That may happen longer term, but the problem is supply at the moment is not able to grow to meet the increased demand. Just look at all the articles about container ships queueing up at ports, and companies unable to hire enough workers, chip shortages brining manufacturing lines to a halt, energy price spikes.

There's proving to be a significant drag on capacity at the same time as the burst in demand. So it's not just QE driving this, but it's certainly a factor.