Last week, we published the first in a series of three Fathom In Depth articles on the inflation outlook. We argued, using the familiar concept of the output gap, that as economies reopen we are likely to see material, cyclical, upward pressure on inflation. In this, our second piece, we look at inflation from the perspective of a monetarist. Over the past year we have seen double-digit growth in the money supply. If you believe that, as Milton Friedman once…