I don't think the Fed is trying to generate inflation, simply because if they wanted to they could. If you look at their own reports, however, we clearly don't have inflation and aren't going to for a long time. About 20 trillion dollars have been wiped out of the money supply. The trillion dollars of printing so far is like hoping taking a piss will turn a tsunami. And most of that trillion dollars has been taken by the banks and put right back into the federal reserve system. Check out banks' reserves. Any money the Fed has given out hasn't affected spending in any way.

There is a way they could get inflation going: if the government prints money (i.e. not borrows printed money) and gives it away to people, e.g. by lowering taxes a lot. But they can't. And we all know they cant.