Two things. Yes they need to raise rates NOW!
But more importantly the federal govt need to stop spending.
Both options crush the economy. Not sure if one is worse. We are boxed into a corner. The only thing they seems to want to do is let inflation run until they kill demand which will lower prices. It’s going to take a long time and in the meantime, get ready for mass layoffs.
The average home price in California is $832,000 and climbing and for a single story home with no basement and a small yard with a brick wall around it for privacy as the homes are crammed tight together.
I used to think it was a spending problem. Not any more.
The national govt can spend all they want. Then, they can spend more. See the Grace Commission. Not a plug nickel goes to any national govt program. Dollars are not money, it is debt.
The problem has to be solved by ending the FED, ending the fiat dollar - and all the other nations with central bankstering financial systems will fall as well.
And, move to a PM-backed currency.