Central banks spent over a decade creating inflation, while using rigged CPI indexes to claim there wasn't enough inflation. Now that the consequences have materialized, it's too late to put out the fire. What we have seen thus far with inflation is just the tip of the iceberg.
Why is Jerome Powell confident that he can tighten policy enough to reduce inflation from 8.5% to 2% without causing another financial crisis? Thanks to the Fed's easy money, which created the inflation problem, the current debt bubble is much larger than the one that popped in 2008.