The correct discount factor is a real yield (ie, excluding compensation for expected inflation).

正确的贴现因子是实际收益（例如，不包括预期通货膨胀的补偿）。

For much of 2021, the Federal Reserve, America's Central Bank, said it expected inflation to be transitory or temporary.

2021年的大部分时间里，美国的央行——美联储坚称，它预计通胀只是暂时的。

Faster productivity growth and higher expected inflation translate into more wage growth; higher unemployment translates into less.

更快的生产率增长和更高的预期通货膨胀转化为更多的工资增长；更高的失业率转化为更少的失业率。

So, when unemployment went down, they expected inflation and demanded higher wages, causing unemployment to go back up, while inflation remained high.

失业率下降后 他们预计会通胀并要求更高工资，导致失业率回升，但通胀仍然保持高位。

Omair Sharif, founder of Inflation Insights, said he expected inflation to pick up to 8.3 percent in March as pump prices surge.

通胀洞察(Inflation Insights)创始人奥马尔·谢里夫表示，他预计随着汽油价格飙升，3月通胀率将升至8.3%。

But first, we'll talk about yesterday's stock market euphoria and the better than expected inflation report that caused it.

但首先，我们要谈谈昨天的股市狂欢和引发它的好于预期的通胀报告。

But I think it is completely fair to say that the bank has been behind the curve, has always expected inflation not to be as bad as they thought.

但我认为，可以完全公平地说， 该银行一直落后于形势，一直预计通胀不会像他们想象的那么糟糕。

Markets seem to trust central banks to return inflation to target, and that trust itself helps keep it in line (though the dispersion in expected inflation rates seems to have widened lately).

市场似乎相信央行会使通胀回到既定目标，这种信任本身就有促进作用。（尽管对预期通胀率的分歧近来有所扩大）。

In the middle of June a closely watched consumer survey by the University of Michigan put expected annual inflation at 3.3% for the next five years; by the end of the month it was down to 3.1%.

6月中旬，密歇根大学一项备受关注的消费者调查显示，未来五年的预期年通胀率为3.3%；到月底时，这一数字降到了3.1%。