If you think the recovery is firm and the risk of deflation has vanished, look at the three following numbers: $100, 3.44 and 20.
Looking to hedge against a spike in inflation? Equities may not be much help.
Neither, for that matter, will you do all that well over the longer haul with bonds, cash or even commodities, at least on the historical evidence. In short, when it comes to investing, inflation is a real drag.