Powell fielded questions from students about the origins of pandemic-era inflation, pushing back on the idea that the expansion of the money supply was the primary driver of price increases.

Seasonally adjusted money supply has been growing on a consistent monthly basis since November 2023 (28 straight months).

WASHINGTON, DC - JULY 24: U.S. President Donald Trump and Federal Reserve Chair Jerome Powell tour the Federal Reserve’s $2.5 billion headquarters renovation project on July 24, 2025 in Washington, DC ...

Seasonally adjusted money supply has been growing on a consistent monthly basis since November 2023. Non-seasonally adjusted shows positive growth for the months of November and December. While not a ...