They have tens of knobs, some strange and esoteric, targeting specific corners of the banking system, but I believe if they want to control inflation they simply need to cut back on bond purchases.
As they buy less bonds, their price drops, as the price drops risk-free yields drift higher. As risk-free yields drift higher, consumer credit becomes simultaneously more expensive and less available, as lenders allocate less of their capital to risky lending and more to risk-free (government) lending. This credit shrinkage causes the deflationary effect.
The trouble is that every time the fed has even hinted at this on past occasions (stretching back a decade), an immediate violent market event has usually followed. https://www.investopedia.com/terms/t/taper-tantrum.asp
As they buy less bonds, their price drops, as the price drops risk-free yields drift higher. As risk-free yields drift higher, consumer credit becomes simultaneously more expensive and less available, as lenders allocate less of their capital to risky lending and more to risk-free (government) lending. This credit shrinkage causes the deflationary effect.
The trouble is that every time the fed has even hinted at this on past occasions (stretching back a decade), an immediate violent market event has usually followed. https://www.investopedia.com/terms/t/taper-tantrum.asp