麦格理-美股-宏观经济-通缩基调下的通货膨胀-20180222-32页

Pleaserefertopage30forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.GLOBALInsideHowdifferentistodayto1960s?2US$,Equities&Bonds–onthewarpath12Degreeofcontagion–thekeysignal20Appendices23US–GreatSecularEquitiesBearMarket–1968-1982;realSPXof’68regainedin‘92Source:Bloomberg;MacquarieResearch,February2018US–correlationSPXwith10Ybondyields–negativein’70s-‘90s;positivefromearly‘00sbutstartingtoturnnegativeagainSource:Thomson;Bloomberg;MacquarieResearch,February2018Analyst(s)ViktorShvets+85239223883viktor.shvets@macquarie.com21February2018MacquarieCapitalLimitedWhatcaughtmyeye?v.87InflationarynoteinadeflationarytuneInthisissueweaskwhetherinvestmentlandscapehastransitedfromdisinflationtoinflationandhowsimilarcurrentenvironmentisto‘67or‘87regimechanges.The1950s