If that is their reasoning I wouldn’t agree with it as a cause for inflation. Inflation was caused by interest rates being too low for too long and the government stimulus/debt spending creating money out of thin air both increasing the money supply at a faster rate than the growth of the economy. But if you accept the duel mandate of the Fed is to provide a stable currency and full employment. As long as inflation is at historically high rates and the unemployment rate is at historically low levels, increasing the interest rate is the right call IMO. Better late than never. Not for the purpose of increasing unemployment so workers have less bargaining power but to increase the cost of new debt.