What will happen to inflation long and short-term as a result of the government's current interventions?

First of all, I'm not asking for standard, partisan rhetorical responses. I know the Republican and Democratic response to this question. I'm asking the economists and economics students that may have studied this what they're opinions are about the mive infusion of borrowed money into the monetary system. What is covering the U.S.'s trillion dollar borrowings if the private side is not actually lending it? Is that okay for the system? Can they pull it back out just as easily? What short-term effects will this have on inflation? Long-term? What will happen to U.S. currency? Back in the day, we went off the gold standard. We can't pull that rabbit out again. I'm asking because it seems cut and dry to me that this will cause exploding inflation, but I have read compelling and learned explanations as to why that is not the case? Thoughts?