This isn't the first time it happened: https://www.stlouisfed.org/publications/regional-economist/january-2014/the-rise-and-eventual-fall-in-the-feds-balance-sheet Note that "money printing" isn't entirely accurate, the fed is adjusting the rate money can be lent at, this way it can "unprint" money as the economy recovers and in the end you'll have your usual 2% inflation.