Exception to the rule

This chart contains Nominal growth, Consumer prices and effective funds rate.  The period in mid 2007, the Fed started dropping rates, and inflation rose.  This is an instance where the normal rule failed, the coefficient reversed. The coefficient was reversed for a short time at the end of the down turn.  The other short term effect on inflation was the quarter in which QE began in 2011. Otherwise, low rates, low inflation and large income for Congress.
 
It seems clear the Federal reserve is mostly about Congress, the deficit, and earning enough to cover expenses and remit profits to Congress.