@SteveRoth while we're being persnickety, it's not SWF vs no SWF, but the activity. an SWF is just a formalism within the state. invested funds (there's another word to unpack!) are likely to be less inflationary (with nothing special about the zero-point, so sometimes disinflationary) than simple transfers. (although sometimes transfers might count as investments! in which case they might be disinflationary!) whether the formalism of an SWF (or central bank) are involved is not really material.