I think this is what we need to watch. Until we get up closer to 85% or so, there's very little reason to fear inflation. Once we get up there, my thinking is that such will indicate that the economy is strong enough to drive inflation, so, the powers that be will choose to take the stock market down rather than choke off growth with much higher rates.
In any case, with CU low, it's hard to get much inflation that will stick in the real economy.
https://fred.stlouisfed.org/series/TCU
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