Absolutely agree. The Fed could sop up that extra liquidity with interest rate increases, but they won't do much and will do so too late.
The other elephant in the room is the debt. Putting aside its sheer size and the fact it continues to suck up money that would otherwise got to the private sector, if interest rates spike up, which will be necessary to halt (or in this case, slow down) inflation, then the amount being paid to new owners of the National Debt will go up, further increasing the debt. This isn’t going to end well for us in my opinion. Could you imagine what would happen if the US defaulted?
There’s no doubt that it will be intriguing to see this unfold as an observer, but quite frightening as a citizen.