So an odd theory I've been tossing around in my mind is that through fiscal and monetary policy, the U.S. is currently waging economic war on China. It's why Trump has been harassing Powell to lower rates. Trump doesn't care about assets inflating as much as he cares about "beating China" through economic warfare.
That is, we're fueling this expansion in a way that's extreme through QE, lower target rates, and a $1T budget deficit, even after almost 11 years of expansion.
With this theory in mind, it would be hard to imagine a scenario where the Fed pulls the punch bowl. It would be akin to removing bullets from a soldier's weapon. If the U.S. is contracting because "Powell deems it necessary", then China becomes advantaged at the negotiating table in the world of reserve currencies, trade, and global influence.
And to your point, printing money can be like "pushing on a string", but America's objective is to outspend and outgrow a competitor who's doing the same in an outright authoritarian way.
We're ensuring our hegemonic moat, which allows us to print money at will without inflation (because demand for the U.S. dollar is so massive).
It's like a feedback loop, where our assets inflate, our markets strength, and in turn, we can print money aggressively to fuel more growth, which inspires confidence in our currency. Then the cycle repeats.
Just some thoughts