[jyl]

“Inflation” is more than one thing.

1. There is current inflation in daily spending items: food, clothes, gasoline, rent, etc.

2. There is current inflation in asset prices: stocks, Ferraris, houses, etc.

3. There is future inflation expectations: what rate of investment return is acceptable over next 5-10 years to compensate for inflation then.

4. There is other inflation.

These are driven by different factors. In the US, in the past decade we’ve seen some of 1), a lot of 2), and very little of 3).