[bsurmanski]

It mostly comes down to the fed, and their response to inflation.

If you think their response will reign inflation in check, we'll probably see the market 'crash' and a recession like the late 80s.

If you think their response will be soft, and persistent inflation is the new norm, we'll probably see the market act more like the 70s.

Maybe they walk the line, but I don't see how that's possible. Monetary policy is just so of-the-mark right now.

Another screwball is WFH. That could sap demand for large cities and push demand in suburbs and smaller towns.