It's important to note that they've been printing it and paying banks not to give it to consumers. Back at the start of the crisis inflation had nosedived but

It's important to note that they've been printing it and paying banks not to give it to consumers. Back at the start of the crisis inflation had nosedived but the most recent inflation number the Fed had still showed high inflation. They knew that they were going to have to print lots of money to support the banks so they embarked on the unprecedented Interest On Reserves program to counteract the expansionary effects. That change in the rules of the game is probably a good part of why the Fed's models were so badly off during the crisis.