I think to compound all of this... now that manufacturers see that there are supply issues on materials, they're over-purchasing 2 or 3 times more than their usual supply requirements... which is essentially causing a toilet-paper like shortage in itself. The problem might turn out to be that manufacturers are assuming previous demand for goods will continue, when in actual fact consumers will switch from buying stuff to buying services which was 70% of GDP pre-pandemic and 0% during the pandemic... so yeah, Chaos Theory and supply/demand zig-zagging all over the place.
Add in a further variable to the chaos and Fed Repo rates broke records today:
https://www.marketwatch.com/story/fed-sees-record-756-billion-demand-for-reverse-repo-program-expect-it-to-hit-1-trillion-say-rates-strategists-11623961989 which means financial institutions have way too much cash on their hands.