21/03.week, page-170

Not necessarily - companies can raise prices and cut costs.

Trick is to follow forward guidance from S&P 500 companies when they report.

The issues highlighted in 4th qtr wasn't inflation and interest rates. It was supply disruptions... having enough stock to sell. Companies don't care too much about inflation and interest rates that remain stupid low because credit spreads (2yr v HG corporate debt) is low. They can raise cash through issuances at a pittance.
They can raise prices - cut costs - sell a non core asset and invest, innovate in other areas.