Increasing money supply
without a commensurate increase in CPI is consistent with a rise in asset prices, especially speculative assets.
(Maybe this is what you're saying as well?)
If the Fed prints $1,200 for every adult making less than whatever it was, and prices of everyday goods and services don't go up, and instead those adults all turn around and spend their $1,200 on Gamestop and NFTs...
...it all kinda makes sense.
https://nymag.com/intelligencer/2021/04/nft-future-of-money....
Perhaps more explicitly: purely quantitative attempts to understand the economy (as with monetarist explanations) fail to account for the social component. Maybe people are bored 'cause of the pandemic, and as a result, they spent more of that $1,200 on gambling as a form of entertainment, instead of on restaurants or new clothing.
Animal spirits.
