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The standard mechanism for controlling inflation is to increase interest rates. Interest rates are currently at essentially zero, so it seems to me that this is a complete non-issue. If inflation starts to become problematic the fed will increase interest rates and we'll return to a more "normal" economic state.

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This ignores all of the evidence that raising interest rates slows economic activity. In our currently economically weakened state raising interest rates would likely crush the economy into a depression.

Which is probably the reason we don't currently have core inflation. If we had inflation then it would be evidence the economy is overheated, so cooling the economy would be appropriate at that time.

No, debt levels are too high. Raise rates and you crush borrowers who are already saturated with debt and cannot absorb variable rates rising. The Fed is trapped.

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