The Fed is using interest rate policy as if we have a demand problem like the late 70s. What people forget is women entered the work force in the 60s and 70s giving households extra money to buy things they wanted but couldn't afford earlier. Demand led to shortages driving the cost of goods up. Today we don't have a demand problem, we have a policy problem. Energy is up due to Biden policies first with shutting down pipelines and leases, then w policy response to Ukraine. Food shortages due to Covid causing imbalance in food cycle of grocery vs commercial food production...and the 80+ farms issues (bird flu etc) / food manufacturer late night "fires". Shipping ports being backlogged for months...Again - not a demand problem but a supply problem created by bad policy. All interest rates will do is kill the little economy left, not to mention the housing, stock and bond markets. Kill the demand, you kill the economy.
Fix the policy!