Is the Fed acknowledging that a deflationary shock will bring inflation back down?  I can’t see how inflation will be temporary if the economy keeps growing and emerging markets demand more raw materials to support their higher growth rates.  

Continued printing and easy policy will set the stage for L-T inflation due to the aforementioned factors.  I wrote about this WAY back here and have begun incorporating some effects of continued easing in my latest outlook (See Monetary Policy and Inflation sections).