I don't know about how much you guys do know about V but one thing did caught my eye
immediately when looking at the graph, which was this: The scale appears as a percentage.
The ratio of 1.43 just means that the stock of money when measured as M2 was used 1.43 times.
Compare that with this:
https://fred.stlouisfed.org/series/M2V
When it comes to inflation expectations the public seems to have a different opinion.
https://www.clevelandfed.org/our-research/indicators-and-data/inflation-expectations.aspx
To my understanding the inflation issue does boil down to this:
1) is the fiscal deficit going to be financed with the printing of money instead of borrowed money? And
2) is the FED going to allow inflation to run above its 2% target?
PS. The QP=MV model is the same model that lead these guys to cry out and loud: Hyperinflation just around the corner. Curiously, they no longer tell us the the inflation figures are fake.