The Fed's Ability to Moderate Inflation

Is raising rates even able to moderate inflation if the primary cause as many include the Fed argue of inflation has been supply chain issues? I'll start with the second question first. Raising rates affects demand, not supply. So we do see the amount of money that's chasing those goods at the same time that the supply chains start to ease up because people have gone back to work. There's a lot of different forces that I think we're all crossing our fingers.