All this money HAS generated a lot of inflation already, you're just looking at the wrong place. Look at the S&P over the last decade, and especially look at the "V shaped recovery" of 2020.
Inflation is not just a term that we can define how we like, it's an economic official indicator ergo, there is not discussion possible about if has happened or not.
Actually, he's talking about asset price inflation, which is isn't redefining the term at all. Inflation just means an increase in prices. Specific inflation measurements like CPI and PCE are the official economic indicators you're thinking of.
