I've come to the opposite conclusion. Look at interest rates dropping from 2008 -2019 even as the stock market made a major recovery from the financial crash. That means the Fed didn't do their job. They should have raised interest rates steadily during that period to keep the economy at a sustainable pace (and governments should have increased taxes). They did not, mostly due to political pressure to dump easy money into the economy and public trauma after the GFC. Everyone got rich - too rich. The result is what we see now - high inflation and out of control prices for necessary goods. The reason the market and economists are not seeing it is because "too much of a good thing" is not in economic models. Free money for more than a decade means we hit the limits of our financial system, and it's crippling us.

Now there are only two choices left to the economy - prices drop (not going to happen) or a decade of stagflation.