Does $20trln buy much inflation?

Does $20trln buy much inflation?

(The author is a Reuters Breakingviews columnist. The opinions expressed are her own.)LONDON - It seems to take a lot of money to generate even a little bit of inflation. Around $20 trillion worth of global stimulus measures have been unveiled so far this year on Bank of America's calculations. That's more than a fifth of last year's world economic output. Yet investors are not exactly quaking.Take the so-called five-year/five-year forward, which predicts inflation rates in the second half of the following decade. In the euro zone, this gauge is up an impressive three-quarters from an ultra-low 0.72% in March. But at 1.25%, it is still lower than in January, and significantly below European Central Bank boss Christine Lagarde's target of just under 2%.In the United States, monetary and fiscal