While Fed Chair Janet Yellen expressed a lack of concern about inflation last week, heavyweights such as Bob Doll, David Rosenberg and Michael Pento aren't so relaxed.

Doll, chief equity strategist at Nuveen Asset Management, notes in a commentary obtained by CNBC that "inflation is showing a modest uptick. Yet the Fed does not appear to acknowledge the changing landscape."

The central bank "may be underestimating . . . the possibility of higher inflation," he argues.

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Consumer prices rose 2.1 percent in the year through May. But the Fed's favored inflation measure, the personal consumption expenditures index, increased only 1.6 percent through April.

As for Rosenberg, chief economist at Gluskin Sheff + Associates, "we are a tipping point, methinks, on housing, jobs and inflation," he writes in a commentary obtained by CNBC.

"And if that is the case, the Fed is so far behind the curve it isn't even funny — maybe this is the message from the U.S. dollar and gold."

Pento, president of Pento Portfolio Strategies, thinks the markets have become complacent about the long-term effects of the Fed's easing.

"Central banks around the world have fallen into a passionate love affair with inflation and asset bubbles. That is because these fiat-currency apologist believe inflation is commensurate with economic growth; and that the solvency of sovereign debt can only be achieved through massive money printing and negative real interest rates from here to eternity," he writes on his blog.

"The most humorous part of all this is Wall St. and Washington have duped most investors into believing the fairy tale that our central bank can end a multi-trillion dollar bond buying program and six years of ZIRP [zero interest rate policy] without experiencing any ill effects."

Experts see other problems with Fed policy too. Its massive easing campaign isn't working out too well for many Americans, says former Fed Governor Kevin Warsh and Stanley Druckenmiller, a former colleague of hedge fund legend George Soros.

"It's great news for those households and businesses with large asset holdings, high risk tolerances and easy access to credit," they write in a Wall Street Journal opinion piece.

"Yet it provides little solace for families and small businesses that must rely on their income statements to pay the bills," the duo notes.

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