Rising inflation means rising interest rates, and that means more fixed income investors pouring money into Brazilian local government bonds that pay well over 11% annually.

FORBES: Nomura Raises Brazil's Year-End Inflation Outlook to 5.7%

Meanwhile, investors are pouring into assets in search of a return for their loose cash, which takes us back to the rising stock market.

WSJ: Review & Outlook: Japan Discovers QE Has Risks