You might say "threat of inflation" because we imagine (reasonably) that the effect of sidelined money moving could lead to a pattern of inflation (given all th

You might say "threat of inflation" because we imagine (reasonably) that the effect of sidelined money moving could lead to a pattern of inflation (given all the complex ways that might incentivize people to choose to raise prices). Good economists (not sure what portion of economists qualify in this case) would be fine with that framing.