The velocity of money is a function of interest rates and inflation rates. As interest rates go up, the velocity of money will go up. Originally the Fed claimed they had an exit strategy to reduce the money supply and prevent inflation. However, they no longer seem to have a strategy for reducing the money supply. The money supply is still going up, not down. With an increasing velocity of money and increasing money supply, the equation of exchange predicts inflation will go up. Since inflation also increases the velocity of money, and so further pushes up inflation, the risk of "run-away-inflation" is real. Since few other people expect this, most people will be surprised. Now that interest rates have started going up, we should expect surprising inflation.
At least that is what my theory predicts. It will be interesting to watch the experiment unfold and the results come in.