Even with the price collapsing right now, the merge closing in, and the difficulty bomb about to blow up we aren't seeing any real big dip in hash rate. Not sure exactly what that shows other than we're going to slam right into the merge at top speed with no foot on the brake. Nobody seems to want to give up until the absolute end.
The bomb is a wildcard though so we'll see. That might be a tipping point and there may be an exodus off the network when it starts to heavily impact.
Not sure what the fed can try before the midterms anyway and what would be the point? Inflation needs to be reigned in and there is no choice but to keep pushing the rates up until it gets back in check.