In the FOMC Minutes we read:
Participants expressed a range of views about how they would assess the outlook for inflation and when they might deem it appropriate to begin removing policy accommodation. It was noted that there were no simple criteria for such a judgment, and, in particular, that, in a context of progress toward maximum employment and reasonable confidence that inflation will move back to 2 percent over the medium term, the normalization process could be initiated prior to seeing increases in core price inflation or wage inflation. Further improvement in the labor market, a stabilization of energy prices, and a leveling out of the foreign exchange value of the dollar were all seen as helpful in establishing confidence that inflation would turn up.
Reasoning from two price changes and one quantity change! No mention at all of something that could be remotely called “monetary policy”!
If we go there, we´ll see that as things stand regarding NGDP growth and broad money growth, inflation will have a hard time “turning up”!