I remember 1968 to 1982 they kept raising the rates to kill the gold price and restore the Fed Note’s value. The Dow stayed under 1000 for 14 years, they killed auto and home sales the whole time,
while trying to kill gold, as it went from $140/oz to $800/oz around 1980 before the 21% prime rate finally kicked in and started dropping the gold price.
However, they can’t raise rates much higher because 18% on a $40k house was affordable, and 7% on an $800k house of today is barley affordable.