In the following table, aggregate stock market returns are regressed on variables in the left column. The table reports predictive associations in horizons of one month, one year, three years, and five years. To be more clear, each row is related to four regressions of the following type: Rt,t+n=+xt+t+n where n=1,12,36, and 60 months. For each regression, the table shows the coefficient and its t-statistic, together with the R2 of the regression. Based on the table, what description about the predictive association between inflation and market returns is more accurate? Table 1 In the one-month horizon, inflation negatively predicts market returns. This means that high inflation is a proxy for high equity risk. The R-squared in the five-year regression is only 1.2%, so the relationship is not statistically significant. Inflation is a significant predictor of market returns in all horizons. The t-statistic in the one month regression is -2.33 , so the relationship is statistically significant. In the following table, aggregate stock market returns are regressed on variables in the left column. The table reports predictive associations in horizons of one month, one year, three years, and five years. To be more clear, each row is related to four regressions of the following type: Rt,t+n=+xt+t+n where n=1,12,36, and 60 months. For each regression, the table shows the coefficient and its t-statistic, together with the R2 of the regression. Based on the table, what description about the predictive association between inflation and market returns is more accurate? Table 1 In the one-month horizon, inflation negatively predicts market returns. This means that high inflation is a proxy for high equity risk. The R-squared in the five-year regression is only 1.2%, so the relationship is not statistically significant. Inflation is a significant predictor of market returns in all horizons. The t-statistic in the one month regression is -2.33 , so the relationship is statistically significant