One market driver is that this protracted period of ultra low rates has made it so painful to be in CD's/cash, that people are putting their money at risk in the market-- blindly in many cases, just to get some yield.
Historically, when irrational exuberance (for tech stocks, real estate, whatever) attracts large inflows, the correction comes.
Sadly, that's when folks with short time horizons or low risk tolerance pull back to cash- locking in the loss.
If we end up with inflation, rates will likely rise, hurting bond holders most.
Somewhat perversely, the market is the only place you can get some protection from inflation...
Catch 22.
