#Opinion by Tsang Kwok-Ping 曾國平|"There is nothing to worry about inflation getting out of control but rather an awkward situation where it is only a little higher than expected, not too high, not too low, for example, between 2.5% and 3%. This is definitely not a once-in-a-blue-moon event, such as super inflation, and there is a good chance that it will happen within this year. The awkwardness lies in the fact that the Fed will inevitably have to face the reality and can no longer be vague. The Fed will have to state clearly the tapering conditions and explain what constitutes excessive inflation and how long it can be sustained. The more awkward the Fed is, the more imaginative investor expectations become, and the taper tantrum will be even more intense and dramatic than it was back then."
Read more: https://bit.ly/39VMQz4
"不怕通漲失控,最怕通漲出現尷尬情況,只比預期高一點,比上不足,比下有餘,例如在2.5%至3%之間。這絕非超級通漲等N年一遇的意外事件,在今年內發生的機會不低。尷尬之處,在於聯儲局到時難免要面對現實,不能再含糊其詞,要講清楚「收水」的條件,解釋通漲何謂太高、太高可以維持多久。聯儲局越尷尬,市場越多幻想,「收水」會比當年更緊張刺激。"
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