What he's saying there is they're willing to crank interest rates even if it slows the economy down and pushes unemployment sky-high. The Fed's dual mandates are price stability and full employment and they've just signaled which horse they're gonna back.
This is the first time in living memory that we've seen a market where labor is valuable and has the upper hand in negotiations and the wealthy absolutely will not abide that.
Most of the problem is still pandemic-related supply shocks and supply chain bubbles, plus energy going nuts from the russia thing. It truly is transitory and not based on changes to long-term market fundamentals. But the needle was starting to move up on worker compensation/etc and they gotta put a stop to that, can't let the plebs get a taste for financial stability.