I really feel there are going to be big political ramifications of all this. The inequality is, honestly, not just unjust now, it's humiliatingly so.

Expect more angry people electing even angrier people into important posts. There is some incredible short-termism in all this policy.

The Fed is a driver of wealth inequality by inflating asset prices and backstopping risk. Inflation hurts the poor and middle classes the most.

Inflation is wealth inequality. It benefits disproportionally the rich, and when done as part of QE it goes straight into assets like AAPL.

Technically it benefits those with share of productivity be it income or assets or in enough debt that the diminishment of existing value helps them more than it hurts.

The people that applies to may be largely rich in any given instance in practice but this bit of pedantry is important as "rich" are not homogenous in their interests.

What is your explanation for single-digit P/Es the last time the US saw real inflation?