What I read says as you stated the demand for dollars is only the rush for liquidity since the dollar is the world reserve currency.
This is obviously temporary, and doesn’t directly mean prices will fall under Rich’s definition of inflation/deflation that a dollar buys less/more than it did compared to a previous time.
The bigger fears I think are if the world cashes in their dollars for their own currency, and the US dollar is replaced by the Euro as the reserve currency.
This “tsunami” I see threatening when that happens at the same time as our Government’s reckless printing to stop the bleeding hits full force to the tune of several trillion dollars.
At that time the Fed will be forced to raise rates, and the question will be is it too late.