Wall Street is largely positive on the U.S. stock market, with bullish sentiment at high levels and major indexes having recovered much of the ground they lost in a recent correction.

Nonetheless, investors may not be paying enough attention to one of the most significant—and most positive—trends in the economy.

Recent trading has been largely driven by the specter of inflation, the prospect of which has resulted in volatility returning to markets in dramatic fashion. However, the focus on that issue—along with the steps the Federal Reserve might have to take to combat such a scenario—has overshadowed the fourth-quarter earnings season, which has largely supported the idea that American corporations are faring well in the current environment.

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