0f13ab39592583dd45f8a3a9d2\" tg-width=\"742\" tg-height=\"416\" width=\"100%\" height=\"auto\">Once compared with U.S. data, however, Wednesday’s figures show that more than half of the 3.2-percentage-point gap between inflation figures across the Atlantic can be explained away by two factors.<blockquote>然而，与美国数据相比，周三的数据显示，大西洋两岸通胀数据之间3.2个百分点的差距，一半以上可以通过两个因素来解释。</blockquote> The first is Americans’ reliance on used cars, which make up 3.5% of their consumption baskets, versus 1.1% for Europeans. Auto makers are having production issues due to a microchip shortage. In Europe, consumers have delayed car purchases. In the U.S., they have bid the price of used cars up 42%.<blockquote>首先是美国人对二手车的依赖，二手车占他们消费篮子的3.5%，而欧洲人这一比例为1.1%。由于微芯片短缺，汽车制造商面临生产问题。在欧洲，消费者推迟了购车时间。在美国，他们将二手车的价格提高了42%。</blockquote> The other has to do with the way shelter costs are calculated. U.S. numbers include a theoretical category that factors in the rent that owner-occupiers would pay if they rented, whereas European statistics only count those who are actually renting—an issue that the European Central Bank is seeking to address. This has long made eurozone inflation appear lower, and is key now: While rents in both regions are up by a similar amount, they account for a massive 31% of the U.S. CPI basket, and only 7.5% of the European one.<blockquote>另一个与住房费用的计算方式有关。美国的数据包括一个理论类别，该类别考虑了自住者如果租房将支付的租金，而欧洲的统计数据只计算了那些实际租房的人——这是欧洲央行正在寻求解决的问题。长期以来，这使得欧元区通胀率显得较低，现在也是关键：虽然这两个地区的租金涨幅相似，但它们占美国CPI篮子的31%，仅占欧洲CPI篮子的7.5%。</blockquote> Of the differences that remain, most seem related to the U.S. having reopened its economy first, particularly travel. Airfares are up 19%, reflecting the degree of normality U.S. carriers are enjoying in the domestic market. Meanwhile, their European counterparts are still dealing with rafts of travel restrictions and have only increased prices 1%. There are similar stories for restaurants and hotels.<blockquote>在仍然存在的分歧中，大多数似乎与美国首先重新开放经济有关，特别是旅游业。机票价格上涨了19%，反映了美国航空公司在国内市场的正常程度。与此同时，他们的欧洲同行仍在应对大量的旅行限制，并且仅将价格提高了1%。餐馆和酒店也有类似的故事。</blockquote> <img src=\"https://static.tigerbbs.com/d71c445a20f52dd97521b03eb12d417f\" tg-width=\"725\" tg-height=\"415\" width=\"100%\" height=\"auto\">To be sure, the relative surge in some price categories, such as apparel, could be more indicative of demand-led pressure caused by American consumers being awash with cash. But the weakness inthe latest U.S. retail sales datashould be a check on any assumptions that a short-term rebound in spending willnecessarily lead to a sustained boom.<blockquote>可以肯定的是，服装等某些价格类别的相对飙升可能更能表明美国消费者现金泛滥造成的需求主导压力。但最新美国零售销售数据的疲软应该是对任何假设的检验，即支出的短期反弹必然会导致持续繁荣。</blockquote> Overall, most goods’ prices have remained remarkably stable during the pandemic. A rebound in services will likely help European headline inflation catch up with its U.S. counterpart somewhat in the coming months. With the labor market recovery far from complete, though, signs of economic overheating on either side of the Atlantic are likely a mathematical mirage.<blockquote>总体而言，大多数商品的价格在疫情期间保持非常稳定。服务业的反弹可能会在未来几个月帮助欧洲整体通胀率在一定程度上赶上美国。然而，随着劳动力市场复苏远未完成，大西洋两岸经济过热的迹象很可能是数学上的海市蜃楼。</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>Inflation Is Higher in the U.S. Than Elsewhere, but Don’t Panic<blockquote>美国的通货膨胀率高于其他地方，但不要惊慌</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\">\nInflation Is Higher in the U.S. Than Elsewhere, but Don’t Panic<blockquote>美国的通货膨胀率高于其他地方，但不要惊慌</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-08-18 22:34\n\n</h4>\n</header>\n<article>\n While prices in the eurozone appear to be rising more slowly, the difference isn’t best explained by any inflationary economic policies in Washington. <img src=\"https://static.tigerbbs.com/ca674d5c6ff01a5f89997288be6364b8\" tg-width=\"871\" tg-height=\"517\" width=\"100%\" height=\"auto\">America likes being exceptional, but too much exceptionalism when it comes to inflation is starting to cause concern. A closer look at the data suggests that investors can keep calm.<blockquote>尽管欧元区的物价上涨速度似乎较慢，但华盛顿的任何通胀经济政策都无法最好地解释这种差异。美国喜欢例外，但在通胀问题上过多的例外主义开始引起担忧。仔细观察数据表明，投资者可以保持冷静。</blockquote> On Wednesday, official figures confirmed that the harmonized consumer-price index in the eurozone rose 2.2% in July from a year earlier. This marked an acceleration relative to June, when inflation was 1.9%. But stripping out energy, food, alcohol and tobacco prices to see what is dubbed “core” inflation, the index only rose 0.7%, down from 0.9% the previous month.<blockquote>周三，官方数据证实，欧元区7月份统一消费者价格指数同比上涨2.2%。这标志着相对于6月份1.9%的通胀率有所加速。但剔除能源、食品、酒精和烟草价格以了解所谓的“核心”通胀，该指数仅上涨0.7%，低于上个月的0.9%。</blockquote> What is surprising isn’t inflation being too strong in the eurozone, but rather it being too weakrelative to the U.S., where CPI growth reached 5.4% in July, with core inflation at 4.3%.<blockquote>令人惊讶的不是欧元区的通胀太强，而是相对于美国来说太弱，美国7月份CPI增长率达到5.4%，核心通胀率为4.3%。</blockquote> Officials argue that today’s inflation is only temporarily higher as global prices rebound from the troughs of the pandemic and companies work through supply bottlenecks. Yet, if it is so much higher in the U.S., doesn’t this mean that excessive fiscal and monetary policy are driving the economy—since transfers to households have been less generous in Europe—and could trigger a dangerous delayed reaction by the Federal Reserve? Some prominent economists think so.<blockquote>官员们认为，随着全球价格从疫情的低谷反弹以及企业克服供应瓶颈，今天的通胀只是暂时走高。然而，如果美国的利率如此之高，这难道不意味着过度的财政和货币政策正在推动经济发展——因为欧洲对家庭的转移支付不那么慷慨——并可能引发美联储危险的延迟反应吗？一些著名的经济学家是这样认为的。</blockquote> <img src=\"https://static.tigerbbs.com/d76c2a0f13ab39592583dd45f8a3a9d2\" tg-width=\"742\" tg-height=\"416\" width=\"100%\" height=\"auto\">Once compared with U.S. data, however, Wednesday’s figures show that more than half of the 3.2-percentage-point gap between inflation figures across the Atlantic can be explained away by two factors.<blockquote>然而，与美国数据相比，周三的数据显示，大西洋两岸通胀数据之间3.2个百分点的差距，一半以上可以通过两个因素来解释。</blockquote> The first is Americans’ reliance on used cars, which make up 3.5% of their consumption baskets, versus 1.1% for Europeans. Auto makers are having production issues due to a microchip shortage. In Europe, consumers have delayed car purchases. In the U.S., they have bid the price of used cars up 42%.<blockquote>首先是美国人对二手车的依赖，二手车占他们消费篮子的3.5%，而欧洲人这一比例为1.1%。由于微芯片短缺，汽车制造商面临生产问题。在欧洲，消费者推迟了购车时间。在美国，他们将二手车的价格提高了42%。</blockquote> The other has to do with the way shelter costs are calculated. U.S. numbers include a theoretical category that factors in the rent that owner-occupiers would pay if they rented, whereas European statistics only count those who are actually renting—an issue that the European Central Bank is seeking to address. This has long made eurozone inflation appear lower, and is key now: While rents in both regions are up by a similar amount, they account for a massive 31% of the U.S. CPI basket, and only 7.5% of the European one.<blockquote>另一个与住房费用的计算方式有关。美国的数据包括一个理论类别，该类别考虑了自住者如果租房将支付的租金，而欧洲的统计数据只计算了那些实际租房的人——这是欧洲央行正在寻求解决的问题。长期以来，这使得欧元区通胀率显得较低，现在也是关键：虽然这两个地区的租金涨幅相似，但它们占美国CPI篮子的31%，仅占欧洲CPI篮子的7.5%。</blockquote> Of the differences that remain, most seem related to the U.S. having reopened its economy first, particularly travel. Airfares are up 19%, reflecting the degree of normality U.S. carriers are enjoying in the domestic market. Meanwhile, their European counterparts are still dealing with rafts of travel restrictions and have only increased prices 1%. There are similar stories for restaurants and hotels.<blockquote>在仍然存在的分歧中，大多数似乎与美国首先重新开放经济有关，特别是旅游业。机票价格上涨了19%，反映了美国航空公司在国内市场的正常程度。与此同时，他们的欧洲同行仍在应对大量的旅行限制，并且仅将价格提高了1%。餐馆和酒店也有类似的故事。</blockquote> <img src=\"https://static.tigerbbs.com/d71c445a20f52dd97521b03eb12d417f\" tg-width=\"725\" tg-height=\"415\" width=\"100%\" height=\"auto\">To be sure, the relative surge in some price categories, such as apparel, could be more indicative of demand-led pressure caused by American consumers being awash with cash. But the weakness inthe latest U.S. retail sales datashould be a check on any assumptions that a short-term rebound in spending willnecessarily lead to a sustained boom.<blockquote>可以肯定的是，服装等某些价格类别的相对飙升可能更能表明美国消费者现金泛滥造成的需求主导压力。但最新美国零售销售数据的疲软应该是对任何假设的检验，即支出的短期反弹必然会导致持续繁荣。</blockquote> Overall, most goods’ prices have remained remarkably stable during the pandemic. A rebound in services will likely help European headline inflation catch up with its U.S. counterpart somewhat in the coming months. With the labor market recovery far from complete, though, signs of economic overheating on either side of the Atlantic are likely a mathematical mirage.<blockquote>总体而言，大多数商品的价格在疫情期间保持非常稳定。服务业的反弹可能会在未来几个月帮助欧洲整体通胀率在一定程度上赶上美国。然而，随着劳动力市场复苏远未完成，大西洋两岸经济过热的迹象很可能是数学上的海市蜃楼。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/inflation-is-higher-in-the-u-s-than-elsewhere-but-dont-panic-11629296911?mod=rss_markets_main\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.wsj.com/articles/inflation-is-higher-in-the-u-s-than-elsewhere-but-dont-panic-11629296911?mod=rss_markets_main","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181537707","content_text":"While prices in the eurozone appear to be rising more slowly, the difference isn’t best explained by any inflationary economic policies in Washington.\n\nAmerica likes being exceptional, but too much exceptionalism when it comes to inflation is starting to cause concern. A closer look at the data suggests that investors can keep calm.\nOn Wednesday, official figures confirmed that the harmonized consumer-price index in the eurozone rose 2.2% in July from a year earlier. This marked an acceleration relative to June, when inflation was 1.9%. But stripping out energy, food, alcohol and tobacco prices to see what is dubbed “core” inflation, the index only rose 0.7%, down from 0.9% the previous month.\nWhat is surprising isn’t inflation being too strong in the eurozone, but rather it being too weakrelative to the U.S., where CPI growth reached 5.4% in July, with core inflation at 4.3%.\nOfficials argue that today’s inflation is only temporarily higher as global prices rebound from the troughs of the pandemic and companies work through supply bottlenecks. Yet, if it is so much higher in the U.S., doesn’t this mean that excessive fiscal and monetary policy are driving the economy—since transfers to households have been less generous in Europe—and could trigger a dangerous delayed reaction by the Federal Reserve? Some prominent economists think so.\nOnce compared with U.S. data, however, Wednesday’s figures show that more than half of the 3.2-percentage-point gap between inflation figures across the Atlantic can be explained away by two factors.\nThe first is Americans’ reliance on used cars, which make up 3.5% of their consumption baskets, versus 1.1% for Europeans. Auto makers are having production issues due to a microchip shortage. In Europe, consumers have delayed car purchases. In the U.S., they have bid the price of used cars up 42%.\nThe other has to do with the way shelter costs are calculated. U.S. numbers include a theoretical category that factors in the rent that owner-occupiers would pay if they rented, whereas European statistics only count those who are actually renting—an issue that the European Central Bank is seeking to address. This has long made eurozone inflation appear lower, and is key now: While rents in both regions are up by a similar amount, they account for a massive 31% of the U.S. CPI basket, and only 7.5% of the European one.\nOf the differences that remain, most seem related to the U.S. having reopened its economy first, particularly travel. Airfares are up 19%, reflecting the degree of normality U.S. carriers are enjoying in the domestic market. Meanwhile, their European counterparts are still dealing with rafts of travel restrictions and have only increased prices 1%. There are similar stories for restaurants and hotels.\nTo be sure, the relative surge in some price categories, such as apparel, could be more indicative of demand-led pressure caused by American consumers being awash with cash. But the weakness inthe latest U.S. retail sales datashould be a check on any assumptions that a short-term rebound in spending willnecessarily lead to a sustained boom.\nOverall, most goods’ prices have remained remarkably stable during the pandemic. A rebound in services will likely help European headline inflation catch up with its U.S. counterpart somewhat in the coming months. With the labor market recovery far from complete, though, signs of economic overheating on either side of the Atlantic are likely a mathematical mirage.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1373,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}

Inflation Is Higher in the U.S. Than Elsewhere, but Don’t Panic<blockquote>美国的通货膨胀率高于其他地方，但不要惊慌</blockquote>

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