I would like to hear arguments _against_ this view, because this is what seems most likely to me as well. But it is certainly not what all the markets are expec

I would like to hear arguments _against_ this view, because this is what seems most likely to me as well. But it is certainly not what all the markets are expecting: The bond market is eating up all long-term bonds issued by any economically stable state under the "flight to safety" phenomenon. At very low interest rates. So any good arguments against the inflation view (except the obvious: the market is not expecting it) would be welcome.