Here’s a person who thinks so, based on the data reflected in these two charts posted here and shown below:
I think the argument makes sense. The question now is how high inflation will go, as withdrawing the monetary stimulus would put a drag on economic growth for the US. There will be a lot of pressure on the FRB not to reverse its stimulative policies.
Wasatch Economics 
Brad Setser: Follow the Money » Blog Archive » The Treasury market, in a world no longer dominated by central bank reserve managers said
[…] dramatically. Industrial production is down, and spare capacity is up. Inflation is down. As is expected inflation (from TIPs yields), though not as much as in the fall. The Fed’s balance sheet is larger, and […]
Silverbids.com » Blog Archive » Bonfire: The Treasury market, in a world no longer dominated by central bank reserve managers said
[…] dramatically. Industrial production is down, and spare capacity is up. Inflation is down. As is expected inflation (from TIPs yields), though not as much as in the fall. The Fed’s balance sheet is larger, and […]
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Inflation looming? | Wasatch Economics