This is not entirely surprising though as the policy is inflation (just enough of course, but never deflation). Inflation is seen as required and desirable, so we should expect the money supply to gradually expand with such a policy, except in cases of economic shock (as in 2020) when it expands more. The problem with such stimulus though is that it becomes very hard to withdraw and asset prices get farther and farther away from any rational valuation based on future returns.