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Is the Fed Taking a Step Toward Explicit Quantitative Easing?

If the banking system does not create the money needed to fuel the economy by its circular lend money, take in deposits and lend the money out again, etc, etc. then the Fed will have to step up to the plate and buy Treasuries to create the money. Why is the bank's money creation good, ie. not inflationary, and the Fed's money creation bad, ie. inflationary? With excess productive capacity for everything from cars to shoes to copper ingots going begging how can creation of money by the Fed cause inflation? If this country maintains a rule of law and a respect for government that gets the world's attention our money can go on and on and on. With Obama's election and assertive action on the economic front we are moving in the right direction here.