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Another option to decrease spending is to increase taxes. That would of cause target the rich more, whereas increasing the interest rates is usually a benefit for the rich and hurts everyone else.
No wonder why increasing taxes instead of interest rates are never discussed to tackle inflation.
It's also vastly easier for the Fed to adjust interest rates than for Congress to adjust taxes.
Hell, it took them weeks to elect a speaker, could you imagine a debate over taxes!
And the best they could come up with is Mike fucking Johnson.
Though we should definitely raise taxes on the top 3 quintiles for a wide variety of reasons, your statement here is specifically why raising taxes to fight inflation doesn't really work.
The vast majority of consumer spending is non-discretionary