Serious question: inflation seems to only be getting higher (is it 8%+ now?) the Fed's increasing of the interest rate is causing a stock market crash. So if one puts their money into assets, those are decreasing in price due to the fed, and if someone is holding cash that's also going down in value due to inflation. What's the solution?
Inflation is high because of supply shortages and lower production, increasing rates would mean increasing the cost of setting up new supplies or production lines.
Manipulating interest rates works when under otherwise normal condition the government wants to prevent overheating economy or to provide stimulus during a down cycle.
It is not immediately clear if the rate increases is going to help increase production or stabilise supply chains, perhaps just the contrary.