The inflation rate was low because we are in a deflationary environment. There is not enough money out there, hence the long term low interest rate (Friedmans interest rate fallacy). C19 was a supply chain disruption and had nothing to do with the money supply.
Monetary policy always fails since interest rate manipulation doesnt directly affect the money supply. The Fed has no was to directly stimulate, hence the propaganda. It cannot force commercial banks to lend.
Rates will drop again until there are trillions actually pumped into the economy. Since commercial banks are the ones that have to do that, we are force to look to crypto in my opinion.