Memo To The Fed: Money Matters – OpEd

In early 2020, the Fed pushed on its monetary accelerator like never before. By May, the three-month annualized growth rate in the money supply, as measured by M2, had reached an unprecedented 77.2 percent. With the typical lag of twelve to 24 months, inflation began to surge, reaching a peak of 9.1 percent in June 2022....