Is the Fed Trying to Fall Behind the Curve?

In the June Absolute Return Partners Letter they ask whether the FED is behind the curve and display the following charts. I suggest we take the question further, is the FED trying to fall behind the curve? 

Absolute Return Partners

Absolute Return Partners

Absolute Return Partners

To quote from my recent Oil Forecast Report, which will be available to non-subscribers on this site and at www.whytecliffcorp.com shortly,

"The recent dot plot chart left some scratching their heads until James Bullard explained his new regime theory and how the FED should become reactionary (with a lag) and not anticipatory. Bullard wants the FED to fall behind the curve. Paul Krugman once suggested the way Japan would end its deflation is if people lost their “awe” of central bankers. Bullards regime theory is designed to do that."

Confluence Investment Management

I think the answer is yes. This could work well or end badly.