btw to be clear, I don't think that the increase in money supply has had zero impact. I think it's actually a key part. Folks saved a bunch of money - to your point, invested it in the stock market - and then when restrictions lifted, they went out and bought stuff. This spike in demand contributed to inflation, no doubt, and it was in part created by new money. I'm not sure that the alternative - at least from the Fed's perspective - of allowing the US to enter a deflationary spiral in 2020 would have done us better.

I also think that these issues are transient, and caused by a very poor transition out of COVID lockdowns and into normalcy. It's taking longer than I thought to resolve, but I do think that not taking too much dramatic action and letting the market sort it out is the path forward.