The Fed could do something like to continue to tighten our monetary policy. But to do that, it will cause a severe recession similar to the Early 1980s recession. The Biden Administration is unwilling to pay the political price for that so we will continue to see high inflation (with continued deficit spending by the government)
The Biden administration has no power to alter Fed policy, nor does any other administration. Its only lever is fiscal policy, and with a split government the chances of fiscal discipline are nil.