I think the Fed is not competent. Their solutions do more damage than good. Inflation does destroy the savings of people on fixed income but the Fed’s actions destroy the whole economy.
My point of view is shared by many.
https://prospect.org/economy/2023-04-06-federal-reserve-independence-problem/
Fed was created to defend and protect the US Dollar. Last several decades, Fed has taken on the roll of stabilizing the economy. In that effort, Fed creates more violent business cycles. Mainly because Fed is usually behind the curve.