Fed says Americans are hoarding cash

One of the great mysteries of the post-financial crisis world is why the U.S. has lacked inflation despite all the money being pumped into the economy

The St. Louis Federal Reserve thinks it has the answer: A paper the central bank branch published this week blames the low level of money movement in large part on consumers and their "willingness to hoard money." 

The paper also cites the Fed's own policies as a reason for consumers' unwillingness to spend.