Is the Fed Off the Rails for 15 Years?

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The producer price index rose 20 % last year, which is suggestive of future consumer price increases that iwill exceed seven%. But hasn't the fed been off the the rails for 15 years? And haven't interest rates been near zero? When i say interest rates, not necessarily the federal funds rate, but overall interest rates for in low risk activity in the economy.

What's so bad about rising inflation? Why should we aim for a rate of 2 percent? Why is it a problem if interest rates are too low--and what do we mean by inflation, anyway? Stanford University's John Taylor talks with EconTalk host Russ Roberts about these questions, the Taylor Rule, why inflation is rising, and what the Fed should do about it. At the end of the conversation, Taylor discusses whether stimulus stimulates and the dangers of the national debt.