“To address the underlying cause of inflation would be outside of the Fed’s purview, since it is more of a fiscal conundrum. The government would likely have to restructure the public debt and the existing mix of taxation and spending, encourage more industrial and energy production to come online, and then leave it to the Fed to harden the currency after that point. That combination might give a decent foundation for a period of longer-term disinflationary growth, but is extremely difficult to do and is basically a non-starter politically.”

https://www.lynalden.com/inflation-vs-interest-rates/