The Financial Outlook for Personal Investors: Will commodities soar instead of stocks?

In the light of market reaction to Janet Yellen's comments about inflation, Russ Mould, Investment Director of A J Bell, asks if markets are at a major turning point. If inflation is making a comeback, what would the effect be for equities? Should investors be thinking about real assets rather than paper assets? With, apparently, 41% of US household assets now in the stock market, are equities exhibiting too much exuberence?