Fed rates

In fiscal year 2022 the federal government spent $5.35 trillion dollars in the form of cash to individuals and businesses. They announced with great fanfare how this was helping so many people. This money was created out of thin air by the Fed. government borrowing surges and the Federal Reserve signals it could buy unlimited debt. Does the Fed believe in Modern Monetary Theory? These same experts said inflation, if it comes, will be transitory. Now the Fed is raising interest rates to slow inflation. How high will they go. Some say the answer is to follow the Taylor rule which says rise rates one and a half time as much as inflation. So if inflation rises from 2% to 8% you raise the rate one and a half times 6 (8-2) which is 9% and we are now at 3.5%.