They already did at the last fomc meeting. The increase was only 50 bps, and they had been doing 75 every 6 weeks all year. The meeting at the end of ja uary is likely to be another 50 bps.

It's important to remember that inflation lags significantly from the rate being set, as it takes time for businesses to curtail orders based on the interest rates they'll be paying, and an overcorrection is sig ificantly worse than an undercorrection.