There are clearly many possible paths to relatively few outcomes. Methods are not perfect and neither are the people applying them so it stands to reason that P/E compression with either negative or positive excess inflation will happen at some point. Perhaps it comes sooner with a natural event risk.
The question becomes when rather than how. Another decade of locked inflation would, in retrospect, likely be viewed as another great moderation with prices generally moving higher - perhaps not what one would view as part of a secular bear absent time frames of lifetimes.