IMHO, M2 (also called "Broad Money") is a more pure indicator of money creation. Specifically the combination of M2 and M2 velocity.
Board money supply grew ~30%+ in 2020. The reason we probably didn't see more inflation is because M2 Velocity was down ~30%. If we see velocity start to pick up with M2 increasing, expect consumer price inflation.
Board money supply grew ~30%+ in 2020. The reason we probably didn't see more inflation is because M2 Velocity was down ~30%. If we see velocity start to pick up with M2 increasing, expect consumer price inflation.
M2: https://fred.stlouisfed.org/series/M2 M2 Velocity: https://fred.stlouisfed.org/series/M2V
Lyn Alden is very instructive on this topic: https://www.lynalden.com/money-printing/