I believe a big reason inflation didn't take off last time was that the Fed kept rates low until we were solidly in a bubble, and only raised rates a year or tw

I believe a big reason inflation didn't take off last time was that the Fed kept rates low until we were solidly in a bubble, and only raised rates a year or two prior to the asset bubble bursting. I wouldn't be surprised if the ~4-5 years of lower rates, plus the tax cuts, and maybe other increases in spending, allowed asset prices to rise well beyond their real long-run averages. If the Fed raises rates going forward, that should temper asset prices, but if they don't, I would be surprised if asset prices didn't increase.