Totally agree about the ignorance, don't think that the goal of Fed actions was to make it look like the pandemic had no effect. I was a small business owner for many decades, lost my shirt in the Volker interest rate spike of the early 80's, certainly wish I had been better informed then as I would have done things very differently. That Fed move hurt a lot of people like me...and was desperately needed.

The necessary pandemic closings and job losses drained massive amounts of spending/demand out of the economy, very real losses to real people and the businesses they owned. Not all, probably not even half of the relief and rescue funds are yet in the economy but hundreds of thousands of small businesses have folded, many if not most won't come back.

It will definitely be a balancing act, keeping those who lost businesses and jobs from losing homes and hard earned wealth positions, while of course upholding the stated dual missions of the Fed, controlling inflation/deflation and maintaining full employment. I'm waiting and watching, I do remember the inflation doom and glooming during Reagan's massive deficit spending and again when Obama responded to the Great Recession,

That inflation never materialized, possibly because the advocates for Modern Monetary Theory are right. I would be interested to see an article from you addressing MMT;)