Well, in the case of the US government, the FED printed about 3 trillion dollars, 2/3 of which went to buying our own governments debt (US treasury securities),

Well, in the case of the US government, the FED printed about 3 trillion dollars, 2/3 of which went to buying our own governments debt (US treasury securities), and the other 1/3 was basically all mortgage backed securities and the people selling those to the FED probably turned around and bought US treasuries. The federal governments deficit last year was about 4 trillion so the FED basically directly and indirectly financed 3/4 of our own federal governments deficit spending most of which went towards the CARES act which mainly gave cash to citizens directly through stimulus checks and increased unemployment payouts and indirectly by paying employee wages to keep people employed. It also helped fund state budgets, hospitals and operation warp speed which has speed up the moderna vaccine. Overall, I think the those were some pretty damn good investments for a pandemic induced recession.