countries in the end only care about guns and missiles pointed at them, inflation and other aspects are really not the primary concerns. Thats why things can get out of hand, since inherently inflation wont be immediate enough to be a consequence to the present administration.
Even though CB's may talk tough, they will inflate us out of most anything. This is a yield fractal on the 10 year note. What I expect for long term rates. Noticeable inflation where long term rates are blatantly at historic highs wont be for a year or two. This will give room for the equity market to make new highs, before the rates start competing with allocation ratios between equity/credit in portfolios.
on page 1, of the fractal posted. Its important to determine where we are on the fractal. The upstroke doesn't really start till multiple stimulative effects are in place.