The next few years are going to test how much deflationary capacity there is in the US and global economy from technology, debt, and demographics to absorb the inflationary increase in broad money.
A thread.
Updated value vs growth ratio.
When the line is going up, value equities are outperforming. When the line is going down, growth equities are outperforming.
Historically, shortly before or during recessions tends to be the rotation point.