USA 1980 inflation was stopped by spiking interest rates. What probability would you assign to the current Federal Reserve ever having the fortitude to do some

USA 1980 inflation was stopped by spiking interest rates. What probability would you assign to the current Federal Reserve ever having the fortitude to do something similar? I would place that at less than 5%. The entire financial house of cards collapses before the interest rate leaves single digits. I know everyone thinks this inflation is a short-term shock due to COVID, but every customer and supplier I've talked to is seeing insane markups in all inputs. If anyone thinks these companies are going to quickly give back those price increases after finally seeing them for the first time in forever, I have some bad news for you. What started as a transient inflationary shock might end up being more persistent than anticipated.