What Happens When the Fed Turns OFF the Tap?

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The Federal Reserve and other central banks had printed trillions but what happens when they turns off the tap?

MSCI EM Currency Index (MIEM00000CUS) - Investing.com
https://www.investing.com/indices/msci-intl-em-currency
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Tide about to turn for markets as easy-money decade ends
https://uk.reuters.com/article/uk-global-markets-cbanks-analysis/tide-about-to-turn-for-markets-as-easy-money-decade-ends-idUKKBN1L11HJ
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What Happens When the Fed Turns OFF the Tap? | Ecency