Inflation can happen if the money supply grows faster than the economic output under otherwise normal economic circumstances. During COVID-19, the Federal Reserve enacted policies to combat the financial implications of the pandemic, some (or all) of which resulted in increasing the nation's money supply.

Cite at least two policy actions that the Federal Reserve deployed during the pandemic that affected the money supply. (Hint: focus on monetary tools within the Federal Reserve's control; do not include actions directed by Congress.)^, Give a positive and a negative effect of those actions. What effect, if any, do you think those actions have had on current inflation?