One key reason for rate rises now is “to break the vicious circle . . . to re-anchor long-term inflation expectations”

 People negotiating pay packets and setting menu prices will — rightly — be suspicious about assurances that inflation will return to moderate levels soon. 

The Fed’s task is to persuade them that next year will be different.

FT Editorial 14 July 2022

https://www.ft.com/content/db0a2535-7292-4c84-9015-0d9c4af67713

The Fed has to raise interest rates until demand softens enough for inflation to fall

Greg Ip 13 July 2022

https://englundmacro.blogspot.com/2022/07/the-fed-has-to-raise-interest-rates.html