We have had the first wave of inflation starting in 2003 and to 2006.
The markets have settled back for about a year depending on which market you are in but the government data is finally showing the results of the trickle down effect inflation has on the economy with the latest CPI #'s.
Now all we have to have is a shortage of gasoline which is coming this summer. Then inflation will raise it's ugly head big time because the corporations are tired of taking it on the chin. They are being squezzed from both ends so prices will pop this time because their long term contracts are now market related.
The general results are metals will go higher, stock market will go lower.
Buy puts on the dow or S&P to protect your portfolio.