The “money printing” the Federal Reserve was doing in QE was going straight into reserves the banking system holds, and in exchange the FED received treasury bo

The “money printing” the Federal Reserve was doing in QE was going straight into reserves the banking system holds, and in exchange the FED received treasury bonds, from my understanding. I think in banking, reserves are not and cannot be lent out to anyone. So it wouldn't enter the economy to circulate. Or at least, this is the MMT perspective.