By all means, if the Fed keeps this up, eventually it's going to send us into a hyperinflationary recession
Here is how events could unfold:
1998
In order to prevent a bear market and a recession from occurring, the Fed bails out a certain hedge fund and cuts rates adding massive amounts of liquidity, that set the stage for the 99/00 tech bubble blow-off.
2001/02
In order prevent a deep recession from occurring as a result of the Nasdaq bubble bursting, the Fed cut rates and added even more liquidity that set the stage for a massive housing, credit and consumption bubble.
2005/06
In order to prevent a depression from occurring as a result of bursting housing bubble, the Fed puts pedal to the metal sustaining a credit and bond market bubbles and creating a world wide crack up boom.
Sometime 2007
In order to prevent a devastating mega-depression the Fed accelerates money supply growth even further setting the stage for hyperinflation. The Fed monetizes government and defaulted mortgage debt to bail out the banks.
2008
The Fed continues to print money at accelerating rates knowing that if they stop, the economy would suffer a collapse that would make the Great Depression look like a boom.
2009
The public wakes up, repudiates the currency, currency collapses, the Fed is out of business, economy collapses.
Notice how each government intervention to fix an earlier policy mistake brings a worse eventual outcome from recession, deep recession, depression, mega-depression, hyperinflation and finally currency and economic collapse.
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