The Fed is notoriously bad at spotting bubbles.
They’re also notoriously good at inflating them.
Here is perhaps the quintessential example of policymaker cluelessness (ca. 2005):
With that rather unfortunate bit in mind, consider the following recent commentary from Fed Presidents with regard to asset bubbles that may or may not have been inflated by QE and eight years of extraordinary monetary policy:
There you go. Nothing to worry about.