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Re:U.S. Inflation Accelerates to 40-Year High by RC_ITR on Thursday February 10, 2022 @02:31PM (#30291260)
The part you're missing is the 'Equity Risk Premium' which historically has behaved independently of the risk-free rate.

https://learn.robinhood.com/articles/5FDKWbZjnNFHfEPYRNhLtE/...

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