Almost every major financial publication in recent weeks has invoked the Paul Volcker analogue.
As we've discussed here many times, Volcker beat inflation in the early 80s by taking short term rates ABOVE the rate of inflation.
As you can see in the table above, even after a series of "aggressive" hikes, we are not even close.
With that, as we've also discussed many times, global central banks in this post Great Financial Crisis and Post-Pandemic era don't have the firepower to take down inflation with high interest rates.
Among the reasons: Government debt levels (globally) are incompatible with high interest rates.