The Fed can't directly influence real interest rates, only nominal. What exactly are you claiming interest rates are "artificially low" compared to? The scenar

The Fed can't directly influence real interest rates, only nominal. What exactly are you claiming interest rates are "artificially low" compared to? The scenario you describe can't happen. If money is so easy that it's leading to high inflation above the target, then tightening money until no excess inflation happens won't cause a drop in employment. Think about it like this: either the extra money being printed is going to inflation and propping up prices, or it's enabling more jobs. If the marginal extra dollar is adding to inflation, then removing it won't hurt jobs.