Not to mention, if you look at inflation rates by decade, the Fed has historically done a terrible job of keeping inflation rates at the 2% target level since Bretton Woods [0]. That isn't even considering that most government inflation figures don't include investment vehicles, which certainly can absorb inflation. Take the 2020 stock market for example, after the Fed injected trillions directly. Eventually some of that will trickle out into more expensive food, materials, etc. (and it already is to some extent) but for now their policy is still assuming there has only been a small amount of inflation this year. And because of the fascinating link between the mortgage market and the Fed Funds rate, commercial interest rates are shockingly low, resulting in a tremendous increase in borrowing which will further increase inflation over the next couple years.

[0] https://inflationdata.com/Inflation/Inflation/DecadeInflatio...