The reserve ratio has plummeted from about 20% in 1970 to about 6% today, it is the definition of credit bubble. The Fed is accepting junk debt for collateral and will soon monetize it, that's inflation. The Fed is currently lowering rates back down to ludicrously low levels which extends the credit bubble. Inflation is a lagging indicator and commodities are soaring. So between all those things we have inflation, a credit bubble which inevitably lead to either recession (credit contraction) or inflation, and production input (commodity) price inflation due to excessive credit.
IOW, the Fed has failed.