The US is in a period of structural inflation coming from a lack of workers (look at US demographics), supply chain issues (mostly port authorities and freight rail issues) and the war in Ukraine with subsequent fuel price increases.

The fed has one tool: raising rates. I don't pretend to be an economist, but it's unclear that raising interest can do much to curb structural inflation.

Bright side: the US boomers did one thing that most non-US ones did not: they had kids. There's an influx of (mostly Latin American) prime working-age immigrants, and Mexico has much better demographics (not so much immigration as maquiladoras). Many manufacturing steps that had relied on blue water shipping (because it was so cheap, and very inexpensive labor pools were available) are being re-shored to North America, taking port authorities (and ‘bunker’ fuel costs to a lesser extent) out of the equation. And both the move to renewable energy sources and the shale oil revolution are both pushing fuel prices down in North America.

So, it seems the 'structural' inflation in the US may sort itself out in a few years and make higher interest rates in the US less likely.

Just my definitely-not-an-economist view of what's going on.