new currency in circulation is just one of the side-effects and that transition is neither direct, nor instant before these funds effectively become new currency, they flow into financial markets - that's why you see the stock market going up first the same for risky assets
FED swap line operations reach โ$600 bn while the swaps are closed/repaid in less than a year, โ80% of the repayment comes from newly issued wholesale debt thus, โ80% of the swap volume eventually becomes new currency in circulation and then you wonder about inflation ๐