Going by the US long bond price (yield is dropping i.e. investors are buying, not selling), the market seems to believe the US Fed that the inflation we are seeing in the US is transitory, nothing to worry about. Or that the Fed will choke inflation hard, if it’s not transitory.
What do u think?
Thoughts of a Cynical Investor 
Maybe they’re thinking there’ll be a market crash & recession i.e. deflation LOL.