[sudosysgen]

Taxes, as an instrument, are multiple orders of magnitude more precise than rate hikes. Whether it is implemented well or not is an implementation detail. As a matter of essence, taxation is more precise than control of the directive rate. It is possible to wield taxes in ways that create confusing effects, or in a clear, concise way.

As for what the Fed is supposed to do, in practice, the Fed does much more than simply control the amount of money. The responsibility of the Fed is to control monetary policy and to maintain the health of the economy by doing so. Which is why they have such an important role, right now, in preventing the complete collapse of the US economy.