DeLong links to Nick Bunker who says:
This is entirely consistent with inflation-expectations anchored near 2%/year--or inflation so low that shifts in inflation expectations are not a thing...
[N]ot only does the right wing of the Federal Reserve expecting an imminent upswing of inflation because of MONEY PRINTING! have it wrong, it strongly looks as though the center of the Federal Reserve has it wrong too...My expectation is that there is a very high probability that price inflation in 2016 will climb far above 2% (as measured by government price indexes). First stop 3%, then 5%. And that's in my file!