Yeah I really don't get how people can uncritically repeat that inflation is low. There is a massive asset inflation bubble as you've said. And consumer goods should have been naturally going down in price, from all the outsourcing and cost cutting. Instead tons of manufacturing jobs went to Mexico/China, making items of lower quality (eg disposable rather than repairable), while all the purchasing power benefit of this was erased by policy. The price inflation is clear when you compare domestically produced goods, good quality tools, non-GMO produce, food from local farms, commercial equipment, etc - quality we used to take for granted now costs a hefty premium.
The Fed kept interest rates artificially low for the past decade such that everyone could dance around a stock market bubble, and now they've backed themselves into a corner. Rather than let interest rates naturally rise as the bond market is currently signalling, they're making further moves to suppress them. Fundamentally they're continuing to undermine the distributed decentralized economy, and reshaping it into a centrally planned one revolving around who gets access to newly created money.
