The Fed has not increased the FFR, and they have not recently done any QE (Quantitative Easing).
The Fed does not dictate the amount of the money supply. They set a rate that others then interpret to gauge how much a particular bank wants to loan, and at what rate. It also greatly affects the bond market.
So...the Fed has not been increasing the money supply by themselves lately. That's not to say that the money supply isn't increasing - just that the Fed is not the current cause.
Remember how fast the money supply was increasing from 1920 - 1929. Also from 2000 - 2007.
History can be a great guide, if one looks at all of the economic signals - especially those coming from other nations who are suppliers to us.
The Fed hasn't stopped QE since COVID.
Overall, as shown in table 1, the size of the Federal Reserve's balance sheet increased from about $7.4 trillion at the end of 2020 to nearly $8.5 trillion as of September 29, 2021. On the asset side of the balance sheet, this increase was concentrated in securities held outright. These holdings rose by $1.2 trillion as the Federal Reserve continued its monthly net purchases of $80 billion in Treasury securities and $40 billion in agency MBS.