I disagree that the inflation is from high wages and with M. Friedman's Theory of Money. Instead of an interest rate rise, Biden could regulate the price of food and energy. Inflation isn't impacting every market, yet the price of essential goods increase.

People are the economy, and the interest rate rise will increase suicides, homelessness, addictions, violence, fascism, and all the other horrible shit. It's going to be worse than it already is, and I can't imagine that.