If interest rate increases slow the economy sharply but don’t reduce inflation quickly?

  “We can’t fail on this. We really have to get inflation down,” Mr. Powell said during the second of two days of testimony. 

“We’re going to want to see evidence that it really is coming down before we declare ‘mission accomplished,’ ” he told the House Financial Services Committee.

In the mid-1970s, the Fed raised rates aggressively but, in hindsight, backed off too soon and failed to break the back of high inflation, forcing stiffer action later.

WSJ 23 June 2022

https://www.wsj.com/articles/feds-jerome-powell-to-head-to-the-house-with-interest-rates-in-focus-11655976603

Central banks try to find the right response to a problem they did not think could happen

Chris Giles FT 23 June 2022

https://englundmacro.blogspot.com/2022/06/central-banks-try-to-find-right.html