Puzzle Over Why High Rates Aren't Hitting The Economy Harder

That's not how Fiat Currency works. Money is not simply printed and released for circulation. Every single dollar has to be bought first, via Treasuries.

For example, that debt that everyone always says we owe China, borrowing money from them? We don't. They purchase US Treasury Bonds because of the strength of the USDollar, being more valuable and secure than the Yuan. In a sense they're also borrowing from us, backing their savings with the quality of our currency.