Inflation here? gas/grocery prices just continue to climb

Mr. Sparkle said
One thing that has changed for the worse since the 70s is our ability to (meaningfully) raise interest rates to curb inflation. I know the Fed is starting to take small nibbles at it but the impact on federal debt payments for every hike is so huge I don't think they will be able to go very far. We borrowed trillions and trillions based on the expectations of forever-zero rates -not sure we can really absorb the ballooning payments that come with even 5-10% interest rates much less the 18-20% we saw back then.

I doubt we ever see a federal funds rate above 5% again. For every 1% increase in rates there is a 10% decrease in home prices. Rates have been near zero since 2008 for the most part. Will homeowners tolerate a 20% drop in value for a 2% rate hike, maybe. A 4% increase would NOT work. That was the amount rates went up between the 2001 dot com bubble and the 2008 housing crisis before falling to zero for most of the last 15 years.