Inflation is an increase in the supply of money. The supply of Euros and Dollars is increasing. But we live in a fiat world that is untethered and coming undone. As that happens, the Powers That Be will do everything they can to stop it. Right now, they have to create a masterful illusion to keep people in Fiat. Under Bretton Woods I, the dollar was backed all the other currencies, and was itself backed by gold, at least officially. By causing a miracle dollar rally, they can conjure up images of the Dollar being backed by something real, temporarily. To cause this rally, it took massive central bank intervention. Eurodollars held by the Fed were used to buy dollars and sell the Euro. This intervention was not reported or published until three weeks after it began. They used something like 25% of their currency assets held overseas to do it.

I wish I'd bookmarked the article with the graph of the intervention. It's basically a rearguard action to keep monetary spigots open, interest rates low, but scare people out of commodities, especially silver. Silver will expose everything, in the end.