Covid came at the end of a decade of QE. They tried QT in 2019 before Covid hit and had to give up.

QE and ZIRP is the original sin here which created the dilemma the fed now faces - hard inflation or hard recession. They didn’t solve the GFC or Covid, they just postponed the impact and made it far worse.

I have absolutely no objection to counter-cyclical monetary policy but the monetary policy has become the cycle.