No significant impact expected - this is neither the first time nor will be last time bitcoin is going through this and guess what bitcoin and the community is used to it since we have already seen this for a decade and bitcoin is still not only surviving but also getting adapted by the institutions hence these Fed policy will have no impact for bitcoin expect a slight fluctuations as seen when noose was tightened against Bitcoin in the past.

Feds are trying to tackle the inflation the wrong way, I suppose if they do try increasing the borrowing price and for other services as well at the end people are going to be quite unhappy with the erratic government which might end up them trying to find some other way to invest or keep their money in, that's where the bitcoins come in, I do think we would find that many people would prefer bitcoins over traditional forms of Investments, the price might initially fall due to troublesome situations but at the end I think it would equalize soon enough. It's not going to affect the whole bitcoin network that much, considering other countries are trying to legalize it and move forth with it.

On short term: no effect.
On medium term: it may boost a little, but scarcity vs demand + trader's play will may not allow this be much visible.
On long term: no effect.

All in all, Bitcoin price has evolved good and will probably continue to do so (of course, with the usual ups and downs) with or without this.
Also keep in mind that the world is more than just US (although the inflation is on the rise everywhere and all central banks will do similar moves).

Towards 2022, the FED continues to be associated with cryptocurrencies and many are afraid that the fed will affect price movements in the market, but so far I have not seen any significant impact on crypto developments, yes indeed we have seen a decline in bitcoin prices but it seems that the decline is still only natural in my opinion, not only this year we saw a big correction in bitcoin, even the years before the FED issue spread didn't bitcoin also experience a decline in price?
So I don't think we need to dramatize all of the FED decisions so much that it makes people panic.

Bitcoin is going in a pattern that is difficult to predict but at least based on past historical data there has been no relationship between price and inflation.
What can happen is change because money will move from stocks, gold, treasury proceeds and high-risk activities (including bitcoin) into or out of the financial system.
This change is only about 5% and therefore it is a normal change.
The best comparison is to compare Bitcoin with high-risk assets and the effect of inflation on them.

There will be those who will be influenced by the FUD which will precede and follow
whatever policies the FED introduce but for the most part those sufficiently educated in
Bitcoin will realise it wont change in the long term.