There are many faces of inflation. The "money supply" you are talking about was not the primary driver in the last few years and there was robust demand for the treasury issuance. You will see the money supply inflation pick up when treasury auctions start to fail. I believe this will happen down the road but not soon. Most of the inflation was driven by other factors: low-income labor shortage, and a supply side shortage that fueled an increase of prices for commodities and anything else up the chain.