They are going to act too late! Double digit inflation is baked in and will be hard to put the brakes on later. Needs to be done now, or it will be much more painful.
They can’t raise the rates before they issue another couple of trillion in new debt.
Inflation is a lot like a tornado. Quick, extreme and deep damage. Then it takes years to return/rebuild to normal.
There’s still some stripped out foundations in the pucker brush from the Worcester, MA. F4 1953 tornado.