Labour market is hot, but average hourly earnings is in checked and we actually have no proof that there will be higher inflation until further data showed themselves. 

I know the consensus is that there will be, and the current bond market yield is pricing in a heck lot of future inflation, but it is still only based on what market perceives will happen into the future i.e. Trump's inflationary policies, tariff, higher supply of bonds to finance the government deficit, etc which haven't even taken place yet. Although we said that bond market traders should be smart, but they could be wrong too, e.g. pricing in too much of a recession risk and cause the bond market to blow off (e.g. $TLT -15% from its top).

When there is indeed higher inflation and it works its way into the earnings, we would know it earlier from the earnings reports. Remember the period where lots of earnings reports highlight the concern about inflation but the FED was saying that it is just transitory. The great CEOs of great companies know much more than FED and any of us. When the market feared recession in the 2024 2nd half, the CEOs also didn't mention their worries about recession, hence there wasn't a recession at the end.