Comment by dombama

This is such a simple answer: NO. Not sure why we need to overcomplicate. The Fed's dual mandate is maximum employment and price stability. The best monetary policy lever to affect this is by adjusting the federal funds rate. This only has a limited effect on price stability. The basket of goods which makes up the Consumer Price Index includes many items which are inelastic. If prices of shelter, transportation and food go up, people still need to consume them to survive. These prices are influenced by many other geopolitical factors (war in Ukraine, housing policy, labor supply, etc) and thus interest rates only have a limited ability to "fix" inflation.