Inflation is caused by excessive monetary and fiscal expansion occurring at the same time as supply-side shortages, creating a situation where too much money chases too few goods.

“Inflation's very simple it's too much money chasing too few goods okay and we have both sides of the equation going on right now on the supply side on the good side we've got shortages we've got the ports backed up we've got paying people not to work we still have the 2 trillion of coveted relief”