美国有线新闻 CNN 通货膨胀忧虑导致美股持续动荡（在线收听）

AZUZ: In modern economic terms, inflation occurs when the things and services we buy get more expensive and our money doesn't go as far as it used to. Concerns about inflation are a major reason why the U.S. stock market has been so volatile lately. It said the market is driven by fear and greed, and recently, investors have been afraid inflation will hit the economy.

That's why the Dow Jones Industrial Average of 30 significant stocks saw another major drop yesterday, closing down 1,033 points even though the economy is considered strong.

CHRISTINE ROMANS, CNN CHIEF BUSINESS CORRESPONDENT: What's driving market turmoil? The biggest reason is fear of inflation.

Look at the job market. Job gains are strong and unemployment is historically low. Businesses are struggling to find and keep workers. So, yes, that means they have to pay them more. Wages are finally going up, which is great for Main Street, but Wall Street is worried.

For years, steady growth in the economy and low inflation were great for stocks. Corporate profits soared, the Federal Reserve kept interest rates low. But if inflation picks up, the Fed could be forced to raise interest rates more aggressively than expected.

And the market is addicted to low rates. Higher rates could deflate stocks. That's because higher interest rates tap the economy's brakes, making it more expensive for businesses to borrow money, to invest and grow.

Fueling these fears about inflation is tax reform, yes, tax cuts drove breathtaking market gains, pushing the Dow up 8,000 points. But giving a cash injection to an already healthy economy can have side effects like inflation.

Look, inflation is still historically low, don't get me wrong. And overall, it's been relatively stable since the stagflation of the 1970s.

Experts at the Fed expect that trend to continue, predicting inflation under 2 percent this year. But investors aren't so sure.

For now, it's too early to tell if the market is actually overheating or just pausing its epic bull run.