It depends how the money flows and where it ends up. And inflation csn come from increased demand, decreased supply, or a little bit of both. The fed creates most of that new money when buying mortgage bonds and federal government debt. So there's more money available to buy homes at a low interest rate, and we've seen hone prices go up. If more people had steady good paying jobs, prices would be going up even faster. But there's also a lot of refinancing that's fueling a boom in construction for home improvement. On the government side, the extra money went to these crazy covid-related bills and God only knows where it all ended up. But I suspect it just kept prices steady for a lot of goods, because otherwise unemployed people wouldn't have been able to afford expensive food, medic bills, cars, electronics, energy, etc. Employers are also really hesitant to raise wages to attract new employees because they don't think the market will take the higher prices. Many restaurants are in that situation right now, with some choosing limited hours rather than hike prices. It'll work itself out eventually, but I'm already seeing $10 for a standard fast food "meal" and $20 for a large pizza.