Please around 500 words answer.

suppose the economy recovers from COVID-19 and the president elect Biden and his administration decide to essentially keep the Trump tax cuts in place, keep the Trump defense budget in place, and essentially attempt to return the economy to pre-COVID-19 levels, with low inflation and low unemployment. The new administrations analyst concludes that doing anything else will cross the economy for good. So we get back to a $23T GPD.

Suppose the economy is in long-run equilibrium with GDP approaching $23T and the unemployment rate is approaching 4%. Now, let's say that the Fed has decided to decrease the money supply by 6%! The Fed proposes this move by raising the Prime Rate from the current 3.25 to 4.00 and to sell a new trunk or class of 30-year Treasury Bonds. This was not expected! What might be the short and long run effects on the economy as a whole if this were to take place? What happens to the inflation rate? What happens with unemployment? Like I said, this was actually expected that the Fed might take some sort of constriction action to stave off reduce inflation and to strengthen the money supply. However, President Biden, Congress and the Treasury Department had hoped for no contraction of the money supply until 2023.