The interest rate increases so far have not had any effect on inflation. This makes sense, the inflation is being caused by money that has already been injecte

The interest rate increases so far have not had any effect on inflation. This makes sense, the inflation is being caused by money that has already been injected into the market and the normal price corrections that an increased interest rate would normally cause is ironically causing losses to the fed itself as it bought basically the entire corporate bond market up during covid. I expect the fed to keep raising rates into an unresponsive market, getting more and more desperate. Secondly, we've seen rates higher than 12% during periods of much less inflation and a greater ability for the fed to curb inflation via interest rate increases (specifically the early '80s).