Is there any evidence of high inflation?
There is some anecdotal evidence that real inflation is high. Just try to purchase a home, car, or food and you’ll notice prices have risen dramatically. If true, it’s possible the rock bottom energy markets are artificially keeping the official inflation indicators lower than they really should be.
Then again, it’s possible rising prices are for other reasons (DTC) and are not reflective of real inflation at all. This is pure speculation on my part. I was just trying to give an example of the stock market price not necessarily being reflective of belief in the underlying strength of the economy.