There's still a lot of debate if raising interest rates is what actually caused inflation to fall. Another theory is that it was actually Regulation Q. https:

There's still a lot of debate if raising interest rates is what actually caused inflation to fall. Another theory is that it was actually Regulation Q. https://pages.stern.nyu.edu/~asavov/alexisavov/Alexi_Savov_files/DSS_Inflation_Feb_2020.pdf https://pages.stern.nyu.edu/~asavov/alexisavov/Alexi_Savov_f... I also personally think that high inflation is treated as bad axiomatically. This needs some justification if the only proposed solution is to intentionally cause a recession.