M1,M2,M3 and the stability in the velocity of all three can not be measured accurately until we get past 0% interest rates purchases and the hedge funds that try an arbitrage the 0% rate dynamic.
0% interest rate offerings across the board for cars, real estate and the concessions that are going along with them is terra firma evidence of inflation instability in a pernicious form called VELOCITY TO INFINITIUM.
In other words its like trying to calculate inflation with a fluctuating square root of PIE - the FED can not do it; I don't care if they are data driven ......
the inflation that is baked into the economy is not nearly as ruthless as the lack of liquidity that is baked into the "economic significant portion" of the homeowner from asset inflation, reduction in nominal wages .......
real estate has become an entitlement industry where " a multiple of players" systemically twist the system for a growing sector of our economy called the "Commission economy".
Fed can not rectify distorted economy sectors .... with monetary policy .....
... I do not see how we are going to avoid a liquidity crash in real estate ......