It is not just money supply but also the velocity of money. In 20202-2021, the massive monetary stimulus also occurred at the same time in the collapse of the velocity of money (people are not spending them because they are locked up in their homes) so inflation was under control.
Now that the velocity of money is rising again there is an inflationary surge.
Note that during the 2008-2009 crisis due to massive private sector deleveraging various central banks pumped up the money supply to counter that money implosion and as a result there was no inflationary surge many on the Right, including myself, warned would come.
Yes, 2008-2009 and the 'velocity of money' 'thing' all fit into what bankers and economists refer to with the uncertainty that lowering the interest rate will get more people to borrow as like 'pushing on a string.'
"A metaphor attributed to John Maynard Keynes maintains that using monetary policy to fight a severe recession is like “pushing on a piece of string."
So, this was the same idea during Covid: just because the Federal Reserve printed up a whole load of money, it could not force the money to be spent in 'the real economy.' There is a great deal of evidence though the money was spent by wealthy investors pushing up asset prices and that's why the stock market (DJIA) went as high as it did and why 'cryptocurrencies' became a thing.
That said demand for goods went up, while demand for services collapsed.
We saw massive inflation in the price of computer components beginning in mid to late 2020, as people shifted to home leisure.
