If people believe that the Fed will drop the rate back to nothing at some date close to the future, then investors will behave as though the interest rates aren

If people believe that the Fed will drop the rate back to nothing at some date close to the future, then investors will behave as though the interest rates aren't increasing, even if they are. In that case, it won't impact inflation. The Fed has to make the rate increase "real", so they must keep increasing the rate and/or keeping it at high levels.