> How much of the current inflation has anything to do with interest rates? You think oil/gas prices will care much about the Fed's action? Yes. Oil/Gas prices

> How much of the current inflation has anything to do with interest rates? You think oil/gas prices will care much about the Fed's action? Yes. Oil/Gas prices are pretty determined by OPEC voting and production of their member countries in conjunction with other macroeconomic issues. OPEC adjusts their production to take into account macroeconomic factors. The Fed rate is one of those issues.