This goes one of two ways IMO:

1) virus goes away faster than expected, inflation will be higher than expected.

2) virus kicks our ass again this Fall, massive defaults and deflation. https://twitter.com/TheStalwart/status/1263097363226296322

I've been in camp 1 so far. Not talking hyperinflation. Maybe 3-4%ish. So I could see the Fed talking about rate hikes by 2022.