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1·So, for example, in the latter stages of the current cyclical bull market, gold and other hedges against inflation got relatively cheaper as stocks continued to soar.

举个例子，在当前这个周期反弹到后半段的时候，在股市飙升的同时，黄金和其他通胀对冲保值产品会相对较为便宜。

2·The drivers of inflation are much more structural than cyclical.

此次通货膨胀的驱动因素是结构性的。

3·That rarely mentioned good news, in turn, is largely due to lower inflation-a welcome cyclical phenomenon demand-siders often decry as deflation.

这一很少被提到的好消息的产生大部分是由于低通胀导致的——一个广受欢迎的循环现象，而被需求学派当做通货紧缩而大加批判。

4·Growth of 9% now looks more like a cyclical peak than apermanent achievement: bottlenecks throughout the economy mean it cannot gofaster without setting off inflation.

9%的增长速度现在被视为周期性的峰值而非能长久保持的成绩：经济内部处处可见的瓶颈意味着增长速度再高就会有引发通货膨胀的风险。

5·The key question is whether the recent rise in inflation in Asia is cyclical or the first sign of reversal in the structural disinflation trend.

关键问题在于，近期亚洲通胀率的上升是周期性的，还是结构性的低通胀局面发生逆转的初期迹象？