[mister_tee]

Agree with it being a combination of many factors on both supply and demand side, but I feel we can't exclude the unprecedented and massive amounts of financial intervention.

I'm not a wonk here but have heard the argument that QE from 2012-2019 was partially to keep deflation at bay. Meaning, QE and ZIRP _did_ increase inflation, even if the result was reaching the target 2%.

The scale of increasing money supply and QE also was much larger this time. Before 2009 Fed balance sheet was under $1T. Actions taken during and around the GFC increased it to $2.1T. During the last couple years they grew it by $5T, and it maxed out just under $9T.

https://www.federalreserve.gov/monetarypolicy/bst_recenttren...