This is a dumb take. By using "reserves" to buy bonds, it means cash that WOULD have purchased those bonds (like a pension fund or your vanguard fund) is now g

This is a dumb take. By using "reserves" to buy bonds, it means cash that WOULD have purchased those bonds (like a pension fund or your vanguard fund) is now going... somewhere else. Like stocks. If that money goes to stocks instead, then the price will rise. So while it may not be DIRECTLY inflationary, its only like 1 level removed.