Every article criticizing the Fed's actions misses the elephant in the room: the massive, spellbinding increase in USD via abnormally low interest rates since the 1990s (not just since Covid).

There is no modern historical analogue (in the USA, there are plenty elsewhere), so reflecting back on the 1970s is pointless.

The Fed still only has two choices - hyperinflation or depression. These are the cards you are dealt when you print money with abandon for an entire generation.