Its not inflation that's the problem ... its the uncertainty associated with inflation vol that is ... the question is as follows:
Given volatile commodity prices, geopol tension, expansionary fiscal and tight labour markets can you reasonably expect a reduction in inflation vol and uncertainty over the next five years ??

My response would be not really ... but that long term rates have probably now priced it in... the people who haven't yet priced it in fully are those sitting in the boards and offices of our central banks ...