As others have stated, no one really knows what is going to happen. But I also think that arguing about inflation vs deflation greatly oversimplifies reality.

As others have stated, no one really knows what is going to happen. But I also think that arguing about inflation vs deflation greatly oversimplifies reality. For example, the Fed's monetary stimulus is likely creating inflationary pressure on assets (stocks, bonds, real estate, etc...). And the pandemic has resulted in a drop in demand for a number of goods and services (travel, clothes, gas/oil, etc..) while also increasing demand or disrupting the supply of a number of other goods and services (food, medical supplies, fitness equipment, etc...). I don't think the aggregate statistics are going to really tell the full story. We will likely see significant inflation in some sectors, while at the same time seeing significant deflation in others.