This idea isn't too controversial, most people believe the recent action is a bear market rally of short exits, but how does it end? Recent economic indicators show we are continuing towards a stagflation environment. Furthermore, we are seeing some subtle but alarming news including current political conditions favoring more reckless spending, people hired because of tech companies extreme valuations have seen layoffs and this will continue (I expect unemployment rates to rise sharply), rent prices are up >20% YoY in multiple cities, and further supply shortage waves are still moving through the economy. All of this points to a more and more hawkish Fed.