A monetary expansion of similar magnitude happened after the GFC, and inflation didn't rise above this level for a decade... There just isn't that much of a relationship between base money and CPI as Friedman imagined 50 years ago.
(Because banks also control credit supply and only give it to creditworthy borrowers... The Fed can drop rates to zero and give banks limitless money and they still won't lend it out to deadbeats.)
(Because banks also control credit supply and only give it to creditworthy borrowers... The Fed can drop rates to zero and give banks limitless money and they still won't lend it out to deadbeats.)