Market Cycle Still in ‘Inflating Phase’: Marketfield’s Shaoul

The video discusses current market trends, focusing on the enthusiasm for technology issuance and the potential for market pullbacks similar to those seen in 2004. It highlights the global market cap's breakout and the emerging market complex surpassing its 2007 high, indicating a secular bull market. The video also warns of potential economic challenges, such as inflation and rising rates, which could impact price earnings multiples in 2021. Despite these concerns, the current phase is described as inflating rather than inflationary.

What are the potential consequences of rising rates and inflation on price earnings multiples?

What phase of the economic cycle is currently being experienced according to the speaker?