The m1 graph is incredibly misleading to the point of bad faith IMO because they changed the definition, causing the spike in April 2020. The M2 graph https://fred.stlouisfed.org/series/WM2NS still shows that the monetary base is expanding (less drastically) without effectively lying.
Even putting the graph aside, could we really expect anything other than high inflation when the U.S. gov't has been injecting trillions (much of which is deficit spending) into the economy for the past couple of years?
Well they were injecting trillions over the decade following 2008, so it really wasn't that clear. But yes, some inflation was expected following the covid relief packages.
