That inflation is primarily a monetary policy issue is an old economist orthodoxy. It's not true per se, or because it's been said n+1 times behind a pulpit. I

That inflation is primarily a monetary policy issue is an old economist orthodoxy. It's not true per se, or because it's been said n+1 times behind a pulpit. If you look at St Louis' Fed plot charts, you see that if the relation was as prominent as it's made up to be, we would have had inflation for the past decade. This hasn't been true. A wide majority of the money printed has actually gone to institutional investors and the financial markets, which have experienced a so-called inflation (in a sense, because by definition inflation is only concerned with consumer goods). The dollar is winning against the euro and pound because the dollar still remains the world reserve money, a very important role the US government has defended since the end of world war 2. Inflation in Europe is in a large part a supply shock with deep industrial ramifications. Since there is no russian gas anymore, there's been a scramble to buy it wherever else, often at a premium, which debases the currency and leads to inflation as gas is key to energy generation and important industrial processes, notably in germany. The US enjoys a relative self-reliance energy-wise, which is important for domestic stability, but also allows the US government to sell energy abroad, reinforcing its currency comparatively.