Yes, bonds are fixed-income products, and future cash flows are certain and will not increase. Therefore, under inflation expectations, investors hope that their assets will appreciate with inflation in order to maintain purchasing power. (Keeping real interest rates constant), so future certain cash flow (fixed income) products are unattractive, so the demand for bonds falls. The basic logic behind it is that real interest rates (purchasing power) fall under inflation expectations.

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Inflation rate, an economics vocabulary, refers to the rate of increase in the general price level within a certain period (usually one year). Reflects the degree of inflation. It is usually expressed by an increase in the price index and a decrease in the purchasing power of currency.

The inflation rate (Inflation), also known as the price change rate, is the ratio of the excess currency issuance to the actual amount of money needed, and is used to reflect the degree of inflation and currency depreciation.

In economics, the inflation rate: the increase in the average price level (based on inflation). Using the analogy of a balloon, if its volume is the price level, the inflation rate is the degree of expansion of the balloon. In other words, the inflation rate is the decrease in the purchasing power of money.

In practice, it is generally not possible to calculate inflation directly, but it is expressed indirectly through the growth rate of the price index. Since the consumer price reflects the final price formed by the various links of circulation of commodities, it most comprehensively reflects the demand for currency in commodity circulation. Therefore, the consumer price index is the price index that can most fully and comprehensively reflect the inflation rate. Countries around the world basically use the consumer price index (called the consumer price index in our country), that is, CPI, to reflect the degree of inflation.

Corporate bonds refer to loan certificates issued by joint-stock companies for additional capital within a certain period of time (such as 10 years or 20 years). For the holder, it is just a certificate providing a loan to the company, and it reflects only an ordinary creditor-debt relationship.

Although the holder does not have the right to participate in the management activities of the joint-stock company, he can charge fixed interest from the company every year according to the provisions of the coupon, and the order of interest collection must precede the dividend distribution to shareholders, and the joint-stock company will also be liquidated when it goes bankrupt. The principal can be recovered first. Corporate bonds have a longer term, generally more than 10 years. Once the bonds mature, the joint-stock company must repay the principal and redeem the bonds.

First of all, as a "security", corporate bonds are not ordinary items or commodities, but "legal certificates that prove economic rights and interests." "Securities" is a collective term for various types of creditor's rights and property ownership certificates that can obtain a certain amount of income. It is a certificate used to prove that the security holder owns and obtains corresponding rights and interests.

Secondly, corporate bonds are "marketable securities", which reflect and represent a certain economic value, and have broad social acceptance. They can generally be transferred and used as financial instruments in circulation.

Therefore, in this sense, "marketable securities" are a kind of ownership certificate, which generally must indicate the face amount, proving that the security holder has the right to obtain a certain amount of income on a regular basis, and can be freely transferred and traded. , which itself has no value, but it represents a certain amount of property rights. Holders can directly obtain a certain amount of commodities, currency, interest, dividends and other income. Because such securities can be bought, sold and circulated in the securities market, they objectively have a trading price.