According to CoinMeta, Peter Schiff ( Peter Schiff ) stated that in the two months before Walsh took on the role of Federal Reserve Chairman, the M2 money supply grew by about 0.9%, with an annualized growth rate of nearly 6%. He pointed out that the correct definition of inflation is the expansion of the money supply, and rising prices are its result. Schiff believes that a 6% money inflation rate is clearly inconsistent with the Federal Reserve's set CPI target of 2%.