ill take a stab

1. qt has been reversed
2. despite crazy amounts of QE inflation adjusted the S&P 500 is not that much higher than pre covid levels
3. there is no hard and fast reason why the fed will not implicitly accept a higher base line inflation rate if it is strategically expedient
4. whilst its impossible to say whats on banks' balance sheets, the lack of global fallout from the CS shitshow is telling, large US banks still think their deposits are sticky
5. ever since 2008, 2008 v 2 has been around the corner, ironically, 2008 v 2 is unlikely to happen until people forget about 2008

fundamentally if the USD moves towards a higher inflation tolerance regime we might see a systemic change in valuation considerations.

china reopening is intially an inflation driver, but once its supply lines are functioning again, it is long term disinflationary.

if the fed account for china reopening in their forward guidance they will eventually overshoot significantly imo.