It's not as if they said they were not going to hit us, they were just not going to hit us harder... for now.
The Federal Reserve held their rate that they charge other banks for borrowing at 5.25% which doesn't sound all that bad except it translates into some pretty high rates at the consumer level.
Despite all of the talk about protecting us from inflation, I suspect it is more about protecting banks from inflation. After all, they don't want to lend money that can be paid back with inflated currency. So banks protect themselves, not us, from inflation by raising interest rates.
