Here is an overlay of the Fed's balance sheet and the S&P 500. I will leave the rest to you. Note what happened when EU ended QE and FED tried to Normalize QE.
@gvar1965, Inflation is not possible bc of Profit. Why? Where a dollar is created and where a dollar ends up matters.
Think of Profit as the event horizon. Why?
household income/dissavings = profit/savings
Savings when it is not reinvested back into the productive economy (household) inflation (as measured by CPI) can
never be. But! you will see asset price inflation (Stacks bonds RE Commodities) in what I call the "Savings Bubble"
(too much money in the hands of the few). The only inflation in the productive economy that we can see now is
in commodities & worse off investors to lose faith in the currency and sell off bonds. That is what I call the "SNAP"
moment when years of printing abuse is realized. As investors take their money and flee putting the liabilities on
the shoulders of the 95% who can't flee. See Turkey as an example and Greece as another example. One with its own
currency one without.