That's what I was talking about said but Taskmaster disagreed if I understood him correctly. The management you talk about does not happen directly but by setting the key interest rate that affects the rate at which commercial banks lend money and by open market operations in which the Fed purchases bonds.
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You are right. The Fed has to manipulate and play games since they do not do money. There are no USD involved in what the Fed does anymore. There was a time when settlements were done in physical cash where they could affect things directly. This is no longer the case.
So their operations are nothing more than expectations of what is happening. The Fed front runs everything in an effort to get the markets to buy in.
They actually put out swap arrangements which is technically purchasing (with an agreed upon sale) but they are not buying with USD like you or I would.
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Interesting. This is the key point.