The Correlation Between Inflation and the S&P 500 Is Still Tight

The correlation between inflation and the multiple ascribed to the S&P 500 is stunningly tight. The Fed Fund's real rate was negative 8%, just one year ago, now it's positive two%. Is the earning malaise going to be more entrenched than what people are expecting? I think that's the real risk for the market. It's rooted in technology, mega caps and growth coming back once again.