inverted yield curve

NO.PZ202105270100000301 问题如下 scuss the implications of Haret’s inflation forecast on the expectereturns of the funs holngs of:i. cash.ii. bon.iii. equities.iv. reestate Cash :The funbenefits from its cyclically low holngs of cash. With the economy contracting aninflation falling, short-term rates will likely in a sharp cline. Cash, or short-term interest-bearing instruments, is unattractive in suenvironment. However, flation mmake cash particularly attractive if a “zero lower boun is binng on the nomininterest rate. Otherwise, flation is simply a component of the requireshort-term rerate.Bon :The funs holngs of high-quality bon will benefit from falling inflation or flation. Falling inflation results in capitgains the expecteinflation component of bonyiel falls. Persistent flation benefits the highest-quality bon because it increases the purchasing power of their cash flows. It will, however, impair the cretworthiness of lower-quality bt.Equities :The funs holngs of asset-intensive ancommoty-procing firms will negatively affectefalling inflation or flation. Within the equity market, higher inflation benefits firms with the ability to pass along rising costs. In contrast, falling inflation or flation is especially trimentfor asset-intensive ancommoty-procing firms unable to pass along the priincreasesReEstate :The funs reestate holngs will negatively affectefalling inflation or flation. Falling inflation or flation will put wnwarpressure on expecterentincome anproperty values. Especially negatively affectewill sub-prime properties thmhave to cut rents sharply to avoirising vacancies Cash:该基金得益于其持有的现金处于周期性低位。随着经济收缩和通胀下降，短期利率可能会急剧下降。Cash，或短期计息工具，在这种环境下是没有吸引力的。然而，如果名义利率受到“零下限”的约束，通缩可能会让现金变得特别有吸引力。否则，通缩仅仅是必需的短期实际利率的一个组成部分。Bon:持有的高质量债券将受益于通胀的下降或是通缩。通胀下降导致资本利得，因为债券收益率的通胀预期部分同样下降。持续的通货紧缩对高质量债券有利，因为它增加了债券现金流的购买力。然而，这将损害较低质量债务的信誉。Equities:该基金持有的资产密集型资产和大宗商品将受到通胀下降或通缩的负面影响。在股票市场中，较高的通货膨胀率有利于那些有能力将上升的成本转嫁出去的公司。相反，通货膨胀下降或通货紧对资产密集型和大宗商品生产企业尤其不利，因为它们无法将价格上涨传递出去ReEstate :该基金的房地产持有将受到通货膨胀下降或通货紧缩的负面影响。通货膨胀下降或通货紧缩将给预期的租金收入和房产价值带来下行压力。受影响最严重的将是次级房产，它们可能不得不大幅降低租金，以避免空置率上升。 his forecasts, there will lower inflation anpossibly flationi. cash.Cash will have greproformanbecause the lower inflation anpossibly flation will improve the purchase power of the cash.ii. bon.The bon will have greproformanbecause the lower inflation anpossibly flation will have a negative influenon scount rate anwill improve the bon price.iii. equities.The equities will have little influenbecause the lower inflation anpossibly flation will have a influenboth on scount rate anstoviniv. reestateThe value of the reestate will wnsi because of the lower inflation anpossibly flation.

NO.PZ202105270100000301 问题如下 scuss the implications of Haret’s inflation forecast on the expectereturns of the funs holngs of:i. cash.ii. bon.iii. equities.iv. reestate Cash :The funbenefits from its cyclically low holngs of cash. With the economy contracting aninflation falling, short-term rates will likely in a sharp cline. Cash, or short-term interest-bearing instruments, is unattractive in suenvironment. However, flation mmake cash particularly attractive if a “zero lower boun is binng on the nomininterest rate. Otherwise, flation is simply a component of the requireshort-term rerate.Bon :The funs holngs of high-quality bon will benefit from falling inflation or flation. Falling inflation results in capitgains the expecteinflation component of bonyiel falls. Persistent flation benefits the highest-quality bon because it increases the purchasing power of their cash flows. It will, however, impair the cretworthiness of lower-quality bt.Equities :The funs holngs of asset-intensive ancommoty-procing firms will negatively affectefalling inflation or flation. Within the equity market, higher inflation benefits firms with the ability to pass along rising costs. In contrast, falling inflation or flation is especially trimentfor asset-intensive ancommoty-procing firms unable to pass along the priincreasesReEstate :The funs reestate holngs will negatively affectefalling inflation or flation. Falling inflation or flation will put wnwarpressure on expecterentincome anproperty values. Especially negatively affectewill sub-prime properties thmhave to cut rents sharply to avoirising vacancies Cash:该基金得益于其持有的现金处于周期性低位。随着经济收缩和通胀下降，短期利率可能会急剧下降。Cash，或短期计息工具，在这种环境下是没有吸引力的。然而，如果名义利率受到“零下限”的约束，通缩可能会让现金变得特别有吸引力。否则，通缩仅仅是必需的短期实际利率的一个组成部分。Bon:持有的高质量债券将受益于通胀的下降或是通缩。通胀下降导致资本利得，因为债券收益率的通胀预期部分同样下降。持续的通货紧缩对高质量债券有利，因为它增加了债券现金流的购买力。然而，这将损害较低质量债务的信誉。Equities:该基金持有的资产密集型资产和大宗商品将受到通胀下降或通缩的负面影响。在股票市场中，较高的通货膨胀率有利于那些有能力将上升的成本转嫁出去的公司。相反，通货膨胀下降或通货紧对资产密集型和大宗商品生产企业尤其不利，因为它们无法将价格上涨传递出去ReEstate :该基金的房地产持有将受到通货膨胀下降或通货紧缩的负面影响。通货膨胀下降或通货紧缩将给预期的租金收入和房产价值带来下行压力。受影响最严重的将是次级房产，它们可能不得不大幅降低租金，以避免空置率上升。 该基金得益于其持有的现金处于周期性低位。随着经济收缩和通胀下降，短期利率可能会急剧下降。Cash，或短期计息工具，在这种环境下是没有吸引力的。然而，如果名义利率受到“零下限”的约束，通缩可能会让现金变得特别有吸引力。否则，通缩仅仅是必需的短期实际利率的一个组成部分。这是解析的内容，我的理解是通缩对持有cash不利，但是如果利率到了0以下，则持有cash有利，我这么理解对不对？

NO.PZ202105270100000301 问题如下 scuss the implications of Haret’s inflation forecast on the expectereturns of the funs holngs of:i. cash.ii. bon.iii. equities.iv. reestate Cash :The funbenefits from its cyclically low holngs of cash. With the economy contracting aninflation falling, short-term rates will likely in a sharp cline. Cash, or short-term interest-bearing instruments, is unattractive in suenvironment. However, flation mmake cash particularly attractive if a “zero lower boun is binng on the nomininterest rate. Otherwise, flation is simply a component of the requireshort-term rerate.Bon :The funs holngs of high-quality bon will benefit from falling inflation or flation. Falling inflation results in capitgains the expecteinflation component of bonyiel falls. Persistent flation benefits the highest-quality bon because it increases the purchasing power of their cash flows. It will, however, impair the cretworthiness of lower-quality bt.Equities :The funs holngs of asset-intensive ancommoty-procing firms will negatively affectefalling inflation or flation. Within the equity market, higher inflation benefits firms with the ability to pass along rising costs. In contrast, falling inflation or flation is especially trimentfor asset-intensive ancommoty-procing firms unable to pass along the priincreasesReEstate :The funs reestate holngs will negatively affectefalling inflation or flation. Falling inflation or flation will put wnwarpressure on expecterentincome anproperty values. Especially negatively affectewill sub-prime properties thmhave to cut rents sharply to avoirising vacancies Cash:该基金得益于其持有的现金处于周期性低位。随着经济收缩和通胀下降，短期利率可能会急剧下降。Cash，或短期计息工具，在这种环境下是没有吸引力的。然而，如果名义利率受到“零下限”的约束，通缩可能会让现金变得特别有吸引力。否则，通缩仅仅是必需的短期实际利率的一个组成部分。Bon:持有的高质量债券将受益于通胀的下降或是通缩。通胀下降导致资本利得，因为债券收益率的通胀预期部分同样下降。持续的通货紧缩对高质量债券有利，因为它增加了债券现金流的购买力。然而，这将损害较低质量债务的信誉。Equities:该基金持有的资产密集型资产和大宗商品将受到通胀下降或通缩的负面影响。在股票市场中，较高的通货膨胀率有利于那些有能力将上升的成本转嫁出去的公司。相反，通货膨胀下降或通货紧对资产密集型和大宗商品生产企业尤其不利，因为它们无法将价格上涨传递出去ReEstate :该基金的房地产持有将受到通货膨胀下降或通货紧缩的负面影响。通货膨胀下降或通货紧缩将给预期的租金收入和房产价值带来下行压力。受影响最严重的将是次级房产，它们可能不得不大幅降低租金，以避免空置率上升。 Lower inflation anpossibly flation over the next 12 months.Cash will perform better with zero lower bounrate even in flation situtaion. But if not, it will have a negative return. Bon will have a positive expectereturn because the cash flow are fixeanthe effeof inlation is reflectein the scount rate.Equitites will have little effein the lower inflation. But in the flation situation whiis alwin weeconomy, it will have a negative retun.Reestate will have a positive return in lower inlation but a negative return in flation.The rent fee crease more ththe scount rate in flation.

NO.PZ202105270100000301 问题如下 scuss the implications of Haret’s inflation forecast on the expectereturns of the funs holngs of:i. cash.ii. bon.iii. equities.iv. reestate Cash :The funbenefits from its cyclically low holngs of cash. With the economy contracting aninflation falling, short-term rates will likely in a sharp cline. Cash, or short-term interest-bearing instruments, is unattractive in suenvironment. However, flation mmake cash particularly attractive if a “zero lower boun is binng on the nomininterest rate. Otherwise, flation is simply a component of the requireshort-term rerate.Bon :The funs holngs of high-quality bon will benefit from falling inflation or flation. Falling inflation results in capitgains the expecteinflation component of bonyiel falls. Persistent flation benefits the highest-quality bon because it increases the purchasing power of their cash flows. It will, however, impair the cretworthiness of lower-quality bt.Equities :The funs holngs of asset-intensive ancommoty-procing firms will negatively affectefalling inflation or flation. Within the equity market, higher inflation benefits firms with the ability to pass along rising costs. In contrast, falling inflation or flation is especially trimentfor asset-intensive ancommoty-procing firms unable to pass along the priincreasesReEstate :The funs reestate holngs will negatively affectefalling inflation or flation. Falling inflation or flation will put wnwarpressure on expecterentincome anproperty values. Especially negatively affectewill sub-prime properties thmhave to cut rents sharply to avoirising vacancies Cash:该基金得益于其持有的现金处于周期性低位。随着经济收缩和通胀下降，短期利率可能会急剧下降。Cash，或短期计息工具，在这种环境下是没有吸引力的。然而，如果名义利率受到“零下限”的约束，通缩可能会让现金变得特别有吸引力。否则，通缩仅仅是必需的短期实际利率的一个组成部分。Bon:持有的高质量债券将受益于通胀的下降或是通缩。通胀下降导致资本利得，因为债券收益率的通胀预期部分同样下降。持续的通货紧缩对高质量债券有利，因为它增加了债券现金流的购买力。然而，这将损害较低质量债务的信誉。Equities:该基金持有的资产密集型资产和大宗商品将受到通胀下降或通缩的负面影响。在股票市场中，较高的通货膨胀率有利于那些有能力将上升的成本转嫁出去的公司。相反，通货膨胀下降或通货紧对资产密集型和大宗商品生产企业尤其不利，因为它们无法将价格上涨传递出去ReEstate :该基金的房地产持有将受到通货膨胀下降或通货紧缩的负面影响。通货膨胀下降或通货紧缩将给预期的租金收入和房产价值带来下行压力。受影响最严重的将是次级房产，它们可能不得不大幅降低租金，以避免空置率上升。 高质量的房地产和高质量的债券收益，低质量的房地产和低质量的债券受损，我这么理解对不对。但是我感觉关于债券有点问题啊，债券应该是未来现金流的折现，就算债券不行，在flation的情况下，债券价格也上涨啊。