Kind of yes, kind of no. We've had historically low interest rates for a while, which allows for asset inflation proportional to the reduction in the historica

Kind of yes, kind of no. We've had historically low interest rates for a while, which allows for asset inflation proportional to the reduction in the historical cost to borrow money to purchase those assets, which is not really a bubble, but people associate with bubbles. Some of these assets are likely valued more than they would be even with higher interest rates, and those are somewhat bubbly. There are also intermediate examples between these two where things are a little bubbly, but that bubbliness is in part because of a combination of easy access to capital and particular financial instruments/behaviors.