BBUS, page-13987

That's extremely simplistic view.
Global inflation has been caused by disruptions to the supply chains due to COVID, destocking of inventory levels due to COVID & the war in Ukraine.
Stimulus efforts were only part of if on the demand side.

Either way people still got burnt on short ETFs waiting for a correction that didn't happen.
Trying to judge markets on macro events is a fool's erand.

I don't try to time the markets as I don't go short but long as markets always rise in the long term.