Indeed, many observers, including myself, are uncertain about which combination best fits the current picture. The problem in assessing the risks associated with market/sector imbalances is not only determining whether or not prevailing levels of these variables constitute an imbalance in the first place but also figuring out the circumstances and time frame over which any true imbalance might be unwound.
In addition, the effects on the economy as a given imbalance is unwound will depend importantly on interactions with other imbalances and with events that trigger the unwinding of the imbalance, as well as on the policy response.