The Fed has been mightily concerned about the deflation threat all year for just this very reason. That is why they have been so easy, and plan to remain very accommodative for quite some time, since it will likely take many months or even years before the economy fully recovers.
Monetarists and supply-siders, on the other hand, prefer to see inflation as a monetary phenomenon. Supply-siders in particular like to watch market-based indicators of how easy or how tight monetary policy is, and to use these as a guide to what inflation is likely to do. For most of this year, these indicators have been suggesting that inflation pressures are rising, not falling: the dollar has been very weak of late, commodity prices have been rising almost across the board, the yield curve is very steep, gold has risen to a new all-time high above $1000/oz., and interest rates are very low relative to measured inflation.
For the first nine months of this year, the CPI has risen at a 2.7% annualized rate, which is slightly higher than its average over the past 5 and 10 years. The core CPI (ex food and energy) is up at a 2.0% rate over this same period. Neither index shows any signs of significant slowing. The deflation threat the Fed has feared has so far failed to materialize, and inflation instead has continued its trend of recent years. Since monetary policy typically acts with significant lags, the easy money of this year is likely to translate into a quickening in the pace of inflation next year.