There certainly are inflationary expectations Dopey. Just as there were in Japan throughout the 1990s.
Investors believe that inflation and risk assets are going higher with the wave of endless QE hitting global markets. But Treasuries are likely to fall in value, together with stocks & virtually all assets, because of a deflationary crash. Then, only after all debts that can't be repaid have imploded and the deflation is complete, we'll see real inflation.
