Why hasn’t the Federal government’s extraordinary fiscal and monetary stimulus led to higher inflation and bigger increases in gold? Imagine if we were told last February that $5 trillion would be injected into the U.S. economy by May — a $3 trillion increase in the Federal Reserve’s balance sheet and $2 trillion in Congress’ fiscal stimulus (the CARES act). I would have expected both gold prices and inflation expectations to explode. Yet they instead have reacted with little more than a shrug. According to the Cleveland Federal Reserve, expected inflation annualized over the next 10 years has fallen to 1.16% from ... (full story)