The rate at which the FED is printing money should cause inflation via deflation of the currency. This is not happening because the M3 money supply is crashing. From a high of +16% growth in 2008 to a negative 6% growth currently (shadowstats.com) The rapid decrease in velocity of money is acting to offset the rapid increase in the printing presses.
In the short run, look for the slowing economy to offset the printing presses, maybe even a little inflation. The official CPI is bouncing around 1 or 2 percent, but the real inflation rate is between 4 and 6 percent (shadowstats.com)
In the longer run, look for the decrease in lending to level off, and the M3 money supply to begin to grow again because of the FED printing our way out of debt. This will bring hyperinflation.
I have consistently underestimated the amount of time it will take for the currency to change direction, so while I expect inflation to begin within a year, expect it much later.