In a recent CNBC interview, Investor Stan Druckenmiller says the markets are in a “raging mania” and inflation could hit 5% to 10% in the next four to five years. This according to an article in Bloomberg.

“Everyone loves a party,” he quipped, “but inevitably after a big party there is a hangover.” Druckenmiller argued that, since periods of deflation have been preceded by asset bubbles, Fed Chair Jerome Powell “has created this massive asset bubble, so ironically he’s raised two tails,” of inflation and deflation risk.

The article reports that in June, Druckenmiller said he was “far too cautious” during this year’s equity rally because he feared the government stimulus programs would not be sufficient to counter the economic fallout from the coronavirus pandemic.