PS: High inflation is defined as a sustained increase in prices (wages included). One-time jumps in oil prices, for instance, don’t result in sustained price increases.

Stagflation in the 70s was a result of a desperate and failed attempt of improving the economy by printing money. Fortunately, the Fed today is light-years ahead of their predecessors back then.

The only way for inflation to be a problem in the next months is if the economy picks up, exerting pressure on limited resources (labor, capital). To the extent that the Fed saw minor symptoms of am economic slowdown, it decided to pause its (short-term) interest rate increases. That’s precisely the right thing do. Unnecessary monetary tightening would create a recession, which nobody wants.