I think what people here, or at least what I am getting at is that your argument is short sighted…
It is using past performance to predict future results.
Just because the 10year is seen as safe, does not mean this will continue. Just because the CPI (check out shadowstats.com for some perspective btw) doesn’t yet show mass inflation, does not mean that it will not in the future.
Just because we have not seen stagflation since the 70’s does not mean it can not come roaring back…
