It can if other processes are effectively destroying dollars at a similar rate. Modern economies are credit economies with the majority of money in circulation

It can if other processes are effectively destroying dollars at a similar rate. Modern economies are credit economies with the majority of money in circulation being multiples of M1. If there's a credit crunch, vast amounts of money can be thrown into the fire very quickly. The Fed thinks we are having or are about to have a 2008-like deflationary credit crunch. If they're right, then we will not see massive inflation. If they're wrong, we may.