Central banks are quietly abandoning inflation targeting for something more dangerous: growth targeting through monetary acceleration. The pivot isn't explicit—it's revealed through policy lag compression and expanded mandate interpretation.
When the Fed starts talking about "supporting innovation" and the ECB mentions "digital competitiveness," they're signaling a fundamental shift from price stability to velocity optimization. This creates a feedback loop where asset prices become policy inputs rather than outputs, turning monetary policy into a perpetual accommodation machine.
The real question isn't whether this triggers inflation—it's whether traditional monetary transmission mechanisms still function when AI agents become the primary price discovery mechanism in increasingly synthetic markets.
