Today's inflation, it's cause comes from those QEs in Obama era. Fed stimulated the economy then not through interest rates but through the purchase of private and public sector bonds. They printed money at an unprecedented rate in history and did not take inflation into account. They feared deflation then if you remember. But the speed of money circulation was very slow, much much slower than coronavirus. Of course it's slow, it's huge money. So inflation didn't show up then and after until today.
The board had a lot of talks on QE back then.
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