Both gold and Treasury bonds could be classed as "safe haven" assets that investors buy when they are risk-averse. But if not inflation, safe havens against what?

黄金和国债都可以划分为“避难”资产，即投资者不愿冒险时将其买入。

youdao

In other words, if overall inflation is rising rapidly but core inflation is not, as is happening now, we should assume that overall inflation will soon drop.

换句话说，如果全面通胀系数快速上涨，但是核心通胀系数却不尽相同时，就象现在一样，我们就能推测出全面通胀系数将很快降低。

youdao

But if inflation is not kept in check, it can become embedded in people's expectations.

但是如果通胀失控，价格上涨就会在人们的预期之中。

youdao

But if not inflation, safe havens against what?

ECONOMIST: Why are both Treasury bonds and gold performing so well?

But an expanding monetary base will not create inflation if the money is not lent out.

ECONOMIST: The Fed

But if the intervention is not sterilised, the added liquidity fuels inflation.

ECONOMIST: Currencies