Quantitative Easing (QE), whereby the fed purchases treasuries and thereby prints money, is the single most inflationary policy in the history of the fed. From 2020-2022 the Fed created over 8 trillion extra dollars. This represents at least a 20 % increase in the monetary supply (which has never been done in the history of the US in so short a time). Milton Friedman said it best "Inflation is always and everywhere a monetary phenomenon, in that it is and can only be produced by a more rapid increase in the quantity of money than in output".
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