It's both, but operating on different timescales. Friends of mine who operate in old-line businesses (packaging and hot tubs) tell me that supply chains are in

It's both, but operating on different timescales. Friends of mine who operate in old-line businesses (packaging and hot tubs) tell me that supply chains are in shambles right now. They can sell things, but there's nothing to sell, because critical parts or ingredients just aren't available. This is all masked right now because few people are buying anything. We saw the demand shock first, and because there's a demand shock, we don't see the supply shock. But if the reopening goes well, we're going to see massive shortages and inflation as all that pent-up demand chases goods that are sitting offshore on container ships or were never produced at all.