A number is just a number. One possibility is that if the Fed really does stop, the dollar will devaluate faster and the dollar denominated price of stocks/assets will accelerate as a function of inflation. It is one thing to have the market hit $14,000 with low inflation and quite another to do so with high inflation. If the $14,000 buys you more in gallons of gasoline then, then $11,000 would today, we are doing good - otherwise we are screwed.
Yes. I just don't trust hedonics (or however it's spelled), and the inflation I've seen has been amazing since 2000. To be fair, some things were insanely cheap, still are, thanks to China's #1 export: deflation. Commodities though have been saying something for the past few years (which China imports)...