I completely agree, but I think the boost from liquidity could run out. There are situations where liquidity fails to boost price levels, such as a liquidity trap.

But a meltup is a real possibility, one that I'm worried about. High rates and high debt could lead to runaway inflation. It appears people are betting on this scenario, judging by the price of bitcoin, gold, and silver. Bond yields keep going up, which also supports this hypothesis. But, the dollar hasn't gone down yet because the economy is strong, and bond yields are high. So there are some conflicting signals.