I don't know what you think inflation-led means, but that's exactly my point. But for inflation, no Fed rate intervention, no liquidity scarcity, no recession..

I don't know what you think inflation-led means, but that's exactly my point. But for inflation, no Fed rate intervention, no liquidity scarcity, no recession... inflation started/led to it. You are one pedantic person. You must be a lot of fun at parties.