1) I don't believe the Fed will raise the FFR (Federal Funds Rate), even though they should normally.
2) Be careful not to equate the price inflation you're seeing with monetary inflation. They're two different things. Yes, the CPI (Consumer Price Index) and PPI (Producer Price Index) are showing price inflation, which should trigger an FFR increase, BUT...the monetary system is in danger of slipping into deflation (which can still have price inflation). This will cause the Fed to back off raising the FFR.
My 0.02...
The general price level cannot rise if money supply does not increase. More money for some goods means less for others if available money is constant.
“BUT...the monetary system is in danger of slipping into deflation (which can still have price inflation). “
How’s that? Isn’t the fed on a printing spree buying all sorts of assets and injecting trillions into the economy?