Is this the one?

Is M3 money warning of an inflationary blow-off in the US? :: Ambrose Evans-Pritchard

Japan lived through this in the 1980s when it allowed property and stocks to mushroom out of control, mistakenly thinking the effects would be benign because retail price inflation was low. (The US did much the same in the 1920s but the collective mind in Washington and New York seems to forgotten that).

Capital Economics makes a different argument. Mr Ashworth said his group at first supported the Fed's decision, agreeing that (narrower)  M2 was good enough on its own.

"Recent evidence has made us reconsider that position. It appears that broad money and consumer prices have begun to move in tandem once again. Over the past two years M3 growth may even have been leading core inflation by a few months," he said.