Economies typically normalize again after bust/boom periods with inflation at marginally higher levels. The US is about to reach peak GDP growth levels, due to unprecedented monetary and fiscal stimulus measures. While the real economy is about to play catch-up with the equity market, the equity market is much ahead and priced on “steroids”. Center stage at the “new normal” will likely be 1) inflation and the Fed’s new “inflation targeting” policy and 2) temporarily higher average GDP growth rates because of all the combined support measures. But beware, peak stimulus has been reached.