That is what an article from the Wall Street Journal says. Of course, the article starts off wrong right out of the gate. It says, "The Federal Reserve spent the past three decades getting inflation low and keeping it there." Sure, maybe if you compare it to the awful 1970's or to Zimbabwe. While price inflation rates were not in the double digits annually in the last 30 years, it was still significant. And of course it is hard to completely trust the CPI. While the CPI is not totally useless, it doesn't fully account for all of the bubbles that have taken place in stocks, housing, and other things.
The rest of the article is still worth reading only to realize that Fed inflation is a real possibility in the near future. The Fed and the government really are worried about the economy and the politicians don't really know what to do about it. While I think most of the politicians in DC are dishonest, along with Bernanke at the Fed, it wouldn't matter much if they were honest. They don't understand Austrian economics. They don't understand the business cycle that is caused by fiat money creation. Bernanke is probably not quite as dumb as the rest of them, but he is still somewhat clueless. If anybody at all had a clue, it was Alan Greenspan. But that just makes Greenspan evil because his policies were bad and he knew it, but did it anyway and continues to lie to this day.
The only solution the Fed has right now is more monetary inflation. They like to call it quantitative easing now, but that is just word games. If and when the economy shows signs of more weakening, the Fed will likely create more money out of thin air. It doesn't want to see a depression, so it will kick the can down the road and try to hold it off, even though it will just make things worse.
We'll continue to pay attention to what the Fed says. More importantly, we will pay attention to what the Fed actually does. I don't see a Paul Volcker moment coming soon. I see more monetary inflation first.