It has been my view for quite some time that as long as short rates were zero and real long rates were below average, and there wasn't a recession, stocks would continue to march higher. Given that broad consumer inflation is usually a result of accelerating wage inflation, I was concerned that last month's jobs report showed that wage growth for production and non-supervisory workers is at 2.5%. Now, in addition, we see another pretty strong indicator of incipient wage pressures: a decline in short-term unemployment (see link below). The basic idea is that employers, rightly or wrongly, view the long-term unemployed as, to be crude, obsolete labor capacity. If true, this is not "an important negative" for stocks, it means the bull market will end fairly soon. I would guess sometime this year.
Inflation Signs Lurk in Broader Labor Data Yellen Seeks: Economy - Bloomberg