Why would increasing monetary supply not cause inflation? I'm aware there is a group in macroeconomics that believes that, but I think they're crazy. Do you have anything to support your position?
If the Fed prints 1 trillion dollars and gives it to me, but I keep it in my basement and never spend it, why would inflation be expected? The velocity of that money is zero, hence its impact on prices is zero.
Inflation rises relative to the money supply multiplied by the velocity of money.
The velocity of money may still be low in this case, but asset inflation happened.
It may be that the money hasn't trickled out into the real world in large enough quantities to cause inflation yet.
Who's going to just keep $1T in a vault and let it rot for a century? And if we expected that to happen, why even print it?