I have heard that technology has a very large deflationary effect on consumables, and you can see the inflationary effects of money printing in the prices of non-consumables like stocks and real estate. For example, check out the nasdaq composite index: https://finance.yahoo.com/quote/%5EIXIC/
Sadly asset inflation is not part of the inflation calculation.
Also there's a reason besides the technology's deflationary effect - it's the wealth inequality. If the printed money doesn't end up in the hands of the majority of people (i keep hearing real wages are stagnant), then there won't be inflation in the common goods that make the large chunk of CPI.
I have heard this before. I would like to see some an inflation penetration metric for various economic actions whether those actions come from the Fed or some other group. For example, I think about the 5 billion (or more?) in bond purchases the fed recently made. How does that kind of monetary inflation penetrate into the economy? Groups that don't own stocks won't get those dollars. However, for groups that do own stocks, they will have extra money to spend and therefore push the prices of common goods up.
