> I can practically just smell the inflation.

Then the Fed isn't out of ammunition.

The purpose of Fed easing would be precisely to generate/maintain target levels of inflation. The idea that the "Fed is out of ammunition" is that its conventional policy tool (rate changes) is seen as near a limit, such that the Fed can't generate further inflation if it wants to.

But here, you "smell the inflation," so by definition the contemplated actions are in fact ammunition.