If the Fed follows through with its plan there will be a recession, by design.   The only tool they have to moderate prices is raising interest rates to temper overabundance on the demand side but that doesn't actualy solve the main source of inflation today which is from supply chain constraints (scarcity of supply), not from overexuberant or reckless consumer demand.

I just hope the Fed is aware of the limitations of higher interest rates this time around.  I know they are aware of the costs to the country of higher rates.  The last thing the US Govt wants is to be burdened by paying higher rates on their trillions in debt that is already burdensome at historically low rates.   

BTW, oil is quickly receeding from a recent high of about $130.  The last time oil did exactly that was in mid-2018...
https://finviz.com/futures_charts.ashx?t=CL&p=m1

just sayin'