最近的牛市显示我们正在接近紧缩的底部，而且低估了大陆市场的通货膨胀前景引起的反弹。
The bull case is that we are near the end of tightening and that undervalued mainland equities will rebound on an improving inflation outlook.
在很多调整平衡的情况下，低估的汇率还会导致货币供应过度增长，增加平抑通货膨胀的难度。
In many cases of past rebalancing, an undervalued exchange rate also led to excessive growth in money supply, making it harder to tame inflation.
通货膨胀仍然是一个投资者常常低估的潜在威胁。
Inflation remains the quiet menace that investors too often underestimate.
又或是央行低估了经济复苏的力度，那么通货膨胀的压力很会就会出现(债券收益也会急增)。
Or they are underestimating the strength of the recovery, in which case inflationary pressures will start to emerge (and bond yields will rise sharply).
所有NIA的成员知道，CPI通过几何加权低估了通货膨胀。
As all NIA members know, the CPI understates inflation through geometric weighting and hedonics.
所有NIA的成员知道，CPI通过几何加权低估了通货膨胀。
As all NIA members know, the CPI understates inflation through geometric weighting and hedonics.
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