Low inflation may sound appealing, but as Russ explains, it has drawbacks for investors.

低通胀听起来可能很有吸引力，但正如Russ所解释的那样，它对投资者有不利之处。

By any account the U.S. equity market is having a stellar year. Stocks have benefited from easier financial conditions, which have in turn pushed up market multiples. By a happy coincidence, gains in market multiples have exactly matched the 15% gain in the S&P 500 Index.

无论如何，美国股市今年都表现不俗。股市受益于更为宽松的金融状况，这反过来推高了市场市盈率。巧合的是，市场市盈率的增长与标普500指数15%的涨幅完全相符。