Neutral money is the spherical cow of economics, and it isn't correct. You need to take into effect the Cantillion effect. The only way we would getting meaning

Neutral money is the spherical cow of economics, and it isn't correct. You need to take into effect the Cantillion effect. The only way we would getting meaningful CPI inflation is if the new money was going to people who would increase their demand of CPI items if they got it. This year the FED has bought bonds, and so that is who that money was given to people with those bonds. Those people can then spend that money, but as we've seen with the stock market, that money was just pumped into the stock market. So all we will see is that the velocity of money will drop further, the prices of items tracked by the CPI won't move, and wealth inequality just got a little worse.