That's what they did in 1980. Interest rates went from 9.5% to 21% & 22% just about over night. They put the brakes on the economy -- and yes, it really hurt. That happened over Christmas and it took us years to recover. I owned 2 RE offices with my partner. We sold one and closed the other one. I was just a kid and didn't see it coming.I agree, the inflation is here to stay.
The only other scenario - much, much bleaker - would be a plan to cut the cord suddenly and crash everything after everybody is in debt, to then socialize / buy up (think Blackrock but bigger and backed by gov) / do some other sweeping economic plan.
That's all speculation and nonsense though; the inflation is here and it's real.