Money velocity is an important part of inflation as well. Back in 2008 during the financial crisis, the Fed printed a ton of money and used it to buy crappy mo

Money velocity is an important part of inflation as well. Back in 2008 during the financial crisis, the Fed printed a ton of money and used it to buy crappy mortgages. However, banks were worried about solvency and the Fed was paying interest on reserves the bank kept with them - as a result the "extra" money never made it into the system right away. It's like trying to light a fire and when it doesn't start pouring more gasoline on it. It will eventually light, but if you've poured a ton of gas on it by then it's going to burn fast.