Exactly this is why I don’t understand the folks who think inflation is a purely monetary phenomenon. With demand shocks like this how can we not have deflation?
Wall Street and main street are two different markets. OP specifically said we'll see consumer price inflation only if money trickles down to consumers, which is evidently not the case. Asset prices has gone to the moon however since 2008.
They are people who have never bothered to look at an inflation table. They are content to blindly repeat that one economics textbook they read.