re: Inflation rises 7% over the past year, highest since 1982

That would simply mean small rate changes would have a large impact. The only option is to raise rates, how much is the real question. The money supply has been so inflated in additiob to constant rate drops. If something isn't done it will just spiral out of control. I agree with you though, everything needs to be considered, you can't just raise rates at an arbitrary rate just for the sake of doing it. It has to be calculated.