德银-美股-宏观经济-美联储观察员：早期迹象表明通胀预期正在向上蔓延-20180122-6页

ResearchDeutscheBankMatthewLuzzetti|(+1)2122506161|matthew.luzzetti@db.comJanuary22,2018DISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/2017FedWatcher:EarlysignsinflationexpectationsarestirringupwardsMatthewLuzzettiSeniorEconomist(+1)2122506161|matthew.luzzetti@db.comBrettRyanSeniorEconomist(+1)2122506294|brett.ryan@db.comJustinWeidnerEconomist(+1)2124691679|justin-s.weidner@db.comAvikChattopadhyayAssociateavik.chattopadhyay@db.comJanuary22,2018Distributedon:23/01/201813:49:00GMT7T2se3r0Ot6kwoPaDistributedon:22/01/201814:23:25GMThttp://www.hibor.com.cn/ResearchDeutscheBankMatthewLuzzetti|(+1)2122506161|matthew.luzzetti@db.comJanuary22,2018DBFedWatcher:Earlysignsinflationexpectationsarestirringupwards*Policyimpactisimplicationsofspeech/researchformonetarypolicy:○Dovish,○Neutral,○Hawkish2Summary:LittlenewfromFeds