Has Fed policy been favoring the Democrats as of late?

No.  I have a longer Bloomberg column on that topic.  Here is an excerpt:

Overall, Republican legislators are less comfortable with higher inflation than Democratic lawmakers. In other words, political constraints, to the extent they have had influence, have pushed Fed monetary policy closer to the views of many Republicans than to Democrats. That is not because the Fed is partisan, but rather because it simply cannot afford to alienate the public too much.

In other words, no.