You might want to have another look at the Fed balance sheet this week: https://fred.stlouisfed.org/series/WALCL https://fred.stlouisfed.org/series/WALCL Month

You might want to have another look at the Fed balance sheet this week: https://fred.stlouisfed.org/series/WALCL https://fred.stlouisfed.org/series/WALCL Months of work undone by loaning to banks which made risky investments betting against high interest rates. Any uptick on this graph is equal to printing money which causes inflation. They can wait it out while we collectively pay the cost of this increased money supply.