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Charlie Bilello, chief market strategist at Creative Planning, notes that the Federal Reserve increased the money supply by almost $9 trillion under Jerome Powell's tenure.
He highlights that inflation has averaged above 4% per year over the past 6 years, questioning Powell's view that inflation is mainly the result of rolling supply shocks beyond the central bank's control.
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Bilello has previously highlighted U.S. stock market records and persistent inflation above the Federal Reserve's target as its balance sheet expanded through quantitative easing in earlier analysis. He has also reported major increases in jet fuel, oil, and other commodity prices since the start of the Iran war in a separate update. These observations add to his ongoing commentary on price pressures across markets.