Came here to say just that. Still, M2 itself has also grown 20+% in one year. https://fred.stlouisfed.org/series/M2 https://fred.stlouisfed.org/series/M2 Yet

Came here to say just that. Still, M2 itself has also grown 20+% in one year. https://fred.stlouisfed.org/series/M2 https://fred.stlouisfed.org/series/M2 Yet consumer price indexes do not appear to have been greatly affected https://fred.stlouisfed.org/series/CPILFESL https://fred.stlouisfed.org/series/CPILFESL The dollar has however lost ~9% to the euro https://fred.stlouisfed.org/series/DEXUSEU https://fred.stlouisfed.org/series/DEXUSEU