We started rebalancing of liquidity as early as January 2021 through  the reintroduction of variable rate reverse repos (VRRR) to shift liquidity from the overnight fixed rate window towards longer tenors at variable rates. This helped in pushing market rates upwards in a gradual and orderly manner.
Finally, it is difficult to say when or whether the economy will break out of its low-productivity mode of the past decade or more, as it must if incomes are to rise meaningfully over time.