It depends on the real interest rate. Suppose you buy a long term bond yielding 5%, inflation was 2%. Now rates of bonds w/ comparable maturity and credit go u

It depends on the real interest rate. Suppose you buy a long term bond yielding 5%, inflation was 2%. Now rates of bonds w/ comparable maturity and credit go up to 7% and inflation goes up to 4%. Your bond is going to be worth a lot less now, but stocks could be (in reality not necessarily...) more robust to this change.