ZIRP has created the mother of all asset price bubbles. Yet goods and services inflation has remained low because of that (liquidity largely remaining in the financial system to bid up stocks and houses rather than flowing to the real economy and chasing goods and services).
Eventually inflation will tick up to 3-4 percent and the Fed will no longer be able to continue ZIRP. The instant that happens, the market will crash. Then the economy will follow, and the Fed's hands will be tied. Surprised that more people don't see this endgame.