Inflation seems to only kick in when it enters the money cycle (non-banking sectors). The US Fed built up massive amounts of securities holdings over the last

Inflation seems to only kick in when it enters the money cycle (non-banking sectors). The US Fed built up massive amounts of securities holdings over the last 10 years which injected a lot of money into the economy. However, inflation mostly never materialized because banks held onto that money instead of lending it out.