MICK MULVANEY: The fundamentals are there for inflation across all commodities, all services, all goods. Why? Inflation is a function of the amount of money chasing the number of goods and the more money you have and the fewer goods and services that you have, the more inflation that you're going to have.
So, yes, we have temporary restrictions in the supply chain. You might have a temporary boost to demand because of government stimulus and so forth. But that doesn't change the fundamentals and the fundamentals are that there's a lot more money out there that's going to stay out there.
And it's harder and harder to bring goods to market, not just because of COVID, which will go away, but of what this administration is doing in regulatory and tax policy. They're restricting the ability to get goods and services to market. That has nothing to do with COVID and it is inflationary.
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