Per Deltaone, Gordon Johnson of GLJ Research has criticized the Federal Reserve for simultaneously raising interest rates and injecting liquidity through Treasury purchases. According to his calculations, Treasury purchases have totaled approximately $210 billion since quantitative tightening ended in December 2025, and he believes headline inflation is running close to 4% year-over-year. Both these figures and their causal explanations represent Johnson's own estimates and views, and the near-4% year-over-year figure is not the official October CPI year-over-year data released this time.