Over the last decade, the Federal Reserve created trillions of new dollars through quantitative easing to fight the Great Recession.

This is not accurate. The Fed cannot create net new dollars. Only Congress has that monopoly power. The Fed can remonetize bonds that it holds and those held by others who would rather have the reserves they originally paid for them with.

Since existing money is required to purchase those bonds there is no net increase in the money supply when they mature beyond the yield between their purchase price and their face value. QE is a liquidity swap, not money creation.

However, it (QE) did display how out of touch the Fed is with the real world. Flooding the financial market with available reserves, especially so shortly after the calamity in the housing market in 2008, had entirely predictable results. With current Treasury bonds yielding <2% they should have known that investors would race to find secure parking for their reserves and the US housing market has always been their second choice.

I'm sure that the recent rate hikes for Treasury bonds and consumer credit were a corrective action to draw away some of those reserves from that market. More of an "oops" admission than a realistic attempt to curb inflation via loosening the labor market. Sadly, it will only fuel the false narrative of our government "going broke" and likely curtail a lot of spending that could make us more productive, which is always the bottom line of macro-econ, not the dollar imbalance between spending and revenue at the federal level.