While pessimists point to a variety of headwinds that could slow the recovery, more optimistic observers counter with "yeah, but…" evidence to the contrary, Sam Stovall, U.S. equity strategist for S&P Global Market Intelligence, writes in a note. Given the core CPI rose 2.2% since March of 2015, today's General Accepted Accounting Principles price-to-earnings of 20.4X is currently 8% below the average during prior low levels of inflation since 1958. Alternatively, the strategist suggested investors may consider "rotating rather than retreating" during this typically challenging period.