摩根大通表示，即使经济没有显著放缓，也应密切关注滞胀的迹象。
Keep watch for signs of stagflation, even if there isn't a significant slowdown in the economy, according to J.P. Morgan.
摩根大通全球基本面研究联席主管詹姆斯·沙利文（James Sullivan）在CNBC的《亚洲快打》（Squawk Box Asia）节目中表示，如果油价在较长时间内维持在每桶100美元以上，可能会标志着滞胀时期的开始，尽管经济增长未必会显著放缓。他补充道：“在通胀水平较高的情况下，合理水平的经济增长自70年代以来首次真正引发了关于滞胀的讨论。”
If oil stays above $100 a barrel over an extended period of time, it risks marking the start of a stagflation period, though economic growth may not necessarily slow down significantly, said James Sullivan, managing director and co-head of global fundamental research at J.P. Morgan, on CNBC's " Squawk Box Asia "Reasonable levels of economic growth with higher levels of inflation start to trigger this stagflation conversation for the first time really since the 70s," he added. According to Sullivan, record issuance in the AI industry and more governments running into record-level deficits "will absolutely have an impact on pricing," especially in an environment of weaker demand.
据沙利文称，人工智能行业的创纪录发行量以及更多政府陷入创纪录的赤字“绝对会对价格产生影响”，尤其是在需求疲软的环境中。
"More and more investors with longer-term views look into the corporate space rather than in the government space," Sullivan said, noting that there is a mismatch of supply and demand.
沙利文表示：“越来越多具有长期视角的投资者开始关注企业领域，而非政府领域”，并指出存在供需错配。此外，厄尔尼诺现象和中东冲突也在拖累全球经济前景。
Moreover, the effects of El Niño and the Middle East conflict are also weighing on the global economic outlook. "One of the reasons why you've seen really one of the first coordinated central bank tightening cycles in many many years is triggered by exactly that," Sullivan said, adding that food and energy prices have been rising.
沙利文表示：“多年来首次出现的协调一致的央行紧缩周期，正是由这一因素触发的”，并补充说食品和能源价格一直在上涨。
"At the same time that core inflation has been relatively sticky, we don't necessarily see that environment turning around in the short term," Sullivan noted.
沙利文指出：“与此同时，核心通胀相对顽固，我们并不认为这种环境会在短期内逆转。”
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