There won't be any catching up by the real economy, just as the 2008 QE proved, because people are willing to enslave themselves in debt with college debt, mortgage payments or huge rent while having less sex than ever, not starting families, not having children, paying for exorbitant private school fees, buying overpriced status items that they pay with more debt, willing to eat crap food.

Real economy is downsizing so there is no pressure from inflation and people are willingly enslaving themselves in debt.