The graph is a bar chart titled "Inflation-Hedging Performance by Asset Class." The y-axis, which ranges from -10 to 20 percent, plots the estimated effect on average returns from a one standard deviation increase in unexpected headline, core, or energy inflation. Stocks, Treasury bonds, corporate bonds, commodities, and real estate investment trusts are plotted along the x-axis. A one standard deviation increase in unexpected headline inflation is associated with a 3.1 percent decrease in average common stock returns. Unexpected core inflation reduces stock returns by 8.1 percent, and an energy inflation shock is associated with a 4.0 percent increase in returns. Treasury and corporate bond returns decrease in response to all three inflation shocks. While returns of commodities and real estate investment trusts react negatively to core inflation, they respond positively to headline and energy inflation shocks. Source: Researchers' calculations using data from the BLS and other sources.