The Fed Won't Fight Inflation

With inflation hitting the highest levels since the great stagflation, where the hell do we go from here? Will the Fed raise rates like it did to end inflation back then, or will the federal government just rig the inflation numbers even more to just get them out of the news?

https://www.zerohedge.com/markets/and-just-inflation-about-disappear
http://www.shadowstats.com/