I am fairly sure that the Fed is really trying to monetize the debt, (get somewhere between 6-8% inflation for 5-10 Years would just about do it)
I would not call that hyper inflation.

I have lived through 8-10% inflation during the late 70’s early 80’s and not only lived to tell about it, I think I actually benefited in some ways (as a working adult I would add).

But 6-8% inflation would almost completely wipe out a lot of long duration bond holders (at Today’s interest rates).