They're going to do it by raising the rate they pay interest on excess reserves. This is not only a pre-emptive bank bailout, it also will allow keeping T-Bills at 0 by monetizing debt and thus keeping the government solvent.

They get to have their cake and eat it too. Via the monetization and continued equity purchase programs, they are probably aiming at an environment of high rates simultaneous with rising inflation.

All it will accomplish is liquidating some distorted prices (housing in particular) whilst replacing it with more bubbles elsewhere.

I suspect the reason they want to raise rates in this fashion is because the data they claim to be making their decision based on isn't supporting rate-raising.