Implications of 4% Inflation and 4% Fed Cash rate in the next 5 years?

What would be the implications on the equity market of having around 4% inflation rate and near the same Fed Cash rate (4%)?

It is likely that we are not going back to 2% inflation rate. And the Fed would maintain a higher cash rate to guard CPI numbers. Hence the assumption that 4% inflation rate would be the new normal for the central bank target.