那提西银行-全球-宏观经济-再通胀？-20180209-6页

FlashEconomics09February2018-159PatrickArtusTel.(331)58551500patrick.artus@natixis.com@PatrickArtuswww.research.natixis.comReflation?Financialmarketsarestartingtosubscribetoareflationscenario:?Areturnofinflation,causedbythereturntofullemployment;?Andthereforerisinglong-terminterestrates;?Andthereforethreatstoequitymarkets.Thisisdrivinginvestorstohedgeagainst:?Inflation(hencetheriseininflationswaps);?Aslumpinshareprices(hencetheriseintheVIX).Butistherereallyreflation?Unitlabourcostsandtheoutlookfortheoilpricedonotsuggestthisisthecase.Thereflationtradeshouldberejected.DistributionofthisreportintheUnitedStates.Seeimportantdisclosuresattheendofthisreport..https://twitter.com/patrickartushttp://www.research.natixis.com/https://twitter.com/patrickartushttp://www.hibor.com.cn/FlashEconomics2ThereflationscenarioFinan