> inflation right now is not a monetary phenomenon It usually isn't. That doesn't change that raising rates should slow down credit creation a bit. That reduce

> inflation right now is not a monetary phenomenon It usually isn't. That doesn't change that raising rates should slow down credit creation a bit. That reduces demand in a supply-constrained economy. It also reduces risk appetites, which helps in a perilous world. (Finally, it gives rate-cutting headroom for when someone levered blows up.)