The disappearance of quantitative easing and, as a result, the disappearance of asset price bubbles

Quantitative easing (money creation in exchange for asset purchases by the central bank) is implemented by central banks when inflation remains lower than the inflation target, even when their interest rates are 0%. Today, however, there are many scarcities (energy, labour, commodities, transport, electronic components, etc.) that will permanently drive up inflation. A situation where inflation is still below 2% when interest rates are zero is therefore no longer likely to occur. We will therefore probably no longer see central banks using quantitative easing. The disappearance of excess liquidity will then eliminate asset price bubbles, which is already visible for equities and cryptocurrencies, but not yet for all asset classes.