I think it is more that the earlier money printing addressed more normal, slow moving business cycle issues, and so slowly backing off of it worked exactly as planned. With COVID, the money printing was addressing a fast moving and fast correcting temporary effect of organic and top-down behavior changes in the early part of the pandemic, which snapped back hard with general reopening, meaning the normal pace of unwinding fiscal and monetary stimulus was too slow to prevent the measures meant to prevent catastrophic depression and deflation combining with the rapid economic rebound to produce inflation (there’s some pieces that didn’t rebound which actually exacerbated the inflation effect, e.g., supply chain capacity.)