Almost all of the savings will quickly dissipate as spending within the economy in the next year.

I'm honestly not sure what Powell is thinking with QE, it's just not going to work alongside rampant inflation and probably will achieve the opposite effect given that markets generally tank whenever there are rumors that inflation will edge higher in the next quarter.

But this is precisely the reason why we need more than one central party in control of the money supply. $1.6 trillion is no joke and money supply keeps going up. Most of this just ends up in the pockets of the wealthy.