[kqr]

That the fed has no tools is correct to the best of my understanding. The central banks are tasked with solving problems they have no mandate to solve.

Inflation is, among other things, a problem of the market having too low a demand for money compared to the supply. One obvious way to fix that is by taxing money out of existence faster, decreasing the supply and thus increasing its value assuming demand stays fixed. (And there's reason to think it will; demand for money is a relatively unflexible parameter.)

But of course, central banks do not control taxation, so there's not much they can do.