That's the absolute worst thing that they could do right now.
The ONLY things that are driving inflation right now are shelter and insurance. Raising interest rates won't help those at all. Raising rates is more likely to increase the cost of rent (less affordable to buy, and have to live somewhere, so have to rent), and you don't want to discourage people from buying insurance.
The problem is that shelter is a very lagging piece of CPI. Right now shelter includes the run up in rents from back in 2022-2023. How so? Most leases begin in May/June/July/August and are for at least one year. The latest data is through April 2024, which means that the bulk of it is leases signed May-Aug 2023, compared to April of 2023, the bulk of which includes leases signed in 2022.
https://fred.stlouisfed.org/series/CUSR0000SAH1
The shelter index in May of 2022 was 350.4; then there was a big run up in rents and the shelter index in May of 2023 was 378.5, an increase of 8%. Then from April of 2023 to April of 2024 the index rises only 5.5%. Once you get past the summer of 2023, the index in September of 2023 was 385.4 and the index for April of 2024 was 397.4, an increase of 3%. Rent inflation is coming down, insurance has flattened, and once they get through the new lease cycle inflation will start coming down.