Where do we stand right now? There is some heavy risk of a second wave coming next year. On the current trajectory, that is where we are headed. The Fed has fed another $1.1 trillion in fake money into the system in the last 12 months. The Treasury has created new debt as never before, probably in hopes of ginning up the GDP prior to the election. The trick did not work but now the public is stuck with the bill of $35 trillion.
Inflation is a wicked beast that cannot be controlled directly. On the campaign trail, Trump spoke often about how it was the throttling of the energy sector that kicked off inflation. That is only partially true in the sense that the soaring price of oil and gas grew the costs of transportation. It was also a symptom rather than a cause. Plus, the price of oil and gas is actually not high right now in real terms.