most of the money in the world economy is created through bank loans, primarily for real estate/housing (other big source being gov deficits of countries that mint their own currencies)

inflation got really high and creates a feedback loop, so global central banks are hiking interest rates which makes it more expensive to get loans for said real estate, but also for any actual productive endeavors, like building a factory an energy plant or something. (when investors can get higher interest rates on buying bonds/lending money they also demand higher returns on stock financed things).

however this is really the only lever global governments have to pull, the housing/credit lever, because most gov budgets through e.g. social security, pension funds will automatically spend more and more money as inflation heats up. Also legislatures wouldnt want to push through fiscal austerity bills when they could just pin the downturn on the banks instead.

so they are going to have to pull it hard and make money scarce/destroy demand to stop the feedback loop of inflation.

more or less.