Eh, the Fed controls the supply of bank reserves. That's not at all the same as controlling broad money supply. Especially when most dollars in the world exist outside of the United States entirely, where they can't even access bank reserves.

The Fed WISHES they controlled inflation the way that some of us pretend they do.

And they do have a role. It's just not quite so cut and dry. When the Treasury debt level is lower they can do a number on reining it in by hiking interest rates, making banks and shadowbanks suddenly a lot less interested in borrowing from each other. The problem is, at the level of outstanding treasury debt we have, every rate hike they make is just an additional payday to anyone buying treasury bonds/notes/bills, and more issuance of even more debt by the treasury (which in turn is the collateral used in the repo market that fuels private formation of deposits -- what most people call "money" despite it having no direct connection with the Fed at all).

In Fiscal dominance, the Fed mostly is just along for the ride, unless they can figure out a way to pull a Judo move that puts the market on course to reverse and go back into Monetary dominance.

And no, this doesn't mean Bessent is in charge (frankly, unfortunately). It means that Congress's ability to manage money is what determines our levels of inflation.

So yea, hope you're stacking...