Remember that the fed has a special credit position. If the fed buys US govt debt itself, the loan is placed, the purchase goes into an account, and money supply increases by the amount of the purchase – the only loser is holders of US govt debt. This is the fed printing money to pay current account liabilities.
Of course the dollar slides against foreign currencies, but that is already happening. There is some room for the fed to postpone a recession by just printing money – covertly, but just printing it just the same.