I think Fed has to raise the interest rate and try to balance it out. Otherwise, sustained high inflation will destroy the economy by itself.
Powell is a weak man who easily capitulates to the market. He couldn't even normalize interest rates in 2018 when the debt (and debt to GDP) was much smaller. It's only a matter of time before he capitulates.
It's a shame Milton Friedman isn't around anymore. But I'm sure libertards would still be accusing him of being a racist white man and all, in favor of stopping the printing press... Inflation is someone else's problem, of course.