Not that they should have done nothing, but clearly they could have addressed the acute crisis, and then normalized when that passed. Instead they addressed th

Not that they should have done nothing, but clearly they could have addressed the acute crisis, and then normalized when that passed. Instead they addressed the acute crisis, and continued the same policy for 2 years with no change. What they should have done was 6 months or so after peak covid panic, start to normalize interest rates and QE. They also didn't consider at all the velocity of the economy and just looked at point in time employment numbers to drive their policy thinking. It was clear the job market was already overheated at 5% unemployment, for example, due to the historical number of job openings and increasing pace of those job openings, plus record high quits rate. Plus retail sales/inflation.