对于任何主要的资产类别，通货膨胀都是不利的，但是它肯定会减少对加密的伤害。 在Unsplash上拍摄的Sarakurfess的照片是什么？ 通货膨胀是指一种货币在一个经济体中的相对购买力下降，通常表现为商品和服务价格上涨，其持有固定工资和薪金收入。 如果收入保持不变（或下降），价格上涨只会导致购买力下降——也就是说，如果收入保持不变（或下降），一个人可以买多少钱：如果收入增长快于相对价格，那么个人在经济中越来越富有。 价格大幅上涨。 在过去的一年里，美国的通货膨胀率比任何其他发达经济体都要大幅上升。 在过去的五年里，与趋势的对比度将变得更加明显。从2020年1月到2022年3月，增长了11.2%。 还有许多其他原因怀疑这些数字大大低估了价格的整体上涨。首先，房价没有被考虑在内，所以租金的稳步上涨讲述了一个更困难的故事。此外，由于有更多的中心中心，城市中心通常有更好的供应链。 这意味着不同的人在美国有非常不同的经历，尤其是因为他们在不同的商品和服务中消费。 决定通货膨胀的因素。 长期以来，经济学家和社会科学家一直在研究通货膨胀及其对更广泛的宏观经济的影响。 首先，货币供应是通货膨胀最机械和最重要的决定因素。如果央行购买10万亿美元的债券，这相当于印钞，那么通货膨胀将面临巨大压力。 美联储开始注入超过7000亿美元的资产购买，然后每月购买1200亿美元的债券(800亿美元的国债和400亿美元的质押贷款支持证券)，直到2021年12月。此后，美联储开始减少规模，每月回购600亿美元至200亿美元。 从视觉上看，M1货币供应量——美国财政部、美联储和存款机构以外的货币、商业银行活期存款和其他支票存款——激增。 除了央行，美国联邦政府还向经济注入了大量5万亿美元的刺激资金。其他经济学家强烈反对，指出刺激资金的初始乘数不足以产生持续的生产率，尽管一些人认为刺激资金不会导致通胀。 请停下来看看上面的图片：在过去的两年里，M1从4万亿美元增加到20万亿美元以上。 其次，正如我们现在所看到的，关键供应的短缺，甚至食品的短缺，可能会导致价格上涨。由于一些贸易路线已经关闭，地缘政治紧张局势当然并没有使供应变得更容易——但供应链短缺已经持续了好几个月。这些价格上涨对小企业主尤其令人不安，尤其是在批发和零售行业，他们被迫通过提高客户价格来应对，进一步抑制了需求。 第三，工资跟不上。根据美国劳工统计局的最新数据，2021年3月至2022年期间增长了2.7%。此外，许多雇主一直在抱怨很难找到有能力和热情的工人，尤其是因为有些人为了达到最佳效果，通常需要至少一些面对面的协调。 有些人认为，考虑到过去三年经济发生了多少变化，不同技能的供需不匹配，肯定是一种可能。 货币和通货膨胀的加密。 虽然加密货币与法定货币的根本区别在于，它们的记录存在于区块链中，因此它们与任何其他资产一样，都是基于完全不同的去中心化方式达成共识的:加密价格可以超过其基于其价值的价值对其增长机会的预期。 当然，比特币、以太坊和其他所有加密货币都会表现出非常乐观的繁荣，但是很快就会经历低迷。 但这并不影响它们的价值。由于市场是由具有不同偏好和信仰的异质参与者组成的，每一种资产都会经历起伏，这将使一些人更加乐观，而另一些人则更加悲观。 然而，与法定货币(如美元)和传统资产(如标准普尔500指数)相比，加密货币与通胀准普尔500指数)。 考虑以下内容是基于我对圣路易斯联邦储备银行的内部计算。从2012年5月到2022年3月，所有城市消费者的消费价格指数（CPI）和标准普尔500指数的月度数据都与0.98有关。相比之下，2018年至2022年3月，CPI与比特币（以太坊）之间的价格关系为0.84（0.87）。 虽然这三种货币都是高度相关的，但预计BTC和ETH是受同一宏观经济事件影响的主要资产类别，但程度不同。然而，值得注意的是，相关性已经减少了10多个基点。 很容易击败特定的加密系统，并指出其价格正在贬值，但这是樱桃采摘的结果——显然，考虑到它们仍处于起步阶段，许多加密货币也表现得非常好。 事实上，YukunLiu和Alehtsyvinsky在《金融杂志》上的研究量化了加密货币中常见风险因素的重要性。他们发现他们有一个共同的部分，但是回报也有很多特殊性，就像他们在另一篇评论中指出的金融研究论文一样。 当加密货币对主要的宏观经济新闻和通胀反应时，不要感到惊讶——重要的是，它们的反应比传统资产类别慢得多，而且它们仍然是对冲通胀的重要工具。 此外，我们不应该让BTC和ETH在10000多种硬币中占据我们所有的注意力，这需要时间来调查性能更高的加密资产。

Inflation is bad for any major asset class, but it will certainly hurt crypto less. What is the picture of Sarakurfess taken on Unsplash? Inflation is a decrease in the relative purchasing power of a currency in an economy, usually manifested as rising prices for goods and services, which hold fixed wage and salary income. If income stays the same (or falls), rising prices only lead to a decrease in purchasing power—that is, how much a person can buy if income stays the same (or falls): If income grows faster than relative prices, then an individual Getting richer and richer in the economy. Prices have increased significantly. Inflation has risen sharply in the United States over the past year than in any other advanced economy. Over the past five years, the contrast with trends will become even more pronounced. From January 2020 to March 2022, it increased by 11.2%. There are many other reasons to suspect that these numbers significantly understate the overall rise in prices. First, house prices are not taken into account, so the steady rise in rents tells a more difficult story. Additionally, urban centers generally have better supply chains due to the presence of more central hubs. This means that different people have very different experiences in the United States, not least because they consume different goods and services. Factors that determine inflation. Economists and social scientists have long studied inflation and its impact on the broader macroeconomy. First, the money supply is the most mechanical and important determinant of inflation. If the central bank buys $10 trillion in bonds, which is equivalent to printing money, then inflation will come under huge pressure. The Fed began injecting more than $700 billion in asset purchases and then purchased $120 billion in bonds each month ($80 billion in Treasuries and $40 billion in mortgage-backed securities) until December 2021. Since then, the Fed has begun to reduce the scale of repurchases, ranging from US$60 billion to US$20 billion per month. Visually, the M1 money supply—money outside the U.S. Treasury, the Federal Reserve, and depository institutions, commercial bank demand deposits, and other checking deposits—surges. In addition to the central bank, the U.S. federal government has also injected a massive $5 trillion in stimulus funds into the economy. Other economists disagree strongly, noting that the initial multiplier of stimulus funding is insufficient to generate sustained productivity, although some argue that stimulus funding does not lead to inflation. Please stop and look at the image above: Over the past two years, M1 has grown from $4 trillion to over $20 trillion. Second, as we are seeing now, shortages of key supplies, even food, can lead to higher prices. Geopolitical tensions certainly haven't made supplying any easier as some trade routes have been closed - but supply chain shortages have been going on for months. These price increases are particularly troubling for small business owners, especially in the wholesale and retail industries, who are forced to respond by raising prices for customers, further suppressing demand. No.Third, wages cannot keep up. According to the latest data from the U.S. Bureau of Labor Statistics, there was a 2.7% increase between March 2021 and 2022. Additionally, many employers have been complaining about the difficulty of finding competent and enthusiastic workers, especially since some often require at least some face-to-face coordination for best results. Some believe that a mismatch between supply and demand for different skills is certainly a possibility, given how much the economy has changed in the past three years. Cryptocurrency and inflation. Although the fundamental difference between cryptocurrencies and fiat currencies is that their records exist on the blockchain, so they are based on consensus like any other asset in a completely different decentralized way: crypto prices can exceed the price they are based on The value of value is the expectation of its growth opportunities. Of course, Bitcoin, Ethereum, and every other cryptocurrency will experience a very optimistic boom, only to quickly experience a downturn. But this does not affect their value. Since markets are made up of heterogeneous participants with different preferences and beliefs, every asset will experience ups and downs, which will make some more optimistic and others more pessimistic. However, cryptocurrencies are associated with inflation compared to fiat currencies (like the U.S. dollar) and traditional assets (like the S&P 500). Consider the following based on my internal calculations for the St. Louis Fed. Monthly data on the Consumer Price Index (CPI) for all urban consumers and the S&P 500 from May 2012 to March 2022 are associated with 0.98. In comparison, the price relationship between CPI and Bitcoin (Ethereum) from 2018 to March 2022 was 0.84 (0.87). While all three currencies are highly correlated, BTC and ETH are expected to be major asset classes affected by the same macroeconomic events, but to varying degrees. However, it is worth noting that the correlation has decreased by more than 10 basis points. It's easy to beat a particular crypto system and point out that its price is depreciating, but that's the result of cherry picking - obviously, many cryptocurrencies are also doing very well considering they're still in their infancy. In fact, research by Yukun Liu and Alehtsyvinsky in the Journal of Finance quantified the importance of common risk factors in cryptocurrencies. They found that they had a common component, but that the returns also had a lot of peculiarities, as they pointed out in a separate review of the financial research paper. Don’t be surprised when cryptocurrencies react to major macroeconomic news and inflation – importantly, they react much more slowly than traditional asset classes, and they remain an important tool as a hedge against inflation. Furthermore, we should not let BTC and ETH occupy all our attention among the 10,000+ coins, it will take time to investigate crypto assets with higher performance.