In a previous article I analyzed how the FED’s monetary policy compared to Bitcoin’s. An important takeaway from the article is that, since the beginning of the pandemic, the FED has printed more than 3 trillion dollars, increasing the m0 money supply by 90%. At the same time, and according to the Congressional Budget Office (source), the US economy (GDP) is expected to contract by 5.6% by the end of 2020. In a scenario where the amount of money entering the economy increases drastically but the economy contracts, why aren’t we seeing an increase in the inflation rate?