Yes you don't see it on your graphs right now.
But IIRC 20% more money was printed by the fed for covid.
Unless you can refute modern economic theory, we still have PV=MQ, and the only thing saving us from inflation at the moment is the low velocity of money: in lockdown or with most high velocity businesses closed or operating at a fraction of what they did before (ex: bar, restaurants), the velocity will remain low.
We won't see anything on the graphs as long as V remains low.
However, as soon as they reopen and operate closer to their normal capacity, velocity WILL rise. When that happen, inflation WILL rise.
There's no magical way to wish inflation away. We will eventually get 20% inflation. The only question is how soon.
Yes, central banks may plan to have 2% per year for 9 years (19.5% inflation) if somehow they think business will not be able to catch up immediately (a closed restaurant will not get as many clients when it reopens) which is plausible.
However, I don't buy that, because 1) we are talking about 9 years, while the closed restaurant example will take more like 1 to 2 years max to work at normal capacity again 2) it would require TREMENDOUS discipline: no QE whatsoever for 9 years - which is politically impossible if unemployment rises for whatever reason (say the aftermath of a bubble, or a crisis due to malinvestment fueled by the low rates) 3) it fully ignores the rebound effect: deprived of social contact for too long, more people than usual will want to go to bars and restaurant - at least at first
I personally envision 5 to 7% inflation when things return to normal in the US (so schoolyear 2021-2022)