Politics has changed significantly in the past decade, and governments have found a new way to create money without central-bank help. A new inflationary era might be on the way, and if it is, the markets have got it completely wrong.
The common argument since the early 2000s against inflation from easy money at central banks (repeated here) is that commercial banks don't actually lend out the new liquidity. Isn't that, itself, a scathing indictment of our monetary policy!?