Equities markets going up is not inflation. If that was the case, if the market collapses, does that mean the central banks are tightening and stopped printing money.

Plus, when people sell an asset, they get real money in their account.

This notion that inflation is evident in the markets is a new concept pushed by inflation hawks who cant find it anywhere else. Is it true that those closer to the central banks benefitted a great deal more than the average person? Absolutely. Wall Street is making out like bandits.

However, to frame the inflation discussion in those terms will misleading. The fact is 40 years of results disproved Keynesian theory yet people still hold onto the model that money printing leads to inflation.