Well, GDP will only increase if demand increases. No one will produce what they can't sell, not for long anyway. The Trillions spent into the economy compensate for the drop in money velocity that has occurred with shelter in place and closing of consumer-centric businesses. If we spent that much money into a full employment economy, I would expect inflation, unless the CB mops up excess money into bonds at a sufficient rate. The CB seems, so far, quite adept at this. How long the new, outside money circulates before it gets mopped up is important, and that is affected by the route the bulk of new, outside money takes in getting to it's destination in Treasuries. We probably should be thinking about what the ultimate result of an ever increasing amount of Treasuries and the rate of their increase will be.
