Federal Reserve monetary policy significantly impacts the economy, incentivizing malinvestments, sparking recessions, and creating inflation. 

Most people know the Fed is important but they tend to focus on interest rate policy. As Money Metals' Midweek Memo host Mike Maharrey explains, they're missing a big part of the picture. 

The central bank's balance sheet is as important as interest rates -- if not more-so. 

In this episode, Mike highlights some interesting things going on with the balance sheet and how it could mean even more inflation coming down the pike. 

In this episode, he also talks about the current volatility in the precious metals markets.

Listen to this Money Metals' Weekly Market Wrap Episode: