The Fed can't raise rates to "at least 7-10% and possibly more" like it did 40 years ago. The US Government has $30T in debt now, and most of it is short-term, meaning it needs to rolled over, on average every few months to a year or so. Look at what would happen to the FedGov's budget if interest rates rose to that level. The FedGov and Federal Reserve painted themselves into a corner back in 2008-2009, and I see no way out. What they've done in the last two years just made things worse.
The Fed can't raise rates to "at least 7-10% and possibly more" like it did 40 years ago. The US Government has $30T in debt now, and most of it is short-term, meaning it needs to rolled over, on average every few months to a year or so. Look at what would happen to the FedGov's budget if interest rates rose to that level. The FedGov and Federal Reserve painted themselves into a corner back in 2008-2009, and I see no way out. What they've done in the last two years just made things worse.