A quick fix will be to just jack up interest rates so high demand gets stomped out.

This mythical "fix" to inflation will backfire unless it is pursued to extremes and does serious damage to our economy. Higher interest rates make everything we buy more expensive, which is the textbook "definition" of inflation.

There are also always two sides to most stories and interest rates are no exception. Investors will reap even more gains from Treasury bonds and that will be financed with new money creation by Congress in the non-discretionary budget. In the end analysis, interest on bonds is just another way our currency-issuing government injects money into the private sector.

As the higher rates begin to do their dirty work of forcing people to be involuntarily unemployed the safety nets, automatic stabilizers needed to preserve supply chains already decimated by capital's demand for ever-increasing GDP and profit, will kick in and generate even more deficit spending and bond issues. As investments in supply chains get more competition from bonds with much higher security even less will be spent on upgrading them.

The usual conservative suspects in Congress will decry the spending on safety nets and they will be slashed even farther beyond their practical useless state at present until labor is forced to give up any gains it made in wages and benefits since the pandemic began, but none will mention the increased wealth gap all of this backward thinking generated or the fact that it destroys our productivity to maintain an advantage for capital that Congress should be opposing as defenders of our Constitution.