It depends on where the money arrives first. Right now all of it goes straight to assets while completely skipping over workers. Whatever asset inflation happens, consumer inflation will always be behind.

If the money arrives on the consumer side first then asset inflation will follow but only after consumer inflation has caught up. All the asset inflation that happens will be caused by productive growth. Encouraging the wealthy to get rich off the backs of rich workers is exactly the situation that we want to achieve. Right now they have no need for domestic workers because the central bank tap is wide open and workers in China manufacture all the widgets (such as iPhones) they need.