The Pre-COVID cycle, which started after the Great Financial Crisis, consisted of secular stagnation and low inflation as money velocity plummeted due to globalization, technology, and aging demographic trends. The COVID crisis structurally disrupted these dynamics which could usher in a long-term return to cyclical reflation and structural inflation that may average 2%-3% over the next decade. We constitute the “Five Ds” as drivers of this shift: demographics; digitization 2.0; de-globalization; debt monetization and dollar debasement.