The fed truly doesn't have much control over rates. They're chasing rates with the fed funds rate, not the other way around. All the fed can do is very temporarily raise or lower the overnight rate by purchasing assets from banks or slowing or halting those purchases, thereby adding or reducing the amount of bank reserves.

Bank reserves are just like the bank in the game Monopoly. The quantity of reserves in the system is pretty much meaningless. And just like monopoly, if they run out of reserves but there's demand for them, they can always print more.

Bank reserves aren't the same as like say the money in your savings account. The only way it can get out into the economy is if someone borrows it. Banks are simply required by law to have certain amounts of reserves and assets, so they have this thing called the overnight market where all the banks pay each other tiny little fees to use each other's excess reserves on an as needed basis. One bank has too many assets, another has too many reserves, so they swap them overnight so they're not in violation of banking rules.

It's really pretty meaningless to the broader economy. The fed increasing or decreasing the amount of reserves doesn't really do anything.

The only money printing that goes on is when people take out loans, whether it be consumers, corporations, or the government. Everything we're seeing is just the natural cycle that was set in motion back in 1913. These violent deflationary and inflationary swings are just the result of natural price discovery cycles getting more and more violent as liquidity is continuously drained from the economy, necessitating ever higher debt levels at ever lower interest rates. It's gonna break one of these days, but all the fed really does is try to hold it together as long as they can.