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The trillions evaporating decreased the money supply, which would have a deflationary effect.

The Fed's action countered that. Inflation would have been negative in the absence.

The Fed increased inflation relative to the non-intervention case.



You sound like you think you're disagreeing with me. But what you're saying is what I was trying to say as well.


It was not clear to me that that was your message. Perhaps I said it more clearly and in fewer words?




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