There are indeed two camps concerning the future of inflation in the global economy. There is the dominant view that price stability is well-anchored and will not be undermined by the present scale of government borrowing. Naturally, there are contrarian voices /Andrew Large, Gavin Bingham, Paul Fisher, Central Banking, 7/20/2021/.
We live in a somewhat post- and pre-pandemic world. New waves of this or another virus might come meaning that a complete regime change has been happening to the global economy. All trends pointing to a more sustainable and safe world economy are continuously strengthened by the accelerated pace of the technological revolution.
We also rerun the first half of the 1940s meaning that the present time is really a far cry from peaceful times. It also brings regimes changes and a new separated G2 world order.
Regime changes always stir up inflation, most likely temporarily, remember the introduction of the euro.
All regime changes need even stronger and more creative central banks, so both the “golden age of central banks” and a new major role for gold are still coming.
Governor Matolcsy, MNB, the Central Bank of Hungary