For the past few days, the Dow has been setting all-time highs. One of the biggest reasons is despite rapid growth in the economy, there still seems to be no sign of inflation, even on the horizon. Usually when companies become more profitable rapidly, it signaled that inflation was coming soon. IMHO, the reason this is simply not happening is because of globalization, especially in the workforce, on a scale never seen before. A few decades ago, inflation would come screaming back because the profitability and expansion of companies would lead to higher salaries as companies started competing for employees here in the USA. But with globalization, companies are able to grow and expand, without that growth causing competition for workers since there are huge countries with high unemployment. Because of this, companies, especially tech companies are able to grow rapidly and defy history and basic economic principles by avoiding inflation and thus, avoiding the need for fed action to prevent inflation. The only constant is change, and a global workforce is something new that changes many of the common ´laws of economics´.