Having been in business in the 70's and 80's, they tried to slow inflation with small interest rate hikes.  This did not solve the inflation problem, until Volker ? changed his mind and pushed the rates to 20% plus.  This took care of it, and by 1984, inflation was gone.  This time around they are going to have to raise interest rates higher than they are now, to stop inflation.  I predict it will be several points higher after the election this fall.