[SmellTheGlove]

That statement is a little hyperbolic, but at a very simplistic level, here's kind of, sort of, how -

Fed keeps the interest rate low. That means low borrowing costs for those that can borrow, but also lower yields on debt instruments. Doing so keeps money in equity markets where VCs obviously play, because the risk-adjusted returns are favorable to investing in debt. At the same time, it's doubtful that the sorts of businesses that VCs back could raise debt funding at reasonable rates (they're not borrowing at the Fed overnight rate, nor do they have any real assets to collateralize the debt), so VCs come in and buy equity instead.

If there's some path to which the Fed is printing money and directly washing it through VCs, I'd love to hear how that works. To me it's just more of a market dynamic with low interest rates (which the Fed drives).