Takeaway from today's FOMC meeting = no rate cuts any time soon, but a lot less QT. However focusing on the short-term developments like this can cloud the bigger picture issues...
Even if inflation comes down to the Fed's target, the long-term rate of inflation is set to stay elevated (even drift a little higher).
In lieu of a deflationary shock (e.g. recession), higher-for-longer must be the base case.