>>20263375
>Surely we'd notice this in the CPI too? I still have no idea how to suss out what's happening there even after months of worrying about it kekkies
CPI is the most carefully massaged measure of inflation that exists. It routinely underestimates, for example, the real explosion in costs related to healthcare, education, and real estate.
>>20263418
The Fed has been substituting printing money to "create" GDP growth for more than 2 decades now. The other factor, money velocity, is driven purely by people's willingness to be spenders rather than savers. The decline is (probably) motivated by 2 things:
1. Boomers are starting to, or nearing, retirement which pools from their collected savings. Also, there are simply fewer people to buy or consume goods.
2. Gen X, Millenials, and Zoomers have now all lived through at least 1, if not 2, times of great financial security. Forget the stock market, wages have been stagnant for as long as this bull run has been going. Their parents have had less money and security with which to raise them. If you can remember your Silent Generation grandparents they probably had a habit of saving a lot of money and putting it in weird places with many redundancies. They lived as children through the great Depression and became very averse to spending as a result.
The only way we escape inflation again from QE is if money velocity sinks even more. Possible, but not assured.