“We will deliver the 2% inflation target,” he said in response to a reporter’s question. Inflation rate, meet interest rateRaising interest rates is the primary tool the Fed uses to lower inflation. Instead, he argued that the problem predated his eight-and-a-half-week tenure, while high inflation has been ongoing for 63 months. The takeawayWhat’s devastating for consumers and businesses struggling with rampant inflation is that the Fed chair clearly hears and understands the call for action on inflation – “Deliver it, already!” That said, with three of the 12 FOMC members voting to raise interest rates today, a September interest rate hike just got more likely.