The more I read about this subject, the only thing that becomes reinforced is that nobody really knows what the hell is going on with the markets. The inflation / deflation debate has been raging on for years now, and it's still not clear what we are experiencing in this virualised economy of ours.

Gun to head? I think it seems that 'inflation' is not really inflation - but a kind of profit tax that seems to be being priced in to charge more for things because everyone else is doing it. A lot of debt was paid down with the stimulus, rents/real estate are frickin skyrocketing, so it's difficult for me to believe that there is a huge surge of demand because everyone is suddenly flush.

As for the the supply chain issues / trade war / materials shortage - again, that doesn't seem to be inflationary or a demand shock, but a temporal supply-side issue not being able to keep up with regular demand as things reboot.