Basic Econ 101 tells us that inflating the base money supply should eventually result in higher nominal prices for goods and services.
Meanwhile the basket of goods and services used to measure inflation has remained mostly flat, meaning "low inflation", ensuring that the Fed can continue its cheap-money strategy, while also helping the government minimize its expenditures by keeping cost-of-living adjustments to a minimum.
Meanwhile, as Peter points out, investment and speculative assets have increased wildly in value. Fortunately for the wealthy, these are not considered part of the "basket of goods and services" used to calculate inflation.
It's almost as if the very wealthy have more money than they know what to do with, and cannot find enough rational places to invest it. It's almost as if none of this wealth is "trickling down."
It's almost as if there is a disconnect between the economy that the very wealthy live in, and the economy that the rest of us live in.