The inflation number is YoY and its a bout a year ago the first high number was reported, the fed is probably certain that by now the inflation number will taper because we aren't going to get 9% YoY two years in a row due to how the economy adapts. So the next inflation number might be like 5%. The fed can then claim they defeated inflation with the tiny rate hike today and go back to money printing and lowering rates again i guess. But lets see