Are services rising fast? Anything wage-related is stagnant, if you believe the stuff about real wages being constant/down over the last 20 years.

I’ve not heard the comment about inflation in bonds. So if bond prices are overvalued, the yield would be too low. Is that it?

I’m seriously eyeing commodities not just as a way to get inflation protection, but also because there is a supply-demand imbalance. And remember there is a difference between buying commodities, and holding stocks of the companies which mine them, produce them, or make the equipment for the activities. The companies are subject to many more variations, whereas the price of the commodity itself is only subject to the actual demand-supply imbalance.