Remember that as they raise the rates, everything else will start changing as well. In particular mortgage rates will rise and home prices will fall as a result

Remember that as they raise the rates, everything else will start changing as well. In particular mortgage rates will rise and home prices will fall as a result. The number of people refinancing is already dropping. That will in turn affect peoples spending and reduce inflation some. It's a complex system so changing one parameter will lead to changes in the others.