Milton Friedman and the Biden Inflation

Blue:  The Quantity of Money Relative to Output
Red:  The Consumer Price Index
This Graph at FRED:  https://fred.stlouisfed.org/graph/?g=1vFil

From Tim Doescher at Heritage:

Milton Friedman famously said: “Inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.”

From W. Lee Hoskins at Cato:

Friedman (1960) provided the well-known argument that attempting to stabilize the price level directly might in practice destabilize the economy because of the long and variable lag with which monetary policy acts on prices.

So I'm not quite sure how it got to be the Biden inflation.