The claim is unchanged and the record has only reinforced it. What is corrected is the classification. Block Ø filed this as mixed — a label that records a position having more than one part without saying which parts, which is not a classification at all. The halves are separable and carry different burdens. What the money supply and the price level did is a fact, checkable against the series. What to expect from the lag between them is a heuristic, checkable against whether acting on it pays.

Nothing was fixed. M2 stood at $23.16 trillion in June 2026, growing 5.58% year on year. CPI came in at 2.9% in January 2026, up from 2.7% in December — reaccelerating, against a 2% target now missed for most of five years.

The mechanism is not controversial and is not a question of competence. Inflation is a transfer: from those holding cash and selling labour, to those holding assets and owing money. The largest debtor in the world sets the rate.

The Block Ø exhibit — M2 up 34.1% between 2020 and 2024 — showed the mechanism already running. Everything since has been the same mechanism, on schedule: money supply expands, prices follow twelve to eighteen months later, wages follow last or not at all. Two years on, with M2 higher and CPI climbing again, the position needs no revision.