Inflation surged to a 40-year high in June 2022, with the consumer price index (CPI) soaring 9.10% year over year (5). The cost of essentials like food and housing remains stubbornly high.“There won't be a default — the central bank will come in, and we'll print the money and buy it,” he says. “And that's where there's the depreciation of money.” Americans are all too familiar with the central bank’s quantitative easing (printing money) during the pandemic — and the resulting loss of purchasing power.When a ...

美联储政策转向 - 美联储决定停止量化紧缩并恢复资产负债表扩张，标志着政策向宽松方向发生有意义的转变 [1][2] - 如果美联储在降息且财政赤字仍然庞大的情况下开始扩张资产负债表，将被视为典型的货币与财政互动，即美联储为政府债务货币化 [3] - 美联储购买债券会创造流动性并压低实际利率 [3] 流动性对资产价格的影响 - 增加的流动性若留在金融资产内，将推高金融资产价格，压低实际收益率，导致估值倍数扩张、风险利差收窄，并推高黄金价格 [4] - 货币创造增加与黄金表现之间存在直接联系，通胀和货币贬值通常会提振硬资产 [4] - 通胀率越高，黄金价格上涨越多，因为通胀主要源于其他货币因供应增加而价值和购买力下降，而黄金的供应量没有显著增加 [5] 对其他资产类别的潜在影响 - 流动性增加和实际收益率下降可能同样会提振比特币等其他价值储存手段 [1][5] - 行业观点认为美联储的量化宽松可能重新点燃比特币牛市 [6]