The bad news.
Nobody really knows if interest rate increases will cool inflation.
Interest rates were near zero for about 10 years, and so was inflation.
Then there is the money supply theory and more dollars buying fewer products . . . but we had rampant money creation for 10+ years . . . and no inflation.
Money is a substance created from nothingness by central banks. The CB’s decision in this is pure whimsy. How can such a substance be expected to define any sort of “law” in its behavior towards anything? Answer: it can’t.
The value of money is in the imagination of counterparties. Imaginary things should not be expected to respond to attempts to control them.
There was inflation of about 3%.
Manufacturers are now raising prices fiercely.