The Fed has stated that it's within their mandate to let inflation run higher since it's been so low the past decade, to have a long term 2%. Their thinking was, while unemployment isn't down to pre-covid levels (it wasn't until March 2022, the date of their first hike), the last decade is actually -4% under a long term 2% average. 2021 coming in at 6% inflation would be a 2% inflation average the past decade, but it still only came in at 4.7%. Inflation at 3.3% this year would still be exactly a 2% average, and we're currently overshooting that, thus the frantic 75 bps hikes. But with July's numbers already looking greatly down, the rest of the year could still prove like a 2.2% yearly inflation over the past decade.

Feel free to look at how low inflation has been: https://www.usinflationcalculator.com/inflation/current-infl...