I'm not smart enough to know what inflation will do. One thing in my mind is some article (wish I could find it) claiming that the reason US inflation often came out lower than expected during recent decades was that inflation models for the US$ don't fully account for the dollar's use as currency by foreign holders.
If I understand correctly, the article concluded that as long as foreign demand for the dollar increased, printing extra dollars wouldn't increase inflation, it would simply fill foreign demand. Too little currency creation would overly raise the dollar's buying power, perhaps causing US deflation, but more certainly causing inflation in foreign economies and a net decrease in global production.
I don't REALLY understand that, except that in general, inflation in dollars would stay low as long as people feel that the dollar is a better global currency than alternatives and the I do think that the Fed's relatively open process is a valuable factor supporting that. I can't tell whether Trumpian attempts to influence the Fed have changed much, so for now I suppose that the dollar will be sturdy enough to retain global reserve status and keep inflation lower than 5% usually. Just a guess though!
I can't sort out whether current conditions ought to cause inflation or deflation. I would have thought deflation, due to temporarily declining global economics, but who knows? Fwiw, my Own Secret Theory is that the dollar's general strength (yes I'm aware it recently declined) has been giving America wiggle room to balance its COVID mistakes, so our result is comparable to wealthy countries that handled the disease better. We're all going through a road bump together it seems. My other Secret Uneducated Theory is that there's a balance between confidence in currency and panic over needed supplies; if the overall faith in currency is bigger than the supply panic, deflation wins or at least inflation loses.
In any case, my personal approach is "maintain some contingency provisions for inflation and deflation in my overall plan as usual, but mostly expect more of the same. Until things change." Super sophisticated! :)