Credit Crisis Easing

Libor 3 month chart saying:

1.clogged credit markets are back again.
2.we are temporarily out of woods after Lehman bankruptcy back in Sept after the derivative markets.

Here's the concerns again:
1.with low interest rates will the bubbles pop up once again ?
2.Is inflation around us with 0% lending ? or still the deflation dominating, I think we are going through the 2nd one but once this cycle completes then the inflation will on rampage.

and what fed has to say about the economy outlook link