Right, but don't forget that as he raises rates, he'll be lowering inflation (with a bit of a lag). So rates don't need to go to 9+% or something.

Also, the quoted inflation rate you hear is an annual rate while the quoted rate you hear about the Fed raising is an overnight rate. It's apples and oranges to compare those numbers and JPow is likely looking at more direct comparisons (the forward 12 month rates vs the projected inflation rates for those periods).