Secondly, the velocity of money is usually suppressed by increased asset prices, and under certain conditions, there is a reverse relationship between the asset price boom and inflation.

货币流通速度通常会受到资产价格上升的抑制，在一定条件下，资产价格上升与通货膨胀之间存在替代关系；

youdao

So America has not suppressed inflation in prices by means of a structural improvement in the labour market.

ECONOMIST: Economics focus