A race to the bottom is how the WSJ opinion page editors call it.
Inflation is low, not high, so IT - inflation - is not creating any bubbles, so the Fed is going to try to create one itself.
https://www.wsj.com/articles/the-race-to-the-bottom-standard-11564529532
Inflation is high when you consider the quality of goods and services purchases 10 or 20 years ago versus today. The published inflation rates do not measure the decline in quality.