Don't know about the FED but the ECB has openly stated that they will keep raising rates as long as necessary to get inflation back to ~2%. It doesn't seem to

Don't know about the FED but the ECB has openly stated that they will keep raising rates as long as necessary to get inflation back to ~2%. It doesn't seem to be working, for very obvious reasons: demand for energy and food (main cause of inflation) isn't that elastic. Further, there's no unemployment, so people spending and will spend only more because of inflation itself. The one thing that could motivate people to stop spending, raising bank savings interest rates to something meaningful, is oddly not in the playbook.