My back of the envelope thought is that both stimulus checks and Paycheck Protection checks went to stuff that is much more closely tracked by CPI. Its mostly

My back of the envelope thought is that both stimulus checks and Paycheck Protection checks went to stuff that is much more closely tracked by CPI. Its mostly rich small business owners that are getting PP checks and using it to build out outdoor dining/service areas of their business and perhaps the occasional personal home remodeling projects or staycation homes which drives purchases of house hold appliances, etc. Perhaps some bitcoin and GME stock as well. Financial Crisis bailouts went to big corps who bought out over-leveraged competitors, questionable startups (Uber, WeWork - basically anything Softbank related), etc. which aren't tracked by CPI measures.