The connection between the stock market and inflation expectations may not be on everyone’s radar these days, but the link remains strong. That’s unusual across the broad sweep of investment history, but it’s par for the course in the new world order of the last four years. I call it the new abnormal, and it continues to roll on. Stocks have rallied smartly since (notwithstanding Friday’s sharp selloff) and the market’s estimate of future inflation has climbed too (based on implied inflation via the yield spread in the 10-year Treasury less its inflation-indexed counterpart). Random events? Guess again.