How should the consequences of the huge fiscal stimulus in the United States be analysed?

The fiscal stimulus in the United States is huge (USD 1.9 trillion stimulus package followed by USD 3 trillion in infrastructure investment). How should its medium-term consequences be analysed? Could it be inflationary in the United States? The answer is no if the fiscal multiplier is low ( with a large increase in imports in particular) and if the initial degree of underemployment is high; Could it drive up interest rates in the medium term if there is no inflation? T wo mechanisms are possible : Global savings remain sufficient, but global demand for dollars becomes insufficient to finance the US external debt: dollar interest rates rise relative to those of other countries; Global savings are insufficient, ex ante , to finance these additional fiscal deficits, and the rebalancing ex post requires a rise in global interest rates. Obviously, global savings cover the global fiscal deficit ex post . But the question is what mechanism leads to this ex post equilibrium. In the short term, equilibrium can be reached via an increase in production and savings, thanks to the multiplier effect of the increase in the US fiscal deficit on global production. But in the medium term, equilibrium would normally require an increase in interest rates, unless the public spending carried out sharply increased potential production and savings capacity.