Litterature:
Inflation is an increase in the absolute price level, and shall not be confused (mixed) with relative prices, even if sector inflation is a concept. An increase in the money supply is a necessary, but not sufficient condition for inflation.
Sometimes, inflation can be regarded as a battle about shares of the total production in an economy. Inflation can be compared to a Chinese theater, where you pull the rug and everyone fights against everyone. Inflation is the mechanism that "solves" the distribution battle.
There is cost push (e.g. a wage price spiral, capasity problms, supply chain problems and similar) inflation and demand pull inflation (too much money hunting for too few goods and services, eg employment).
In my peronal view US inflation will come down when the money supply is decrased by shrinking the FED's balance and / or selling bonds and treasuries. These bonds can be inflation protected.
My background in addition to 20 years experience from different departments in the Central Bank of Norway.
There are many traps in economics and finance, here we mention 5:
The liquidity trap is a term related to the great English economist, John Maynard Keynes.
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