you could replace “the last two years” by “the last fourty years” really. The process is just accerating a bit every year (as expected because of the compound interests).
I mean the enormous tax cuts on the wealthy since the Reagan era, tax savings which end up invested and paying dividends later on. Focusing on the Fed's policy is a mistake (and actually the one reason why the Fed had to inject so much money to get a stimulus comes from the fact that the richest people control much more wealth than they should/used to, and this is caused by the enormous fiscal gifts the wealthy have been given in the past 40 years).