Identifying Least Likely Capital Market Expectations

Maria, a senior portfolio strategist, is assessing the long-term capital market expectations (CMEs) based on an analysis of recent economic trends and data. She finds that the inflation rate has consistently exceeded the central bank's target, and the yield curve is flattening. The labor market remains strong, but consumer spending appears to be slowing down as households adjust to higher living costs.

Given these observations, Maria is evaluating how they might impact expected returns across various asset classes.

Which of the following capital market expectations is LEAST likely to be inferred from Maria's analysis?