I did use the conditional "would" because I don't think the market is actually expecting inflation, which would erode the value of dollars. Expected inflation

I did use the conditional "would" because I don't think the market is actually expecting inflation, which would erode the value of dollars. Expected inflation can be calculated as the difference between a Treasury and a TIPS of the same tenor - say 5 years. Treasury yields: https://www.treasury.gov/resource-center/data-chart-center/interest-rates/pages/textview.aspx?data=yield https://www.treasury.gov/resource-center/data-chart-center/i... TIPS: https://www.wsj.com/market-data/bonds/tips https://www.wsj.com/market-data/bonds/tips So 5 years out, the expected inflation is .37 - (-.418) = .788%; pretty low. In other words, the market doesn't expect all this money printing to translate into general inflation (as measured by the CPI). Personally I would be dollar-cost averaging into equities.