It's a simply consequence of their need to raise interest rates to control inflation. If you make it harder to get loans, businesses will reduce expansion plans

It's a simply consequence of their need to raise interest rates to control inflation. If you make it harder to get loans, businesses will reduce expansion plans which in turn causes an increase in unemployment. The goal is to balance the two and tame inflation without unemploying millions. I'm not sure how much of this was avoidable but it is the current state of the US economy.