The value of hard assets like real estate has to be tied to the money supply to some extent. I can understand that CPI inflation is not directly tied to money

The value of hard assets like real estate has to be tied to the money supply to some extent. I can understand that CPI inflation is not directly tied to money printing, partly because both the velocity of money and the demand for consumption items are dropping right now, but simple accounting would dictate that this money still end up somewhere. I can only see it bidding up hard assets, again because TINA, and because money tends to flow upward rather than trickle down if left to itself.