The graph below shows the 36 - month rolling volatilty of inflation. (hussman.net)
Make no mistake, in a 60/40 portfolio stocks will always be your biggest risk in terms of losses and volatilty in the short - run. (awealthofcommonsense.com)
It's just that with rates so low now there's not as much of a cushion if inflation picks up in the future, so volatilty will likely be higher than normal in bonds. (awealthofcommonsense.com)