Buy the dips of fundamentally _老虎社区_美港股上老虎

2021-03-25

Buy the dips of fundamentally strong companies and wait. Outlook still looking positive in the long run.

The real deal? The case for and against inflation

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":358898918,"tweetId":"358898918","gmtCreate":1616678188534,"gmtModify":1634524607160,"author":{"id":3573886639292843,"idStr":"3573886639292843","authorId":3573886639292843,"authorIdStr":"3573886639292843","name":"BlessedC","avatar":"https://static.tigerbbs.com/b6f6cd878b450a021fbcf04c7a86684a","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":5,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Buy the dips of fundamentally strong companies and wait. Outlook still looking positive in the long run.</body></html>","htmlText":"<html><head></head><body>Buy the dips of fundamentally strong companies and wait. Outlook still looking positive in the long run.</body></html>","text":"Buy the dips of fundamentally strong companies and wait. Outlook still looking positive in the long run.","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/358898918","repostId":2122114714,"repostType":2,"repost":{"id":"2122114714","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1616673985,"share":"https://www.laohu8.com/m/news/2122114714?lang=&edition=full","pubTime":"2021-03-25 20:06","market":"us","language":"en","title":"The real deal? The case for and against inflation","url":"https://stock-news.laohu8.com/highlight/detail?id=2122114714","media":"Reuters","summary":"LONDON (Reuters) - After years of dormant inflation, the spectre of accelerating price rises is rear","content":"LONDON (Reuters) - After years of dormant inflation, the spectre of accelerating price rises is rearing its head again across the developed world. Maybe.\nDebates are raging among economists on whether aggressive government spending unleashed since the COVID-19 pandemic will power economic growth, and therefore inflation. Market gauges of U.S. inflation are at multi-year highs, inflation bulls note.\nHold on, warn others, pointing to subdued wage pressures. They note, too, that technological and demographic forces that kept price growth low for so long have not gone away.\nHere are the cases for and against a surge in inflation.\nTHE CASE FOR:\n1/ RAPID REBOUND\nIn the United States, a $1.9 trillion spending package, equivalent to 9% of GDP, and a rapid vaccine rollout are game changers. There’s also talk of another $3 trillion in infrastructure spending.\nWith the U.S. economy seen expanding more than 7% this year, the highest in decades, corporate and consumer spending should get a boost. The IMF predicts 2021 global growth at 5.5%.\nCumulative economic losses in the United States from the pandemic will be roughly a quarter of the hit from the 2008-2009 crisis, BlackRock estimates.\nSo, after a 30-year absence, inflation might “not just moderately overshoot 2% but could threaten to breach 2.5% year-on-year -- the Fed’s implicit tolerance threshold”, says Chetan Ahya, Morgan Stanley’s global head of economics.\nGraphic: US real GDP relative to pre-recession path -\n<img src=\"https://static.tigerbbs.com/dfdcb2b403d436b03a1bf0e9d21d28b2\" tg-width=\"520\" tg-height=\"353\">\n2/ MORE MONEY\nIn 2020, the Federal Reserve increased the amount of dollars in circulation by around 20%. Boost the money supply significantly, argue the monetarists, and inflation follows.\nManoj Pradhan, who makes the case for an inflation revival in The Great Demographic Reversal, co-authored with Charles Goodhart, said huge fiscal stimulus would ensure a robust rise in domestic spending, some of which was already showing up in a rise in M1 money supply.\nThe M2 money supply measure in the United States and Japan is several times levels seen in the last 30 or 35 years, he said, a sign of building inflationary forces.\nGraphic: M2 money supply growth, US, Japan -\n<img src=\"https://static.tigerbbs.com/855bc2144596ed44e754a43dea02a0b2\" tg-width=\"753\" tg-height=\"570\">\n3/ RISING WAGES\nCorporate profits rose in recent decades and wages fell as hundreds of millions of lowly-paid Asian workers joined the labour ranks. But now, those populations are ageing.\nIn 2018, U.S. workers earned five times the average Chinese worker, versus 35 times in 2000, according to Pradhan.\nThe median age in major Asian countries is now higher than in the United States, according to brokerage StoneX. Its global macro strategist Vincent Deluard predicts this will slow Asian growth, shrink current account surpluses and lift currencies.\n“For the rest of the world, this will be a massive and unexpected, inflationary shock,” he said.\nTHE CASE AGAINST\n1/ IT’S TEMPORARY\nInflation bears argue post-pandemic price rises are normal and won’t necessarily lead to sustained longer-term gains. Rising prices are currently driven almost exclusively by higher energy and COVID-19-induced supply-side disruptions, they note.\nInflation projections for much of the developed world remain pessimistic: the European Central Bank forecasts euro zone inflation at 1.5% in 2021 but easing to 1.2% in 2022.\nHigh debt levels, too, can weigh on inflation, and G7 government indebtedness reached 142% of GDP by end-2020, from 119% at end-2019, BofA estimates.\nWhat also matters is whether policymakers rein in spending once the output gap -- the difference between potential and actual economic growth rates -- closes, said MFS Investment Management’s Erik Weisman. He predicts the U.S. government will eventually turn off the taps.\nGraphic: Where's the inflation? US and euro inflation rates -\n<img src=\"https://static.tigerbbs.com/a100e3aa922f10fe222e526155e19508\" tg-width=\"758\" tg-height=\"565\">\n2/ WAGES\nNearly 10 million fewer Americans are in work now than before COVID-19 hit and there is no guarantee that all laid-off workers can return.\nIn the euro zone, average wage growth was slowing even before the pandemic. Despite unemployment at a decade low, wage growth was an annual rate of just 1.7% at end-2019, Fitch notes.\nMike Riddell at Allianz Global Investors said unemployment rates must fall below end-2019 levels to generate much inflation and “we are many years away from that”.\nIn short, labour markets have lots of room for wages to rise before they lift inflation.\nGraphic: G4 economies jobless rates -\n<img src=\"https://static.tigerbbs.com/8eebf465c72a64c9add49e6883e5f69d\" tg-width=\"756\" tg-height=\"569\">\n3/ THE AMAZON EFFECT\nFrom Amazon to Zoom, tech firms were the pandemic’s biggest corporate winners.\nTechnological advances could continue to pressure prices lower and in fact the pandemic has accelerated moves towards online retail. In Britain, internet sales comprise 35% of all retail sales versus 20% in January 2020.\nGoods and services exposed to e-commerce typically experience disinflation or deflation, Northern Trust economist Carl Tannenbaum noted, adding: “I think (e-commerce) will be a lasting development”.","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>The real deal? The case for and against inflation</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\">\nThe real deal? The case for and against inflation\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nReuters \n2021-03-25 20:06\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\nLONDON (Reuters) - After years of dormant inflation, the spectre of accelerating price rises is rearing its head again across the developed world. Maybe.\nDebates are raging among economists on whether aggressive government spending unleashed since the COVID-19 pandemic will power economic growth, and therefore inflation. Market gauges of U.S. inflation are at multi-year highs, inflation bulls note.\nHold on, warn others, pointing to subdued wage pressures. They note, too, that technological and demographic forces that kept price growth low for so long have not gone away.\nHere are the cases for and against a surge in inflation.\nTHE CASE FOR:\n1/ RAPID REBOUND\nIn the United States, a $1.9 trillion spending package, equivalent to 9% of GDP, and a rapid vaccine rollout are game changers. There’s also talk of another $3 trillion in infrastructure spending.\nWith the U.S. economy seen expanding more than 7% this year, the highest in decades, corporate and consumer spending should get a boost. The IMF predicts 2021 global growth at 5.5%.\nCumulative economic losses in the United States from the pandemic will be roughly a quarter of the hit from the 2008-2009 crisis, BlackRock estimates.\nSo, after a 30-year absence, inflation might “not just moderately overshoot 2% but could threaten to breach 2.5% year-on-year -- the Fed’s implicit tolerance threshold”, says Chetan Ahya, Morgan Stanley’s global head of economics.\nGraphic: US real GDP relative to pre-recession path -\n<img src=\"https://static.tigerbbs.com/dfdcb2b403d436b03a1bf0e9d21d28b2\" tg-width=\"520\" tg-height=\"353\">\n2/ MORE MONEY\nIn 2020, the Federal Reserve increased the amount of dollars in circulation by around 20%. Boost the money supply significantly, argue the monetarists, and inflation follows.\nManoj Pradhan, who makes the case for an inflation revival in The Great Demographic Reversal, co-authored with Charles Goodhart, said huge fiscal stimulus would ensure a robust rise in domestic spending, some of which was already showing up in a rise in M1 money supply.\nThe M2 money supply measure in the United States and Japan is several times levels seen in the last 30 or 35 years, he said, a sign of building inflationary forces.\nGraphic: M2 money supply growth, US, Japan -\n<img src=\"https://static.tigerbbs.com/855bc2144596ed44e754a43dea02a0b2\" tg-width=\"753\" tg-height=\"570\">\n3/ RISING WAGES\nCorporate profits rose in recent decades and wages fell as hundreds of millions of lowly-paid Asian workers joined the labour ranks. But now, those populations are ageing.\nIn 2018, U.S. workers earned five times the average Chinese worker, versus 35 times in 2000, according to Pradhan.\nThe median age in major Asian countries is now higher than in the United States, according to brokerage StoneX. Its global macro strategist Vincent Deluard predicts this will slow Asian growth, shrink current account surpluses and lift currencies.\n“For the rest of the world, this will be a massive and unexpected, inflationary shock,” he said.\nTHE CASE AGAINST\n1/ IT’S TEMPORARY\nInflation bears argue post-pandemic price rises are normal and won’t necessarily lead to sustained longer-term gains. Rising prices are currently driven almost exclusively by higher energy and COVID-19-induced supply-side disruptions, they note.\nInflation projections for much of the developed world remain pessimistic: the European Central Bank forecasts euro zone inflation at 1.5% in 2021 but easing to 1.2% in 2022.\nHigh debt levels, too, can weigh on inflation, and G7 government indebtedness reached 142% of GDP by end-2020, from 119% at end-2019, BofA estimates.\nWhat also matters is whether policymakers rein in spending once the output gap -- the difference between potential and actual economic growth rates -- closes, said MFS Investment Management’s Erik Weisman. He predicts the U.S. government will eventually turn off the taps.\nGraphic: Where's the inflation? US and euro inflation rates -\n<img src=\"https://static.tigerbbs.com/a100e3aa922f10fe222e526155e19508\" tg-width=\"758\" tg-height=\"565\">\n2/ WAGES\nNearly 10 million fewer Americans are in work now than before COVID-19 hit and there is no guarantee that all laid-off workers can return.\nIn the euro zone, average wage growth was slowing even before the pandemic. Despite unemployment at a decade low, wage growth was an annual rate of just 1.7% at end-2019, Fitch notes.\nMike Riddell at Allianz Global Investors said unemployment rates must fall below end-2019 levels to generate much inflation and “we are many years away from that”.\nIn short, labour markets have lots of room for wages to rise before they lift inflation.\nGraphic: G4 economies jobless rates -\n<img src=\"https://static.tigerbbs.com/8eebf465c72a64c9add49e6883e5f69d\" tg-width=\"756\" tg-height=\"569\">\n3/ THE AMAZON EFFECT\nFrom Amazon to Zoom, tech firms were the pandemic’s biggest corporate winners.\nTechnological advances could continue to pressure prices lower and in fact the pandemic has accelerated moves towards online retail. In Britain, internet sales comprise 35% of all retail sales versus 20% in January 2020.\nGoods and services exposed to e-commerce typically experience disinflation or deflation, Northern Trust economist Carl Tannenbaum noted, adding: “I think (e-commerce) will be a lasting development”.\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2122114714","content_text":"LONDON (Reuters) - After years of dormant inflation, the spectre of accelerating price rises is rearing its head again across the developed world. Maybe.\nDebates are raging among economists on whether aggressive government spending unleashed since the COVID-19 pandemic will power economic growth, and therefore inflation. Market gauges of U.S. inflation are at multi-year highs, inflation bulls note.\nHold on, warn others, pointing to subdued wage pressures. They note, too, that technological and demographic forces that kept price growth low for so long have not gone away.\nHere are the cases for and against a surge in inflation.\nTHE CASE FOR:\n1/ RAPID REBOUND\nIn the United States, a $1.9 trillion spending package, equivalent to 9% of GDP, and a rapid vaccine rollout are game changers. There’s also talk of another $3 trillion in infrastructure spending.\nWith the U.S. economy seen expanding more than 7% this year, the highest in decades, corporate and consumer spending should get a boost. The IMF predicts 2021 global growth at 5.5%.\nCumulative economic losses in the United States from the pandemic will be roughly a quarter of the hit from the 2008-2009 crisis, BlackRock estimates.\nSo, after a 30-year absence, inflation might “not just moderately overshoot 2% but could threaten to breach 2.5% year-on-year -- the Fed’s implicit tolerance threshold”, says Chetan Ahya, Morgan Stanley’s global head of economics.\nGraphic: US real GDP relative to pre-recession path -\n\n2/ MORE MONEY\nIn 2020, the Federal Reserve increased the amount of dollars in circulation by around 20%. Boost the money supply significantly, argue the monetarists, and inflation follows.\nManoj Pradhan, who makes the case for an inflation revival in The Great Demographic Reversal, co-authored with Charles Goodhart, said huge fiscal stimulus would ensure a robust rise in domestic spending, some of which was already showing up in a rise in M1 money supply.\nThe M2 money supply measure in the United States and Japan is several times levels seen in the last 30 or 35 years, he said, a sign of building inflationary forces.\nGraphic: M2 money supply growth, US, Japan -\n\n3/ RISING WAGES\nCorporate profits rose in recent decades and wages fell as hundreds of millions of lowly-paid Asian workers joined the labour ranks. But now, those populations are ageing.\nIn 2018, U.S. workers earned five times the average Chinese worker, versus 35 times in 2000, according to Pradhan.\nThe median age in major Asian countries is now higher than in the United States, according to brokerage StoneX. Its global macro strategist Vincent Deluard predicts this will slow Asian growth, shrink current account surpluses and lift currencies.\n“For the rest of the world, this will be a massive and unexpected, inflationary shock,” he said.\nTHE CASE AGAINST\n1/ IT’S TEMPORARY\nInflation bears argue post-pandemic price rises are normal and won’t necessarily lead to sustained longer-term gains. Rising prices are currently driven almost exclusively by higher energy and COVID-19-induced supply-side disruptions, they note.\nInflation projections for much of the developed world remain pessimistic: the European Central Bank forecasts euro zone inflation at 1.5% in 2021 but easing to 1.2% in 2022.\nHigh debt levels, too, can weigh on inflation, and G7 government indebtedness reached 142% of GDP by end-2020, from 119% at end-2019, BofA estimates.\nWhat also matters is whether policymakers rein in spending once the output gap -- the difference between potential and actual economic growth rates -- closes, said MFS Investment Management’s Erik Weisman. He predicts the U.S. government will eventually turn off the taps.\nGraphic: Where's the inflation? US and euro inflation rates -\n\n2/ WAGES\nNearly 10 million fewer Americans are in work now than before COVID-19 hit and there is no guarantee that all laid-off workers can return.\nIn the euro zone, average wage growth was slowing even before the pandemic. Despite unemployment at a decade low, wage growth was an annual rate of just 1.7% at end-2019, Fitch notes.\nMike Riddell at Allianz Global Investors said unemployment rates must fall below end-2019 levels to generate much inflation and “we are many years away from that”.\nIn short, labour markets have lots of room for wages to rise before they lift inflation.\nGraphic: G4 economies jobless rates -\n\n3/ THE AMAZON EFFECT\nFrom Amazon to Zoom, tech firms were the pandemic’s biggest corporate winners.\nTechnological advances could continue to pressure prices lower and in fact the pandemic has accelerated moves towards online retail. In Britain, internet sales comprise 35% of all retail sales versus 20% in January 2020.\nGoods and services exposed to e-commerce typically experience disinflation or deflation, Northern Trust economist Carl Tannenbaum noted, adding: “I think (e-commerce) will be a lasting development”.","news_type":1},"isVote":1,"tweetType":1,"viewCount":289,"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":88,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/358898918"}