It's the number one puzzle on Wall Street. Why is there no inflation, when the Federal Reserve is doing massive money printing?
Normally, we'd expect that any time the central bank was pumping the money supply, like the Fed is now, that would cause dramatic inflation..
In fact its the common definition of inflation: more dollars chasing fewer goods. And we certainly have more dollars right now, to the tune of about $4 trillion more dollars added to the Fed's Balance Sheet just since the beginning of the Covid Crisis.