There's really no basis to think that asset purchases are responsible for this. Asset prices didn't cause shipping prices across the pacific to explode almost 10X [2]. Asset purchases didn't cause the Port of LA to back up (ships still wait in port 18 days [3]). Asset purchases didn't cause a lack of supply of IC manufacturing [4], including due to bad weather. Asset purchases didn't cause COVID outbreaks [5]. Asset purchases didn't cause labor supply issues [6].
I agree the oil market is in backwardation, but this is retrospective CPI, not December 2023 CPI.
[edit] Check out the graph on page 7 (11th page in the PDF) [1] It shows you just how little global central bank balance sheets are in terms of the market. It's less than 8.9% of global financial assets, and while it increased a lot recently (for obvious reasons) on average over the last 20 years it's not super dramatic.
I agree the oil market is in backwardation, but this is retrospective CPI, not December 2023 CPI.
[edit] Check out the graph on page 7 (11th page in the PDF) [1] It shows you just how little global central bank balance sheets are in terms of the market. It's less than 8.9% of global financial assets, and while it increased a lot recently (for obvious reasons) on average over the last 20 years it's not super dramatic.
[1] https://www.fsb.org/wp-content/uploads/P161221.pdf
[2] https://unctad.org/news/shipping-during-covid-19-why-contain...
[3] https://www.wsj.com/articles/container-ship-backup-at-southe...
[4] https://asia.nikkei.com/Business/Tech/Semiconductors/Chip-pr...
[5] https://www.cnbc.com/2022/04/11/china-covid-outbreak-guangzh...
[6] https://www.cbsnews.com/news/long-covid-labor-market-missing...