Shadow banking system. US dollars are now used to fund overseas banks through the Eurodollar system, and it has a virtually unlimited capacity to siphon up excess dollars without any noticeable inflation in the US. Mainly because those dollars can fund development in countries with cheap labor that actually lowers the price of our consumer goods (since we don’t make them here anyway).
Just to drive the point home, observe that goods and services which can’t be produced elsewhere have experienced massive inflation: healthcare, housing, education.
One really interesting thing I had never though about is that eurodollar lending increases the money supply in ways that are potentially totally opaque to the fed or treasury meaning we don't really know how many dollars exist and this unknown amount is very likely substantial.
There is a whole fascinating YouTube series on the eurodollar that goes extremely in depth:
Just to drive the point home, observe that goods and services which can’t be produced elsewhere have experienced massive inflation: healthcare, housing, education.