Is the Federal Reserve Downplaying Inflation?

Is the Federal Reserve underestimating the risks of inflation as one senior economist recently did in The Wall Street Journal?

Bad news on inflation this week: Inflation spiked 5.4% in June. The White House touted that American families would save an average of a measly 16 cents on their July 4 cookout this year. They ignored the fact that driving to share a cookout would put a family in the red because of fuel costs. This White House announcement seemed like a spoof out of The Onion or SNL to me! Is this out of touch with everyday Americans? Is the Federal Reserve underestimating the risks of inflation as one senior economist recently did in The Wall Street Journal?