Also, I believe that much of the drop in unemployment (after the massive 2020 spike) was due to PPP "loans" (grants), designed to keep people employed. It wasn't "authentic" re-employment, based on demand for workers. Hard to tell when those cash payments will be used up. MORE cash injections. Lies, damned lies, and statistics. I can't help but wonder just how bad it really is if we peel back the layers of interest, QE, and cash injections of all kinds.
I believe that "$120B/mo" is mostly the Fed buying poor-quality mortgage loans and taking them out of play. Has the effect of adding $1.44T of "goose money" to the markets. I saw a story about the average family receiving a total of $50,000 in "benefits" during the stimmy handouts and rent/mortgage moratorium. All I know is that I "didn't get no stinkin' checks"! I read somewhere that the Fed wants to devalue the USD by 25%. Not sure what good that does everybody, but I doubt they stop there.... more likely, GOIN' ALL THE WAY, BABY... Thelma and Louise off the cliff!
A thought that crossed my mind is that all this currency printing is a response to China devaluing the Yuan.
They (China) tried that at the end of 2015. Their little scheme did not work. IIRC, they started the motions to do that again sometime in the Trump era. 2 years ago? It didn't work. They'd be stupid to try it again.
I guess the rise in the unemployment rate to 5.9 was the saving grace. Something they can hang their hat on. Markets at all time highs, inflation rising, gas prices at 5-year highs. Yet the FOMC it acting like we are in a recession, makes no sense.
A third-grader could be the FOMC chair. The job just requires you to hand out money. It really is pretty simple.