Quote Originally Posted by mscott View Post

As long as the FED continues to be able to keep inflation rate locked into the current range the secular bear market may remain in hybernation. Another decade of this is probably in order as this could take a very long time for events to pass. Just think how long would it take for inflation to set in, and then fought and then broken?
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.