The apparent market calm (before the storm) sounds like a toned down version of "irrational exuberance".

The increase in inflation expectations is no surprise. Sticky prices plus inflationary policies are a volatile combination. Interesting that all the layoffs - both public and private - don't appear to have influenced this - yet.

Will voters ever get the hint?

I am not particularly knowledgeable about economics, but I do have pretty long experience in boom and bust cycles in support for research in machine intelligence (a more inclusive term historically than AI). And that experience, which has its correlate in the commercial world, tells me that we should expect that technological successes will lead to unreasonable expectations, and that those expectations will not be realized and the wave of support will subside. Along the way, we will also be sur…