You're absolutely right, inflation is here...right now. I'm not saying that if we have another deflationary crash happen that inflation may subside, but that's not happened to this point. I think the Banksters know another pump and dump crash is in the offing and that's why they're not currently worried about inflation.
Seablue, Powell telling us that with the rate of increase done to M2 isn't inflationary is like me saying the laws of gravity no longer apply! Who in their right mind would believe that?
There are laws of economics just as there are laws of nature. Those laws don't change because someone claims that this time it's different. The reasons why they happen may not be the same, but the outcome will be the same.
The rise we've seen in M2 is definitely inflationary, even if velocity is fairly low. Because the big rise in M2 is greatly dilutive to the money supply, so our buying power is reduced with every trillion more in dollars they throw at the problem.
What's so stupid IMO is that no one in government will directly call him out for what they're doing. You don't have to have an economics degree to see where this is going.