Interest rates are a second order impact on the money supply, high enough interest rates may stop monetary expansion - if they reign in lending. This works fairly well in the states where the fixed rate long term loans provide a huge disincentive to new lending (say moving to a bigger house), but not so much elsewhere (it is actually possible to have both high inflation/monetary expansion, and high interest rates - it depends a lot on details of the local financial system and its regulation.)

So its probably correct to say that the monetary contraction the US is currently experiencing is due to high interest rates, but that doesn't stop the inflation that has already been caused by initial money printing.