I suppose it’s possible to control inflation while keeping real rates well below zero. But ...

 ... more likely, reducing demand enough to squelch inflation will require raising real rates at least to 0%, and probably a bit higher.

After this week’s Fed action, I continue to think Jerome Powell is quite serious about controlling inflation. I hope they don’t lose that focus too soon. Last week Ray Dalio noted this could take a long time because, for now, US households have enough cash to sustain spending. 

Inflation may improve at times. The point is we aren’t going back to the halcyon days of 1% and 2% inflation for years 

John Mauldin 23 September 2022

https://www.mauldineconomics.com/frontlinethoughts/notes-on-inflation