The Fed says its raising interest rates. What does that mean for inflation?

 The federal reserve chairman Jerome Powell, announced Wednesday, Jan 26th,  that central bank is prepared to raise short term interest rates in March. But what about inflation? We are currently at a 40 year record high. As we all know, generally, interest rates and inflation are inversely related meaning usually when one increases then the other is likely to decrease. So will raising the interest rates help bring down the inflation? Well when they increase the interest rates it will become a major financial decision for those who don't have the means to pile up this debt. Because as we know, the interest rate is the price to borrow. These rates are likely to rise considering they were lowered because of the pandemic and people losing their jobs and such. Now that most places are opening back up, the vaccine is out, etc. We are likely to see that rate shoot back up especially with inflation being as high as it is. So, with interest rates increasing that will decrease borrowing throughout the economy. However, this doesn't mean that it will help solve our supply chain issues and it won't mean much for the shortage for certain things so prices are likely to still stay high compared to before the pandemic because retailers want to make that profit. Concluding, raising interest rates can be very constructive but maybe not as much in this case. 

https://www.marketwatch.com/story/the-fed-says-its-raising-interest-rates-will-that-mean-much-for-inflation-11643313174?mod=inflation