Going full Volcker is not called for. Inflation hasn't been building for nearly two decades; it's been nearly nonexistent for nearly two decades. Inflation hasn't reached 14%, nor anything close. They are, as you say, trying to thread the needle. That's still an option, and a less damaging one than going full Volcker.

> and also that one thing no one is thinking of

Don't vaguepost. If you've got something to say, say it.