Inflation was the concern at the time.
"Not in the short-term" but over the long-run was the phrase
9 months later & inflation is lower than when the pandemic started because velocity collapsed
2)

Goods inflation (manufacturing upturn)
— Eric Basmajian (@EPBResearch) December 7, 2020
vs.
Services disinflation (social distance rules / changing consumer behavior). pic.twitter.com/mXEoI7OvEL
Ivor Cummins BE (Chem) is a former R&D Manager at HP (sourcre: https://t.co/Wbf5scf7gn), turned Content Creator/Podcast Host/YouTube personality. (Call it what you will.)
— Steve (@braidedmanga) November 17, 2020
One thing I've been noticing about responses to today's column is that many people still don't get how strong the forces behind regional divergence are, and how hard to reverse 1/ https://t.co/Ft2aH1NcQt
— Paul Krugman (@paulkrugman) November 20, 2018